VIG Re’s Impressive Financial Growth
The reinsurance division of Vienna Insurance Group, VIG Re, has announced a remarkable increase in its preliminary, unaudited gross written premiums (GWP) for the full year 2024. The company experienced a growth of 9.2%, reaching a total of €983.3 million. This growth was largely influenced by the expansion of its third-party reinsurance and VIG business segments.
Notably, VIG Re achieved these impressive results despite encountering above-average catastrophe losses, such as the European floods impacting its core territories.
Financial Performance Highlights
The reinsurer’s profit before tax for the fiscal year 2024 soared to €41.6 million, a significant rise from €31.6 million in 2023, resulting in a return on equity of 10.2%. The company’s solvency ratio stood robustly at 192%.
Moreover, VIG Re’s full-year 2024 combined ratio improved by 1.2 percentage points compared to the previous year, landing at 89.62%.
The total insurance revenue for the year amounted to €892.7 million, up from €819.4 million in 2023. Of this, non-life insurance contributed €854.4 million, while life insurance added €38.2 million.
Leadership Transition and Strategic Board Enhancements
Alongside its financial success, VIG Re has announced strategic changes to its Supervisory Board. Dr. Peter Thirring will be stepping down as Chairman after nine years of dedicated service. Peter Höfinger, the Deputy Chief Executive Officer of Vienna Insurance Group, is set to succeed him as the Chairman, effective April 4th, 2025.
The Supervisory Board will also welcome Bruce Selby Bennett, a seasoned industry expert with four decades of reinsurance experience. Having previously served as Chairman and CEO for Global Reinsurance Clients at Aon, his expertise will be a valuable addition.
Joining the board is also Frank Reichelt, a senior reinsurance executive and former CEO of Swiss Re Germany, who has been part of the VIG Re Supervisory Board since October 2023. Johannes Martin Hartmann, VIG Re’s former CEO, will also take on a new role within the board.
Comments from Leadership
Tobias Sonndorfer, Chairman and CEO of the Board of Management at VIG Re, remarked, “2024 was a pivotal year for VIG Re. Our robust performance is a testament to the dedication and client-centric approach of our teams, coupled with diligent risk management. We are actively investing in our future by expanding our market presence and enhancing our analytical and digital capabilities to maintain our status as a premier reinsurance brand in Europe.”
Peter Thirring, the outgoing Chairman of the Supervisory Board, added, “The results for VIG Re in 2024 demonstrate the strength of leadership, skill, and a resilient business model. The company’s emphasis on careful underwriting, effective risk management, and client satisfaction has ensured its prosperity even amidst challenging market conditions. With Mr. Sonndorfer recently appointed to lead the company, the Supervisory Board is fully committed to supporting VIG Re’s strategic direction and continued growth.”
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