VIG Re has published its annual report showcasing a combined ratio improvement of approximately 4.2 ppt to 91.9% in 2022, compared from the 2021 combined ratio of 96.1%.
The company’s profit before taxes stands at EUR 30.7 million for 2022, which is a 14.6% increase from the previous year which was EUR 26.8 million.
All in all, profit for the year amounted to EUR 25.6 million, so up from the EUR 21.1 million reported a year earlier.
At the same time, VIG Re’s gross written premiums have also seen a rise of 19.7%, standing at EUR 792.3 million for 2022. Comparatively, the gross written premiums for the year 2021 were EUR 661.3 million.
The firm’s Property & Casualty segment drove the premiums growth, with premiums for the year reaching EUR 717.2 million, compared to 2021’s EUR 600.1 million.
There has also been a rise in the premiums written for Life insurances which for 2022 stands at EUR 40.7 million as compared to last year’s EUR 32.8 million. Lastly, Health premiums increased to EUR 34.3 million from 2021’s EUR 28.3 million.
Additionally, the company has seen a 90.45% rise in underwriting profit to EUR 38.5 million for 2022, which is reflected in the stronger combined ratio.
The total assets under VIG Re as of 2022 is EUR 1.47 billion, which is a 0.4% increase from 2021. The current return on equity is at 17.9% for the company.
Results from investments amounted to EUR 7.6 million in 2022 against EUR 9.6 million in 2021.
“Albeit the year 2022 will be remembered as a year of a dooming global economic outlook due to several major challenges such as energy crisis, 40-year high inflation, and geopolitical tensions culminated into a war in Europe, to name few, I am very proud to report that VIG Re did well and delivered its best financial results ever. Seeing the current market conditions as opportunity, we continue in our sustainable dynamic growth by standing at the side of our clients and partners supporting them in times of need,” said Johannes Martin Hartmann, CEO and Chairman of the Board of Directors at VIG Re.
“For 2023 VIG Re is committed to further strengthening and investing in its operational excellence, digitalization, and automatization of its processes. The Company will continue to foster its position as a leading reinsurer in Central and Eastern Europe and strengthen its market presence in East Asia together with enhancing its value proposition in Life and in Facultative Reinsurance,” added Hartmann.