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VIG Re: Increase In Profits
Vienna Insurance Group Re posted results. The re-insurer said it raised pre-tax profit by 11.1 percent to € 20.6m, and premium volume by 4.2 percent to € 292.3m.
VIG Re: Increase In Profits / Picture: © Vindobona.org
Property/casualty insurance accounted for 78 percent of gross written premiums, the health segment for 14 percent, and life insurance for 8 percent. The combined ratio for 2011 was 95.8 percent.
“VIG Re is going from strength to strength despite the challenging operating environment we are currently facing,” commented VIG Re CEO Karl Fink. “We have seen significant rises in premiums and pre-tax profit. Management is committed to safeguarding the sustainable, long-term stability of VIG Re, and to achieving earnings-driven growth. VIG Re also offers its cedents and partners outstanding service combined with reliability and expertise.”
VIG Re recorded a 25 percent increase in the number of cedents in 2011, and now has more than 100 companies as its clients. Prudent risk assessment and an effective protection programme contributed to satisfactory claims results, despite the significant natural catastrophe losses incurred by insurers worldwide. Total underwriting provisions for the year exceeded twice the amount of shareholders’ equity.
VIG Re’s management is confident that the company will continue to grow in 2012, and is set to break the € 350m barrier in premiums.