VIENNA INSURANCE GROUP AG 2020 PRELIMINARY RESULTS
PRESENTATION
Vienna, 9 March 2021
2020 PRELIMINARY RESULTS CONFERENCE CALL
Presenting team and topics
Please note: All information for the financial year 2020 is based on preliminary data; Rounding differences may occur when rounded amounts or percentages are added up.
▪ | Elisabeth Stadler, CEO | ▪ | Key Messages & Strategy | p. 3 |
▪ | Liane Hirner, CFO | ▪ | Financials & Investments | p. 9 |
▪ | Werner Matula, Group Chief Actuary | ▪ | Life & Health Embedded Value | p. 18 |
▪ | Q&A session: | ▪ | Dividend & Outlook | p. 22 |
Members of the VIG Management Board | ▪ | Appendix 1: Segments | p. 26 | |
are available to take questions | ▪ | Appendix 2: Financials | p. 39 | |
VIGVIENNA INSURANCE GROUP |
2
Participants
Topics
VIG GROUP WITH RESILIENT OPERATIVE PERFORMANCE IN 2020
Key messages
▪ Business continuity in all Group companies secured
▪ Diversity and local entrepreneurship were key drivers of overall solid operative performance of VIG Group
▪ Initiatives of Agenda 2020 consistently pursued and successfully implemented
▪ Acquisition of Aegon CEE represents a perfect fit and adds new opportunities
▪ Focus on sustainability - further integrating social and ecological aspects into our core business
▪ Commitment to shareholder participation unchanged
▪ New strategic programme for the next 5 years to be finalised and announced in Q2 2021
RESULTS HIGHLIGHTS
Solid operative business performance
Gross written premiums | Profit before taxes | Combined Ratio |
€ 10.4bn | € 345.9mn | 95.0% |
GWP up by 0.3% compared to 2019
Solvency ratio ~235% | PBT decreased by 33.7%
Dividend proposal* 75 cents | Down from 95.4% in 2019
New Business Margin (CEE) 4.4% |
First estimation for full year 2020
| Pay-out ratio of 41.5%
| For the life and health business in 2020
|
* Proposal of management; subject to approval of the Annual General Meeting
AGENDA 2020
Accomplishments 2016-2020
Ensuring future growth
Use of growth potentials
Health insurance 122% premium increase in the 5 key countries BG, PL, RO, TR and HU
Bancassurance
▪ Cooperation with Erste Group extended to 2033
▪ CAGR ~12% in non-life
Reinsurance
▪ Opening of new branch offices in Frankfurt (2017) and Paris (2018)
▪ ~50% premium growth for VIG Re
▪ Internal Group assistance offered in 10 countries
Digitalisation
▪ ~180 ongoing digitalisation projects
▪ ~€200mn investment in digitalisation
▪ Establishing VIG internal innovation competition "VIG Xelerate" and inhouse start-ups (e.g. viesure, beesafe)
▪ Cooperation with Plug & Play and Digital Impact Labs Leipzig
Insurance of the future
▪ Motor strategy lab initiated
▪ New insurance solutions for cyber risks
▪ Use of block-chain technology for corporate and reinsurance business
Optimisation of business model
▪ Savings in claims payments of >3%
▪ 70% of all non-life claims covered
▪ Roll-out in 22 companies throughout the region
Closed-File Review (CFR)
▪ Savings in claims volume of >5%
▪ Roll-out in 15 companies
Shared services and mergers
▪ 13 mergers concluded
▪ New shared service companies in Austria, Ukraine and Romania
Profit optimisation in motor
VIG IS HIGHLY EXPERIENCED IN ACQUIRING, INTEGRATING AND MERGING COMPANIES
Optimising our company structure and looking for acquisitions in our region to support organic growth
Mergers of VIG insurance companies
Merged companies
Year
AXA Non-Life/ Wiener Städtische osiguranje 2017
AXA Life/ Wiener Städtische osiguranje 2017
InterRisk (former Baltikums)/ BTA Baltic 2017
