On a group level, premiums rose to around EUR7 billion while profit before taxes increased to EUR301.3 million.
VIG said in a statement that group premiums rose by 0.7 percent, which is noteworthy due to the ongoing restraint in single premium life insurance business (-18.6 percent). When adjusted for single premium business, premiums increased by a respectable 4.7 percent.
“Based on the motto ‘identify chances’, we rely on local management in our markets. Our premium growth shows that we respond to the different circumstances in each individual market, based on our diversity across countries and regions. Our Group companies bring us close to our customers and make us successful as a local insurer,” stated Elisabeth Stadler, CEO of Vienna Insurance Group.
Vienna Insurance Group companies recorded good premium growth in many markets, such as in Hungary (+14.2 percent), Romania (+30.3 percent) or Turkey/Georgia (+15.6 percent).
Premium growth was consistently positive in property and casualty while the company recorded significant growth in motor third party liability, casco and the non-motor lines of business.
Vienna Insurance Group recently defined health insurance as a strategic growth line of business. During the first nine months, premiums grew 6.3 percent in this line of business.
However, even the markets greatly affected by the low interest rate environment, such as the Czech Republic, Slovakia and Austria, recorded premium growth of +6.7 percent, +4.5 percent and +0.6 percent, respectively. Solid growth of 6.4 percent was also achieved in Poland, when adjusted for the transfer of the Baltic non-life insurance business as well as exchange rate effects.
Vienna Insurance Group (VIG) includes approximately 50 companies in 25 countries.