21st Austria weekly - VIG (21/03/2019)

VIG: Vienna Insurance Group reported preliminary results. The Group wrote Euro 9,657.3 mn in premiums in 2018. This corresponds to a +2.9 percent increase in premiums compared to the same period in the previous year. Profit (before taxes) grew by around +10 percent year-on-year to Euro 485.4 mn. The increase in profit was primarily due to the improvement in the combined ratio and good development of the financial result.   Elisabeth Stadler, CEO of VIG: “The preliminary results for 2018 show that we have significantly exceeded our forecasts for all key figures. I therefore see this as a renewed confirmation of our ambition to position ourselves as a stable, reliable partner. This also applies to our focus on Central and Eastern Europe, where we are the leading insurance group today. In large parts of the CEE region we see stable growth and falling unemployment. The markets where we operate are growing, on average, twice as fast as the Eurozone countries. We intend to continue investing in this region and our more than solid solvency ratio of 239 percent provides the necessary financial resources. As a result of the very positive business development, the Managing Board will once again recommend a significant increase in the dividend from Euro 0.90 to Euro 1 per share for the financial year 2018. In the current interest rate environment that corresponds to an attractive dividend yield of 4.9 percent.” The combined ratio fell 0.7 percentage points in 2018 to an excellent 96.0 percent.
VIG: weekly performance: 2.18%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (21/03/2019)

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