Erste osiguranje/ Wiener osiguranje 2018
PSLSP/ Kooperativa 2018
Erste Biztosító/ Union Biztosító 2018
Vienna Life/ Union Biztosító 2018
s Versicherung/ Wiener Städtische 2018
Polisa-Zycie/ Compensa Life 2018
Axa Life/ BCR Life 2018
PČS/ Kooperativa 2019
Globus/ UIG 2020
Seesam/ Compensa Non Life 2020
Acquisitions (insurance sector)
CompanyFinsaltasBaltikumsUBB-AIGBTA Baltic
LineYearStrategic rationale
L NL NL NL NL/L L NL NL NL NL
2015 Distribution
2015 Scale
2016 Distribution
2016 Scale
AXA Non-Life/Life (Serbia)AXA Life InsuranceMerkur OsiguranjeSeesam
Gothaer TU
Tuw TuW (minority stake)
2016 Scale
2017 Product portfolio
2018 2018 2019
Scale Scale Scale
2019 Strategic partnership, Scale
Acquisition of Aegon CEE in 2020
AEGON CEE TRANSACTION
1
Delivering on ▪ Announced transaction is in line with VIG's strategy of building further scale in CEE strategy
Key terms
Strategic Merits
Financially attractive
Outlook
▪ Confirms VIG's #1 position in CEE
▪ Acquisition of Aegon's non-life and life insurance companies as well as pension funds, and asset management in Hungary, Poland,
Romania and Turkey for €830mn
▪ Share purchase agreement signed on 29 November 2020
▪ Total premium volume in the four countries: ~€600mn in 2019 / Net profit: ~€50mn in 2019
▪ Expanding in target geographies with enhanced diversification within CEE
▪ Gaining 4.5mn new clients and complementary distribution network
▪ Becoming market leader in Hungary with 19% market share
▪ Strengthening positions in Poland & Romania
▪ Expanding pension fund business in Hungary, Poland and Romania; all three companies among top 4
▪ Extending Turkish presence into life becoming Nr. 7 in life insurance market
▪ First conservative estimates on synergies of more than €100mn overall
▪ Highly confident in achieving substantial synergies on the back of ~40 acquisitions over the past 15 years in CEE
▪ Transaction to be financed by internal sources; long-term capital optimisation measures ongoing
▪ Transaction remains subject to regulatory and anti-trust approvals with closing expected in second half of 2021
▪ Solvency ratio of VIG to stay within self-defined comfort zone of 170-230% at the time of closing
CSR: KEY INITIATIVES AND ACCOMPLISHMENTS 2020
General
▪ VIG is listed in international sustainability index FTSE4Good and the Austrian VÖNIX
▪ Annual CSR meetings to promote best practise sharing and the exchange of individual Group initiatives
Core business
▪ Gradual withdrawal from investments in the coal sector
▪ Increased investment in Green Bonds 2019: €154.3mn 2020: €238.2mn
▪ Support of affordable and environmentally-friendly housing 100,000 housing units built by non-profit housing societies
▪ No investments in controversial weapons firms
Customers
▪ Continuous development of digital products e.g. e-health services
▪ First purely digital insurance in Poland "Beesafe"
▪ Virtual data protection meetings for regular intra-group exchange
▪ Attractive and affordable health insurance products
▪ Ethical and environmentally-oriented unit-linked life insurance products
▪ Premium discounts in the motor insurance for an environmentally-friendly mobility
Employees
▪ VIG is one of the world's best 750 employers
("Forbes" magazine)
▪ VIG ranked 1st place at the Gender-Diversity-Ranking by BCG in Austria
▪ VIG awarded "Financial
Times Diversity Leader 2021"
▪ Support programme to manage home office challenges during the corona crises
▪ Trainings focussing on digitalisation and innovation
▪ Digitalisation of trainings
