Group Annual Report 2023

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Special Markets

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


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 dependents.

The VIG companies continue to be successful in the German market as profitable niche players.

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 in Georgia by the companies GPIH and IRAO. With a market share of 24.0% the companies are the leading insurance group in Georgia in the 1st to 3rd quarter 2023.


The VIG insurance company Vienna-Life is active in Liechtenstein. Vienna-Life only offers unit- and index-linked life insurance and was in twelfth place in the Liechtenstein market in 2022.


VIG Insurance Group is active in Türkiye with the non-life insurer Ray Sigorta and the Turkish life insurance company Viennalife (formerly Aegon Emeklilik ve Hayat) acquired in 2022. With a market share of 3.8% the VIG insurance companies reached the eighth place on the Turkish market.

Financial performance indicators in the reportable segment Special Markets

Insurance service revenue by line of business

Special markets – Insurance service revenue by line of business (ring chart)
Values for 2022 in parentheses

Insurance service revenue

In 2023 the insurance service revenue in the segment Special Markets increased from EUR 483.2 million in 2022 to EUR 617.6 million due to the good premium development in all lines of business in the Turkish and Georgian markets as well as due to the first-time consolidation as of 1 April 2022 of the Turkish Viennalife (formerly Aegon Emeklilik ve Hayat). This represents an increase of 27.8%. Premium development represents the premium translated into euros at the average exchange rate. In Türkiye, current year premium was converted at the closing rate in accordance with hyperinflation accounting.

Result before taxes

In 2023 the segment Special Markets increased the result before taxes by 66.9% to EUR 64.2 million (2022 adjusted: EUR 38.5 million). This significant increase resulted primarily from the already mentioned first-time consolidation of Viennalife (formerly Aegon Emeklilik ve Hayat) in Türkiye.

Adjusted for the impairments of intangible assets in the amount of EUR 9.8% the business operating result in the segment Special Markets in 2023 was EUR 74.0 million (2022 adjusted: EUR 41.5 million).

Net Combined Ratio

The net combined ratio remained largely at the previous year’s level and, in 2023, was 96.6% (2022 adjusted: 96.4%).