Vienna Insurance Group provides outlook for the full year 2020

In the course of the results preparation for the 1st to 3rd quarter of 2020, the impacts of the expected dampening effects due to the Covid-19 pandemic are becoming more concrete. While the operating insurance business is performing solidly and the premium development is slightly positive compared to the previous year, the financial result was around EUR 114 million lower than in the 1st to 3rd quarter of 2019. This was driven by the negative performance of the capital markets in the reporting period. The decline has a direct impact on the result before taxes, which amounted to EUR 266 million in the 1st to 3rd quarter of 2020 (minus 29% compared to the same period last year).

Based on these results for the 1st to 3rd quarter of 2020, which will be published in detail as planned on November 26, 2020, and taking into account current developments, the Managing Board of Vienna Insurance Group expects profit before taxes for the full year 2020 to be in a range of EUR 300 - 350 million, subject to unpredictable volatilities on capital markets.