▪ New diversity handbook
Society
▪ Continuation of projects despite the crisis
▪ Support of social organisations to manage the corona pandemic and its consequences (e.g. masks, contract tracing)
Environment
▪ Reduction of underwriting risks in the coal industry by 60% in 2020
▪ Financing of environmentally-friendly projects e.g. green building, clean transportation, renewable energy
▪ Reduction of traffic-related green house gases due to increased use of home office arrangements, online meetings and environmentally-friendly mobility
KEY MESSAGES & STRATEGY FINANCIALS & INVESTMENTS |
LIFE & HEALTH EMBEDDED VALUE |
DIVIDEND & OUTLOOK |
APPENDIX 1: SEGMENTS |
APPENDIX 2: FINANCIALS |
9
PROFIT DEVELOPMENT IMPACTED BY FINANCIAL RESULT DECREASE
2020 Income statement
€mn
Gross premiums written Net earned premiums Financial result* Other income Total Income
Expenses for claims/benefits Acquisition and administrative expenses Other expenses
Total Expenses Result before taxes Tax expenses/income Result of the period Non-controlling interests
2020 10,428.5 9,336.6
596.3
2019 10,399.4 9,317.9 1,010.8
145.7 193.2
10,078.5 -7,030.6 -2,328.5
-373.6
10,522.0 -7,262.7 -2,293.2
-444.4
-9,732.7 -10,000.4
345.9 -103.2 242.7
521.6 -108.5 413.1
-11.2 -81.8
Net profit after non-controlling interests 231.5 331.3
+/- % 0.3
0.2
-41.0 -24.6
-4.2 -3.2 1.5
-15.9 -2.7 -33.7 -4.9 -41.3 -86.4 -30.1
▪ Premium growth driven by other property (+€219.9mn) and health (+€9.7mn)
▪ Financial result (incl. at equity consolidated companies) down by €414.5mn due to Covid-19 related impairments and the changed consolidation method for the non-profit housing societies in 2019
▪ Other income 2019 with positive one-off from Polish asset tax refund
▪ Result before taxes decreased by 33.7% due to declined financial result
▪ Tax ratio of 29.8% (2019: 20.8%) impacted by non-tax-deductible goodwill impairments
Claims Ratio 62.8% 63.7%
Cost Ratio 32.2% 31.7%
Combined Ratio 95.0% 95.4%
* Thereof result from shares in at equity consolidated companies: -€28.5mn (2019: €24.1mn)
-0.9%p 0.5%p -0.3%p
MAIN MARKET DEVELOPMENTS
Overview 2020
Czech Republic
CoR: 90.7% (-1.2%p)
No. of companies: 3
Employees: 4,925
Market share: ~31%
GWP: €1,732mn (-0.8%)
PBT: €192mn (+11.4%)
Data regarding employees as of YE 2020 and market share as of 9M 2020; %-changes in comparison to 2019
Baltic states
No. of companies: 3
Employees: 1,905
Market share: ~25%
GWP: €493mn (-1.5%)
PBT: €9mn (+24.1%)
CoR: 97.2% (-0.4%p)
Poland
No. of companies: 5
Employees: 2,464
Market share: ~9%
GWP: €1,196mn (+5.7%)
PBT: €23mn (-67.4%)
CoR: 96.7% (+1.9%p)
Slovakia
No. of companies: 2
Employees: 1,655
Market share: ~30%
GWP: €730mn (-8.7%)
PBT: €51mn (+5.1%)
CoR: 89.0% (-8.2%p)
OVERALL PREMIUM GROWTH OF 0.3%
Overview by segments
Gross written premiums (€mn; y-o-y change)
▪ Top line up by €29.1mn to €10.4bn supported by strong start into the year 2020
▪ Negative currency effects in CZ and HU: adjusted for FX, premium growth of 2.2% in CZ and 7.1% in HU
▪ Premium decreases in SK and Other Markets driven by less life single premium business
Czech Republic
Austria
SlovakiaPolandRomaniaBaltic states
Central Functions €1,736.5mn (2019: €1,623.5mn) +7.0%; Consolidation -€1,442.3mn (2019: -€1,388.2mn) +3.9%
20192020
HungaryBulgariaTurkey/Georgia Remaining
CEEOther Markets
INCREASED OTHER PROPERTY, HEALTH AND CASCO BUSINESS
Gross written premiums by lines of business (€mn; y-o-y change); incl. Central Functions
GROUP PROFIT BEFORE TAXES OF €345.9MN DOWN BY 33.7%
