Its profit before taxes reached EUR6.2 million in 2017, up 75% from a year before, while the combined net ratio reached 98.6%, lower by 1.5 percentage points than in 2016.
On a group level, underwritten gross premiums reached EUR9.386 million, representing a significant increase of 3.7% compared to the same period in the previous year. Excluding single premium life products, VIG recorded an even more significant premium increase of 6.2%. With the exception of single premium life insurance, all lines of business recorded growth, the report also shows.
The group’s profit before taxes increased to EUR442.5 million in 2017, from EUR406.7 million in 2016.
“This 8.8 percent increase in profits was primarily due to positive improvement in the combined ratio and an increase in the life insurance underwriting result in the Czech Republic and Slovakia”, according to the report.
VIG’s combined ratio (after reinsurance, not including investment income) improved significantly to 96.7% in 2017, from 97.3% in 2016, while the financial result (including the result from at equity consolidated companies) was EUR924.3 million in 2017, lower by 3.6% than in 2016, in spite of full consolidation of the non-profit societies for the whole financial year 2017.
VIG’s total investments (including cash and cash equivalents) rose to EUR37.4 billion as of December 31, 2017, higher by 3.3% (EUR1.2 billion) versus 2016.