Highlights

On track to achieve projected results for 2023 thanks to double-digit premium growth and significant increase in result before taxes

• Gross written premiums increased by 10.8 % to EUR 7.3 billion: Premium growth in all segments
• Insurance Service Revenue increased by 13.7 % to EUR 5,380 million
• Results before taxes improved significantly to EUR 463 million
• As of 30 June 2023, Contractual Service Margin (CSM) stands at EUR 5,935 million
• Strong solvency ratio of 282%

Outlook

First time preparation of half-year results in accordance with the accounting standards IFRS 9 and IFRS 17, which have been applicable since 1 January 2023, already showed the expected increased volatility of results due to the changes in the interest rate environment. The objectives set for financial performance indicators and the dividend policy are therefore currently being reviewed in accordance with the amended accounting standards.

The development of the financial year 2023 is generally difficult to assess due to a number of uncertainty factors, especially associated with the ongoing war in Ukraine and its far-reaching consequences. The weaker macroeconomic environment and the high levels of volatility expected on the financial markets make it harder to predict the business development. In addition, the effects of adverse weather events can be expected to reduce results in the 2^nd half of 2023. Subject to the factors mentioned above and massive interest rate and market fluctuations and given the current ongoing weather extremes, VIG expects the Group’s result before taxes to be in the range of EUR 700–750 million for the full-year 2023 under IFRS 17/9.