Declining financial result and consolidation change of non-profit housing societies in 2019
Result before taxes (€mn; y-o-y change)
-13.8% 207.3
-101.8 Romania
▪ Goodwill impairments 2020 in Bulgaria (€59.8mn), Georgia (€12.5mn) and Croatia (Segment: Remaining CEE - €45.0mn); in 2019: goodwill impairment Romania (€108.8mn)
▪ AT: profit decrease of €28.6mn driven by lower financial result
▪ CZ: increased profit (+€19.7mn) attributable to better CoR in P&C and improved life result
▪ SK: improved PBT (+€2.5mn) supported by CoR improvement
▪ PL: profit development (-€46.6.mn) impacted by provisions built for surrender fees in life; 2019: positive one-off from a refund of asset taxes
AustriaCzech RepublicSlovakiaPoland
Central Functions -€107.6mn (2019: €36.5mn); Consolidation €3.0mn (2019: €0.7mn) >100%
20192020
Baltic statesHungaryBulgariaTurkey/Georgia Remaining
CEEOther Markets
COMBINED RATIO (P&C) AT 95.0%
CoR improvements in all market segments, except Poland
P&C Combined Ratio development
Overview by segments (y-o-y development net, %)
▪ Constant decrease of claims ratio supported by Agenda 2020 initiatives and better claims activity in 2020
▪ Cost ratio: impacted by enhanced initiatives related to digital transformation of VIG Group
▪ PL: cost ratio up from 31.8% to 32.9% due to entire impairment of activated insurance portfolio
-1.9%p 100.9 99.0
-0.7%p 93.5 92.7
-1.2%p
-8.2%p
+1.9%p 94.8 96.7
-0.4%p 97.7 97.2
AT
CZ
SK
PL
ROBaltic statesCost ratioClaims ratio
YE 18
-0.6%p 97.6 97.0
-1.2%p 82.4 81.1
-4.6%p 95.8 91.2
-1.2%p 96.5 95.4
-1.2%p 93.9 92.6
YE 19
YE 20
HU
BG
TR/GERemaining CEE Other Markets
20192020
INVESTMENT SPLIT AND BOND PORTFOLIO OVERVIEW
No substantial changes to investment strategy
2020: Total €36.6bn
Bond portfolio by rating1 in %
7.5%
7.0%
7.1%
BondsReal EstateLoansEquities
72.7%
Affiliated CompaniesAlternativesDeposits and Cash
AAA
AA
2020
2019
Bond portfolio by issuer in %
2020
2019
Government2Covered bondsFinancialsCorporates
1 Based on second-best rating 2 Government bonds also include bonds issued by supranational organisations, government agencies, federal or constituent states and municipalities
A
BBB Other
FINANCIAL RESULT
Consolidation change of housing societies and COVID-19 related impacts
in EUR '000
Current income
Income from appreciations
Income from the disposal of investments Other income
Total Income
Depreciation of investments thereof impairment of investments Exchange rate changes
Losses from the disposal of investments Interest expenses
Other expenses Total Expenses
Total Financial Result excl. at equity Result from shares in at equity consolidated companies
2020
2019
+/- %
953,928 1,216,582 -21.6 20,706 34,892 -40.7
174,733 114,423
240,275 -27.3
101,452 12.8
1,263,789 1,593,201 -20.7
-150,060
-72,196
-22,655
-42,354
-95,058
-160,627 -6.6
-28,512 >100
-5,389 >100
-28,446 48.9
-115,997 -18.1
-328,872 -638,998
-295,975 11.1
-606,435 5.4
-28,510
624,791 986,766 -36.7
▪ Change of consolidation method of non-profit housing societies in 2019 affects current income, depreciation of investments, interest and other expenses
▪ In FY 2019, overall contribution of non-profit housing societies of ~€72.1mn
▪ Income from disposal of investments down by €65.5mn due to lower realised gains on equities and company participations (2019: sale of s Immo stake)
▪ Increased expenses driven by higher impairments of investments mainly on equities and equity funds (+€43.7mn) and increased other expenses (+€32.9mn)
24,074 n.a.
