Full Year 2024 Vienna Insurance Group Wiener Versicherung Gruppe AG Earnings Call Transcript
Key Points
- Vienna Insurance Group AG (WBO:VIG) reported a strong full-year performance with gross written premiums exceeding EUR 15 billion, marking a more than 10% increase from the previous year.
- Insurance service revenue increased by 11% to EUR 12 billion, driven primarily by the P&C business.
- Profit before taxes rose by 14.1% to EUR 881.8 million, despite challenges such as the storm Boris.
- The company proposed a 10.7% increase in dividends to EUR 1.55 per share, offering an attractive dividend yield of 5.1%.
- The company's diversification strategy across markets and business lines has provided a stable basis for future growth, particularly in Central Eastern Europe.
- The P&C net combined ratio increased by 0.8 points to 93.4%, influenced by weather-related claims from storm Boris.
- A goodwill impairment of EUR 116.3 million was recorded in Hungary due to the prolonged additional insurance tax imposed by the Hungarian government.
- The company's solvency ratio slightly decreased from 269% to 261% at year-end 2024, although it remains above the target range.
- The life business with profit participation did not experience double-digit growth, unlike other business lines.
- The geopolitical and macroeconomic environment remains challenging, posing potential risks to future performance.
Ladies and gentlemen, welcome to the VIG preliminary results for the financial year 2024 conference call and live webcast. I am Youssef, the Chorus Call operator. (Operator Instructions) the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Hartwig Loger, CEO of VIG. Please go ahead.
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Thank you very much. A warm welcome also from our side from Ringturm in Vienna, and we are pleased to welcome you to our telephone conference. Starting with the results of 2024, I just also want to remind that 2024 was a special year. We celebrated 200 years of existence of the roots of our group. So I think the long-term sustainability is fixed in this way. And also 30 years of listing on Vienna Stock Exchange, which might also show our resilient development also in this case.
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