Other Markets

The Other Markets segment includes Germany and Liechtenstein. The segment generated 2.8% of Group premiums in 2020.


According to preliminary data from the German Insurance Association (GDV), the German insurance industry recorded a 1.5% year-on-year increase in premium volume in 2020. The increase was predominantly from property and casualty insurance, where premium volumes rose 2.1%. Life insurance (not including pension funds), on the other hand, fell slightly by 0.1% compared to the same period in the previous year. This was mainly due to a decline in regular premiums, which recorded a decrease of 0.8%. Single premium products, on the other hand, recorded an increase of 1.2%. Private health insurance recorded an increase of 3.8%.

The VIG insurance companies InterRisk Non-Life and InterRisk Life operate in Germany. The InterRisk companies distribute exclusively through around 10,000 independent sales partners. InterRisk Non-Life specialises in accident and liability insurance and selected property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as protection for surviving dependants. The VIG companies continue to operate successfully in the German market as profitable niche providers.


20 life and 16 non-life insurance companies were operating in Liechtenstein at the end of 2020. The life insurance companies mainly operate in the area of unit-linked and equity-linked life insurance. Liechtenstein offers insurance companies direct access to the markets in countries in the European economic area and Switzerland. The internationally operating non-life insurance companies have become much more important in previous years. According to forecasts, the insurance companies achieved a premium volume of CHF 5.5 billion in financial year 2020. CHF 3.0 billion of this was from the non-life lines of business, and CHF 2.5 billion from the life insurance companies.

The VIG insurance company Vienna-Life operates in Liechtenstein. Vienna-Life mainly offers unit-linked and index-linked life insurance.

Financial performance indicators in the Other Markets segment

Premium development

Premiums by line of business

Other markets – Premiums by line of business (ring chart)

Values for 2019 in parentheses

The Other Markets segment recorded total premiums written of EUR 280.0 million in 2020 (2019: EUR 380.4 million), representing a decrease of 26.4% compared to the previous year. This was due to a decrease in single premium life insurance in Liechtenstein. Net earned premiums were EUR 230.9 million in 2020 (2019: EUR 332.3 million), a decline of 30.5% compared to the previous year.

Result before taxes

In 2020, the result before taxes increased by 18.5% to EUR 26.7 million in Liechtenstein due to the absence of one-off effects in the financial result (2019: EUR 22.6 million).

Combined ratio

In 2020 the combined ratio was an excellent 81.1% in the Other Markets segment (2019: 82.4%).