The reinsurance arm of Vienna Insurance Group, VIG Re, has reported preliminary, unaudited full-year 2024 gross written premiums (GWP) growth of 9.2% to €983.3 million, driven by its third-party reinsurance and VIG business segments.
The reinsurer has delivered solid financial results despite above-average catastrophe losses, including the European floods in VIG Re’s core territory.
Profit before tax for FY’24 hit €41.6 million, compared with €31.6 million in 2023, with return on equity of 10.2%, and a solvency ratio of 192%.
The firm’s full-year 2024 combined ratio improved by 1.2 percentage points year-on-year to 89.62%.
Total insurance revenue for the year amounted to €892.7 million, up on 2023’s €819.4 million, with non-life contributing €854.4 million and life contributing €38.2 million.
Alongside its results, VIG Re has announced some changes to its Supervisory Board, including that Dr. Peter Thirring is stepping down as the Chairman of VIG Re after nine years. Peter Höfinger, Deputy Chief Executive Officer (CEO) of Vienna Insurance Group, will succeed him in the role, effective April 4th, 2025.
Additionally, the Supervisory Board will see the addition of Bruce Selby Bennett, an industry veteran with four decades of reinsurance experience. He has previously served as Chairman and CEO, Global Reinsurance Clients for Aon.
He will join Frank Reichelt, a reinsurance senior executive and former CEO of Swiss Re Germany, who has been a VIG Re Supervisory Board member since October 2023. Finally, Johannes Martin Hartmann, VIG Re’s former CEO, will also join the Supervisory Board.
Tobias Sonndorfer, Chairman and Chief Executive Officer, Board of Management, VIG Re, commented, “2024 was a significant year for VIG Re. Our strong performance reflects the full commitment and client focus of our teams in combination with solid risk assessment. We are actively investing in our future by expanding our market reach and enhancing our analytical and digital capabilities to continuously foster our reputation as a premium reinsurance brand in Europe.”
Peter Thirring, Chairman, Supervisory Board of VIG Re, added, “VIG Re’s 2024 results are a testament to strong leadership, a highly skilled team, and a robust business model. The company’s focus on prudent underwriting, risk management, and client needs has allowed it to thrive even in challenging market conditions. With Mr. Sonndorfer recently appointed to lead the company, the Supervisory Board fully supports VIG Re’s course and its continued growth trajectory.”
The post VIG Re reports 9.2% growth in GWP for FY’24 appeared first on ReinsuranceNe.ws.