Half Year 2024 Vienna Insurance Group Wiener Versicherung Gruppe AG Earnings Call Transcript
Key Points
- Insurance service revenue increased by 10% to EUR5.9 billion, driven by growth in the P&C segment.
- Profit before taxes rose by 3.9% to EUR481 million.
- Net combined ratio for P&C improved to 93.3%, with a better claims ratio of 61% and a stable cost ratio of 32.2%.
- Solvency ratio remains strong at 265%, indicating robust financial health.
- Standard & Poor's reaffirmed VIG's A+ rating with a stable outlook, highlighting the group's solid capital buffer and financial leverage below 40%.
- Weather-related claims remain unpredictable and could impact future results.
- Insurance service result for reinsurance health declined significantly from minus EUR22 million to minus EUR320 million due to lower weather-related claims coverage.
- The Czech Republic segment saw a decline in profit before taxes due to higher claims ratio in P&C and lower results in life insurance.
- Higher property and weather-related claims in Austria and Czech Republic affected the combined ratio.
- The Turkish market remains volatile, which could impact the sustainability of improvements in the special markets segment.
Good afternoon. And welcome to everyone to VIG's half-year 2024 results call. Today, Liane Hirner, our CFO, will guide you through the presentation and will then answer your questions together with Peter Hofinger, who is live connected with us from the European Forum Alba. I now hand over to Liane. Please go ahead.
Thank you, Nina. And also a very warm welcome from my side to all those attending our results call. We are pleased with the results of our group, which was able to achieve -- which we were able to achieve in the first half of 2024. And the favorable development of our key figures, which are shown on slide 3, give us the confidence with regards to the expected full year performance.
On slide 3, we show our key performance indicators. Our insurance service revenue of EUR5.9 billion is up by
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