Vienna Insurance Group (VIG) Q3 2024 earnings summary

Executive summary

• Strong operational performance in the first nine months of 2024, with gross written premiums up 8% year-over-year to EUR 11.5 billion and insurance service revenue rising 9.3% to EUR 9.0 billion, despite significant NatCat events.

• Profit before taxes reached EUR 666.5 million, up 8.5% year-over-year, with management expecting full-year profit before taxes at the upper end of EUR 825–875 million.

• All segments contributed to top-line growth, with double-digit premium increases in Extended CEE and Special Markets, and successful mergers in Poland and North Macedonia strengthening market positions.

• Group resilience demonstrated by limiting net losses from Storm Boris to EUR 70 million through reinsurance.

• 30th anniversary of the group's IPO and 200th anniversary of the main shareholder marked significant milestones.

Financial highlights

• Gross written premiums rose 8% year-over-year to EUR 11.5 billion for the first nine months of 2024.

• Insurance service revenue increased by 9.3% to EUR 9 billion.

• Profit before taxes grew 8.5% to EUR 666.5 million.

• P&C net combined ratio remained stable at 94.3% year-over-year.

• Solvency ratio at 259% as of Q3 2024, indicating a strong capital position.

Outlook and guidance

• Guidance for 2024 profit before taxes confirmed at the upper end of EUR 825–875 million.

• Positive macroeconomic outlook for Central and Eastern Europe, with GDP growth expected above 3% in key markets.

• Growth expected to continue, though at a potentially slower pace as inflation-driven premium increases moderate.

• 2025 outlook to be presented with preliminary results in March 2025.

• Resilient performance anticipated despite volatile economic and geopolitical environment.