Stable performance in a year of uncertainty
With an increased premium volume of EUR 10.43 billion, profit before taxes of EUR 346 million and a further improved combined ratio of 95%, VIG Group has achieved solid results for 2020. “VIG Group managed to make it through this difficult pandemic period comparatively well. We showed that we are resilient to unforeseeable events. This stability is our greatest asset, enabling us to overcome the continuing turbulent times and to effectively handle any special local challenges,” explains CEO Elisabeth Stadler. VIG expects the premium volume in 2021 on the level of 2020 at around EUR 10.4 billion, with profit before taxes ranging from EUR 450 million to EUR 500 million. The combined ratio is expected to remain at a sustainable level of around 95%.
The final solvency ratio of the Group as at the end of 2020 was slightly better than reported on 9 March 2021 (235%). At 238%, the regulatory solvency ratio reflects the continuation of VIG’s exceptionally strong capitalisation. As at 31 December 2020, VIG had own funds of EUR 8.8 billion, 83% of which was in the highest quality category (tier 1). The solvency capital requirement is EUR 3.7 billion. Further details can be found in the VIG Solvency and Financial Condition Report.
Publication of Group Annual Report and Sustainability Report
The promise of VIG Group, “Protecting what matters”, will feature on the cover of the Group Annual Report for 2020, which was a year characterised by great uncertainty for everyone. With this, VIG is emphasising the company purpose of offering both security and protection. “We believe it is our responsibility to respect the values that are close to our customers’ hearts and to handle them with the appropriate care and attention,” explains Elisabeth Stadler. “In this context, we not only focus on the here and now but in line with our long-term strategy of course also on the future.” This attitude is clearly outlined in the Sustainability Report, under the title “Protecting what will matter”. The importance of environmental and social factors as well as good corporate governance - often referred to jointly as ESG - is explained in more detail in the online Group Annual Report by the members of the Managing Board. In addition to a detailed breakdown of the successes achieved under “Agenda 2020”, which was implemented from 2017 to 2020, there is also a video of CEO Elisabeth Stadler reflecting on 2020.
From 15 April 2021 onwards, the online 2020 Group Annual Report will be accessible at www.annual-report.vig/2020. In addition, the 2020 Group Annual Report, the 2020 Sustainability Report, the Embedded Value report, the VIG Holding Annual Financial Statements and the VIG Solvency and Financial Condition Report (German version) will be available at www.vig.com.