▪ Result from shares in at equity consolidated companies impacted by impairment of a participation in the tourism and hospitality sector
KEY MESSAGES & STRATEGY FINANCIALS & INVESTMENTS LIFE & HEALTH EMBEDDED VALUE |
DIVIDEND & OUTLOOK |
APPENDIX 1: SEGMENTS |
APPENDIX 2: FINANCIALS |
18
LIFE & HEALTH EMBEDDED VALUE AUSTRIA / GERMANY
in €mn
-28.3%106.6
1,659.9
Value of
20.3
-717.7
1,190.6
2019 adjusted
New Business
Roll forward
Present Value of New Business Premiums (PVNBP)
AssumptionsExperience and other operating
Economic and other non-operating
▪ New Business Margin (PVNBP-Ratio) decreased to 1.0% in 2020 (2019: 1.7%)
▪ Significant negative impact of the economic environment
▪ Includes profitable long-term-health business
2020
LIFE & HEALTH EMBEDDED VALUE CEE
in €mn
10.7%
1,841.3
48.5
2019 adjusted
Value of
New Business
Roll forward
Present Value of New Business Premiums (PVNBP)
AssumptionsExperience and other operating
Economic and other non-operating
▪ New Business Margin (PVNBP-Ratio) down to 4.4% in 2020 (2019: 5.8%)
▪ Material contribution by new business written in 2020
▪ Positive experience variance includes renewals (due to Solvency II compliant treatment of contract boundaries)
2020
▪ Non-material impact of the economic environment
▪ 196.5 € mn Return on Embedded Value
LIFE & HEALTH EMBEDDED VALUE TOTAL
in €mn
▪ New Business Margin (PVNBP-Ratio) decreased to 2.2% in 2020 (2019: 3.2%)
▪ CEE contributes with 63% the Life & Health Embedded Value
2019 reported
DividendsForeign exchange effects and others
Present Value of New Business Premiums (PVNBP)
2019 adjusted
Value of
New Business
Roll forwardAssumptionsExperience and other operating
Economic and other non-operating
2020
KEY MESSAGES & STRATEGY FINANCIALS & INVESTMENTS LIFE & HEALTH EMBEDDED VALUE DIVIDEND & OUTLOOK |
APPENDIX 1: SEGMENTS |
APPENDIX 2: FINANCIALS |
22
STRONG BUSINESS PROFILE AND SUCCESSFUL STRATEGY
▪ VIG is the leading insurance group in CEE
▪ Operating in 30 markets
▪ No. 1 in many markets throughout the region
▪ Providing insurance solutions for all lines of business to more than 22 million customers
▪ Local entrepreneurship
▪ Multi-brand policy
▪ Multi-channel distribution
▪ Conservative investment & reinsurance policies
▪ Binding compliance and governance framework
▪ Early mover
▪ 30 years of M&A experience in Central- and Eastern Europe
▪ Taking advantage of the growth potential in the region
▪ 2020: Acquistion of CEE business of Aegon
▪ A+ Rating with a stable outlook (S&P)
▪ Solvency Ratio YE 2020: ~235%
▪ Continuous payout of dividends since 1994
▪ Dividend policy: distribution in the range of 30 to 50% of Group net profits
▪ Optimisation of business model under Agenda 2020
▪ Clear progress made in the digital transformation of VIG
▪ Staying ahead of changes and trends to make use of future opportunities
▪ Exit and reduction scenario for the coal industry
▪ Forcing green bond investments: 2020: €238.2mn (2019: €154.3mn)
▪ Investments in non-profit housing societies
▪ Planned issuance of senior sustainability bond
DIVIDEND PROPOSAL OF 75 CENTS PER SHARE
In line with dividend policy
2017
2018
* Management proposal; subject to approval of the Annual General Meeting
2019
2020
DIVIDEND POLICY
Payout Ratio in a range of 30 - 50% of Group profits after taxes and non-controlling interests
Dividend per share remains to be aligned with Group performance
OUTLOOK 2021
End of pandemic not yet foreseeable - global macroeconomic uncertainty remains high
