Group Annual Report 2023

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Gross written premiums and result before taxes

Gross written premiums

Further details on the gross written premiums are included in Note 1.7 Risk of concentration on page 113.

The VIG Insurance Group in 2023 achieved gross written premiums of EUR 13,784.0 million and thus an increase of 9.8% year-on-year (2022: EUR 12,559.2 million).

With double digit growth rate in comparison to the previous year gross written premiums in the segments Poland (12.7%), Extended CEE (+12.5%), Special Markets (+11.3%) and Group Functions (+13.8%) grew especially strongly. Of the countries in the segment Extended CEE, the Baltic states (+12.2%), Romania (+17.8%) and Hungary (+24.1%) showed especially a dynamic premium development. In the segment Special Markets the countries of Georgia (+19.9%) and Türkiye (+18.4%, adjusted for inflation) recorded strong premium growth.

Result before taxes

The consolidated results before taxes increased in 2023 to EUR 772.7 million (2022 adjusted: EUR 585.7 million). The rise of 31.9% originates predominately from the significantly higher results in the segments Austria, Extended CEE and Group Functions.

The result before taxes adjusted by impairments of intangible assets and impairments goodwill in the amount of EUR 103.3 million, which predominantly comes from the countries of the Baltic states, Türkiye and Hungary as well as from the segment Group Functions, resulted in a business operating result of EUR 876.0 million. This was 38.2% higher than the value of the previous year (2022 adjusted: EUR 633.8 million).