Vienna Insurance Group (VIG) H1 2024 earnings summary

Executive summary

• Insurance service revenue rose 10% year-over-year to EUR 5.9 billion in H1 2024, driven by strong P&C growth and broad-based segment contributions.

• Profit before taxes increased 3.9% to EUR 481 million, with management confirming full-year guidance at the upper end of EUR 825–875 million.

• Net combined ratio improved to 93.3%, reflecting strong underwriting and better claims management.

• S&P reaffirmed the A+ rating with a stable outlook, citing strong capital buffers and market leadership.

• Gross written premiums increased 7.9% to EUR 7.89 billion, with all segments contributing to growth.

Financial highlights

• Net profit after taxes and non-controlling interests reached EUR 351.7 million, up 2.4% year-over-year.

• Earnings per share annualized at EUR 5.38; operating ROE reached 16.2%.

• Solvency ratio (with transitional) at 265%; own funds and SCR both increased.

• Investment result up 5.1% to EUR 1.15 billion, with a 5.3% new investment yield.

• Dividend of EUR 1.40 per share approved, yielding 5.3%.

Outlook and guidance

• Profit before taxes for 2024 expected at the upper end of EUR 825–875 million, supported by strong H1 results.

• Management confident in guidance due to strong first-half performance.

• Life and health segment expected to remain stable barring major market moves.

• VIG aims to maintain a solvency ratio between 150% and 200%.

• Strategic focus remains on expanding market leadership in CEE and achieving top 3 positions in each market (except Slovenia).