Targets (excluding Aegon CEE)
Outlook is subject to overall economic environment and to further development of unemployment rates, consumption, insolvencies and unpredictable volatilities i.e. on capital markets
KEY MESSAGES & STRATEGY FINANCIALS & INVESTMENTS LIFE & HEALTH EMBEDDED VALUE DIVIDEND & OUTLOOK APPENDIX 1: SEGMENTS |
APPENDIX 2: FINANCIALS |
26
AUSTRIA
PBT decrease driven by lower financial result
GWP development (€mn)
MTPL CascoOther PropertyHealthLife regularLife single
2019
* Incl. result from shares in at equity consolidated companies: 2020 -€31.0mn (2019: +€20.4mn)
€mn
Gross premiums written Net earned premiums Financial result* Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 4,030.7 3,275.6
505.4
18.0 3,799.0 -2,958.4
-636.0
2019 3,943.3 3,226.2
759.3
37.0 4,022.6 -3,116.8
-654.8
-25.9 -3,620.3
+/- % 2.2
1.5
-33.3 -51.5
Result before taxes | 178.7 | 207.3 | -13.8 |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-19.0 -23.4
-43.6 -3,815.3
159.7 184.0
66.9% 25.9% 92.7%
65.8% 27.7% 93.5%
-5.6 -5.1 -2.9 -40.7 -5.1 13.8 -18.5 -13.2
1.1%p -1.8%p -0.7%p
▪ Premium growth of €87.4mn driven by other property (+€57.9mn); life regular premium business decrease (-€23.0mn) compensated by growth in all other lines of business
▪ Financial result decreased by €253.9mn driven by COVID-19 related impairments and one-off effect due to early cancellation of life reinsurance (market risk) as well as less income from disposal of investments (2019 included positive one-off from sale of s Immo stake)
▪ Result before taxes down by €28.6mn due to the decreased financial result
2020
▪ CoR improvement mainly as a result of higher reinsurance commissions
CZECH REPUBLIC
Positive developments in non-life and life with double-digit profit growth
GWP development (€mn)
1,746
1,732
2019
Result before taxes | 192.1 | 172.4 | 11.4 |
+/- % -0.8 -1.3 -9.0 -35.8 -2.8 4.4 -4.8 -72.1 -4.7 11.4 19.0 9.5
€mn
Gross premiums written Net earned premiums Financial result* Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
2020 1,732.4 1,295.5
65.7
28.8 1,390.0 -824.5 -343.7
-29.7 -1,198.0
2019 1,745.8 1,312.8
72.2
44.9 1,429.9 -789.7 -361.1 -106.6 -1,257.4
-39.9 -33.5
152.2 138.9
60.2% 30.5% 90.7%
59.2% 32.8% 92.0%
1.0%p -2.3%p -1.2%p
2020
* Incl. result from shares in at equity consolidated companies: 2020 +€0.8mn (2019: +€1.4mn)
▪ Currency-related decline in premiums; +2.2% FX adjusted
▪ Other income and other expenses 2019 impacted by effects from merger of Kooperativa and PČS
▪ Result before taxes up by €19.7mn due to improved CoR and better technical result in life
▪ CoR down to 90.7% mainly driven by higher reinsurance commissions due to favourable claims activity in motor
SLOVAKIA
Favourable development in non-life
GWP development (€mn)
MTPLCasco
Other Property
Health
Life regularLife single
2019
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 729.5 597.3 36.4 5.2 638.9 -433.9 -124.2 -29.3 -587.5
2019 +/- %
798.9 671.6
49.6 23.5 744.6 -530.5 -139.9 -25.4 -695.8
-8.7 -11.1 -26.5 -78.0 -14.2 -18.2 -11.2 15.2 -15.6
Result before taxes | 51.4 | 48.9 | 5.1 |
5.1 10.6 3.0
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-15.2 -13.7
36.2 35.2
52.9% 36.0% 89.0%
64.8% -11.9%p
32.3% 3.7%p
97.1% -8.2%p
▪ Premium declines (-€69.4mn) mainly driven by life
▪ Result before taxes up by €2.5mn driven by improved CoR
▪ Substantial CoR improvement below 90% due to lower claims frequency in motor and other property (decreased number of large losses)
