Group Annual Report 2022

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Special Markets

The segment Special Markets includes the countries of Germany, Georgia, Liechtenstein and Türkiye.


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 be successful in the German market as profitable niche providers.

The Group internal reinsurance company VIG Re has also been represented by a branch in Germany since 2017. It is assigned to the segment Group Functions.


VIG Insurance Group is represented by two companies in Georgia, GPIH and IRAO. With a market share of 25.0%, the companies became the leading insurance group in Georgia in the 1st to 3rd quarters of 2022.


The VIG insurance company Vienna-Life operates in Liechtenstein. Vienna-Life almost exclusively offers unit-linked and index-linked life insurance and held fourteenth place in the market in Liechtenstein in 2021.


VIG operates in Türkiye through the non-life insurer Ray Sigorta and the life insurance company Viennalife (formerly Aegon), which was acquired in 2022. A market share of 3.9% puts the VIG insurance companies in eighth place in the Turkish insurance market.

Financial performance indicators in the Special Markets reportable segment

Premium development

The VIG insurance companies in the segment Special Markets wrote EUR 846.2 million in premiums in 2022 (2021: EUR 531.7 million), representing an increase of 59.2% compared with the previous year. This positive premium development is primarily due to the initial consolidation of the Turkish company Viennalife (formerly Aegon). The regular premium life insurance and other property and casualty insurance lines of business performed particularly well. Net earned premiums were EUR 501.3 million in 2022 (2021: EUR 325.9 million), an increase of 53.8% compared with the previous year.

Premiums by line of business

Special markets – Premiums by line of business (ring chart)
Values for 2021 in parenthese

Result before taxes

The result before taxes in the Special Markets segment rose 30.5% in 2022 to EUR 49.4 million (2021: EUR 37.9 million). This increase is primarily due to the first-time consolidation of Viennalife (formerly Aegon) in Türkiye.

Adjusted for impairments of other intangible assets of EUR 3.6 million, the business operating result in the Special Markets segment in 2022 amounted to EUR 53.0 million (2021: EUR 37.9 million).

Combined ratio

The combined ratio improved to 93.0% in 2022 primarily as a result of a lower cost ratio in Germany and a lower claims ratio in Türkiye (2021: 94.4%).