Vienna Insurance Group AG (STU:WSV2)
€ 43.85 +0.70 (+1.62%) Market Cap: 5.61 Bil Enterprise Value: 5.74 Bil PE Ratio: 8.72 PB Ratio: 0.87 GF Score: 75/100
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Q3 2024 Vienna Insurance Group Wiener Versicherung Gruppe AG Earnings Call Transcript

Nov 26, 2024 / 02:00PM GMT
Release Date Price: €29.25 (+1.92%)

Key Points

Positve
  • Gross written premiums increased by 8% in the first nine months of 2024, indicating strong top-line growth.
  • Insurance service revenue rose by 9.3%, showcasing robust operational performance.
  • Profit before tax grew by 8.5%, demonstrating financial resilience despite adverse events.
  • The solvency ratio remains strong at 259% including transitional measures, reflecting solid financial health.
  • Successful mergers in Poland and North Macedonia are expected to enhance market position and operational efficiency.
Negative
  • The CEE NatCat storm flood event, Boris, resulted in significant gross losses estimated at EUR600 million.
  • The insurance service result was slightly lower compared to the previous year due to NatCat events.
  • The macroeconomic environment remains volatile, posing potential risks for future impairments or negative one-off effects.
  • Inflation-driven growth may slow down as inflation rates decrease, potentially impacting future growth rates.
  • The reinsurance market is currently hard, which may lead to adaptations in reinsurance programs, potentially affecting costs.
Nina Higatzberger;Schwarz
Vienna Insurance Group Wiener Versicherung Gruppe AG - Head of Investor Relations

Welcome to today's Vienna Insurance Group conference call. Liane Hirner, our CFO will guide you through the presentation. After the presentation, Peter Hofinger, our deputy CEO and Liane Hirner will be happy to answer your questions regarding the nine-month 2024 update. Liane, please go ahead.

Liane Hirner
Vienna Insurance Group Wiener Versicherung Gruppe AG - Chief Finance and Risk Officer, Member of the Managing Board

A warm welcome, also from my side to our update of the first nine months of this year. In today's presentation, we will share in addition to the gross written premiums and solvency ratio. Also the IFRS 17/9 KPIs insurance service revenue profit before taxes and net P&C combined ratio.

Overall, the three quarters of this year, we are characterized by the strong operational performances of our group companies. With gross written premiums up by 8% in nine months 2024, and insurance service revenue increasing

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