Vienna Allowance Group recorded a 6 percent access in premiums aggregate in the aboriginal bisected of the year to EUR 5.4 billion, while the pre-tax accumulation rose by 10.5 percent to EUR 257 million.
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“With cogent assets in two key indicators, exceptional advance as able-bodied as profit, both afore and afterwards taxes, we can address actual absolute bisected year results. In animosity of college claims payments due to acclimate conditions, the accumulated arrangement remained abiding year-on-year. We will advance our focus on optimising the business archetypal in agreement of claims and costs so that we abide on clue to ability our ambition arrangement of 95 percent in 2020. We are actual assured that we will accomplish our targets for 2019. The Group is aiming for a exceptional aggregate of EUR 9.9 billion and a pre-tax accumulation of amid EUR 500 and EUR 520 million. The favourable bread-and-butter ambiance in the CEE arena complements our optimism. In July 2019, the Vienna Institute for International Bread-and-butter Studies appear that arrest in advance has been far beneath than accepted in Central, Eastern and Southeastern Europe. Forecasts for the majority of countries accept been revised upwards”, said Elisabeth Stadler, CEO of the Vienna Allowance Group.
VIG appear a cogent year-on-year access in exceptional assets of about EUR 300 actor or 5.8 percent, to EUR 5,447 million. All segments produced gains, including the single-premium activity allowance business, area premiums accept been falling for years. The advance drivers were the non-life segment, absolute motor allowance and bloom coverage. Bulgaria, Poland and the Baltic states recorded decidedly auspicious improvements in exceptional growth. Exceptional aggregate at the CEE Group companies, adapted for the first-time alliance of companies in Poland, the Baltics and Bosnia and Herzegovina, grew organically by a able-bodied 4.1 percent.
The banking aftereffect (including the aftereffect from at disinterestedness circumscribed companies) for the aboriginal bisected of 2019 was EUR 423.2 million, bottomward by 17 percent year-on-year, which was mainly due to non-recurring furnishings in H1 2018 consistent from college gains. Circumscribed pre-tax accumulation accomplished EUR 257.1 actor – a abundant year-on-year access of 10.5 percent.
Result afore taxes in the aboriginal bisected of 2018 was afflicted by the amicableness crime in the Romanian market. The Austrian, Bulgarian, Baltic States and Remaining CEE segments acquaint decidedly able gains. VIG’s action of accomplishing assisting advance is additionally reflected in aftereffect afterwards taxes and non-controlling interests, which has bigger by 10.5 percent to EUR 151 actor in the aboriginal bisected of 2019.
The Group’s accumulated arrangement was at 96.4 percent abutting to aftermost year’s amount of 96.3 percent, admitting the abrogating appulse of college claims costs due to the accident from abundant snow and Storm Eberhard. A actual absolute accumulated arrangement development was accomplished in the Baltic states (down by 3.8 allotment points), Bulgaria (down by 3.5 allotment points) and Other Markets, including Germany (down by 6.8 allotment points).
Solid capitalisation additionally accepted by Standard & Poor’s As of 30 June 2019, VIG Group continues to address an outstanding solvency arrangement of 238 percent (year-end 2018: 239 percent). The appraisement bureau Standard & Poor’s (S&P) has additionally accustomed VIG’s actual able basic position at AAA-level requirements, which is partly attributable to the Group’s actual solid solvency ratio.
At the end of July 2019, S&P has already afresh accepted the Vienna Allowance Group’s A appraisement with abiding outlook. In its report, the bureau has decidedly accent VIG’s consistently able operating achievement as compared to the blow of the market.
Strengthening coffer administration is one of the objectives of VIG’s cardinal assignment programme ”Agenda 2020”. The focus actuality is on growing the non-life business through accord with Erste Group. A prerequisite for this was the alliance of bounded blended insurers with the Group’s activity allowance companies specialising in bancassurance, a action that has amorphous aftermost year.
The aftermost of these mergers was completed on agenda in the Czech Republic in aboriginal January 2019. The affiliation action progresses able-bodied in all countries, as reflected in the achievement during the aboriginal six months of 2019. Exceptional aggregate generated by bancassurance went up by 8 percent to EUR 675 actor (life insurance: advance of approx. 7 percent; non-life insurance: advance of approx. 12 percent). New business grew by an absorbing 13 percent year-on-year in the aboriginal half. VIG’s Group companies currently abet with Erste Group und Sparkassen in 11 countries: Austria, Bosnia and Herzegovina, Croatia, the Czech Republic, Hungary, North Macedonia, Montenegro, Romania, Serbia, Slovakia and Slovenia.
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