2020
POLAND
One-off effects impacting results
GWP development (€mn)
1,196
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 1,196.2
2019 1,132.0
926.6 36.1 7.2 969.9 -670.0 -224.3 -53.1 -947.4
886.5 30.8 25.0 942.3 -623.6 -216.7 -32.8 -873.1
+/- % 5.7 4.5 17.5 -71.2
2.9 7.4 3.5
Result before taxes | 22.6 | 69.2 | -67.4 |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-11.5 -12.4
11.0 56.9
63.8% 32.9% 96.7%
63.0% 31.8% 94.8%
61.9 8.5 67.4 -6.8 -80.6
0.8%p 1.1%p 1.9%p
▪ Premium growth of €64.2mn driven mainly by other property (+€35.4mn) and MTPL (+€18.7mn)
▪ Result before taxes down by €46.6mn due to provision taken in connection with surrender fees for life policies; positive one-off in 2019 (asset tax refund)
▪ CoR up by 1.9%p due to entire impairment of activated insurance portfolio
ROMANIA
Solid business performance in 2020; last year impacted by entire goodwill impairment of €108.8mn
GWP development (€mn)
MTPLCascoOther Property
Health
Life regular
Life single
494
2020
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020
2019 +/- %
493.8 468.2 5.5 ▪ Sound premium growth of €25.6mn
375.9 19.0 9.6 404.6 -249.7 -116.4 -24.3 -390.3
346.9 8.4
13.5 40.7
13.5 -28.5
373.9 8.2
-235.8 5.9
-106.8 9.0
-133.1 -81.7
-475.7 -17.9
Result before taxes
14.2
-101.8
n.a.
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-5.8 8.5
62.3% 36.7% 99.0%
-7.3 -21.2
n.a.
-109.2 n.a.
63.7% -1.5%p
37.2% -0.4%p
100.9% -1.9%p
coming from casco (+€18.6mn), other property (+€5.7mn) and health (+€4.8mn)
▪ Adjusted for last year's goodwill impairment, result before taxes doubled driven by improved CoR
▪ CoR below 100% due to reduced cost and claims ratio supported by favourable claims activity
2019
BALTIC STATES
Stable development in difficult market environment
GWP development (€mn)
500
493
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 492.9 393.3
9.4
2019 +/- %
5.2 407.9 -278.9 -100.4 -19.1 -398.4
500.3 385.2 11.4 2.9 399.5 -268.1 -103.0 -20.8 -391.9
-1.5
2.1 -17.1 77.4
2.1 4.0 -2.5 -8.0 1.7
Result before taxes | 9.5 | 7.7 | 24.1 |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-2.1 -1.3
7.4
62.9% 34.4% 97.2%
6.4
63.0% 34.7% 97.7%
24.1 59.7 16.7
-0.1%p -0.3%p -0.4%p
▪ Slight premium decline of €7.4mn; double-digit growth rates in life and health not compensating for decreasing motor and other property business
▪ Profit growth of +€1.8mn related to strong health business
▪ CoR slightly improved at 97.2%
HUNGARY
Apart from adverse currency effects, strong business development in 2020
GWP development (€mn)
MTPL
Casco
Other Property
Health
Life regularLife single
290 288
2019
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 287.7 223.6
3.3 11.1 238.0 -167.2
2019 +/- %
289.5 219.6
4.9
9.2 233.7 -164.6
-39.2 -23.2 -229.5
-0.6
1.8 -31.2 20.7
-42.0 -18.4 -225.0
1.8 1.6 -6.8 26.0
Result before taxes | 8.4 | 8.7 | -2.6 |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-2.7 -2.5
5.7
45.6% 51.4% 97.0%
6.2
54.6% 43.0% 97.6%
2.0 2.6 11.4 -8.1
-9.0%p 8.4%p -0.6%p
▪ Currency-related decline in premiums; +7.1% FX adjusted
▪ Profit development impacted by FX
▪ CoR at 97.0%
2020
BULGARIA
Goodwill impairment in Q2 2020
GWP development (€mn)
224
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 199.6 145.3 12.3 5.0 162.6 -77.9 -53.6 -67.8 -199.3
2019 +/- %
223.9 -10.8
137.7 5.6
11.7 5.0
1.1 >100
150.5 8.1
-78.5 -0.8
-50.3 6.4
-5.8 >100
Result before taxes
-36.7
15.8
n.a.
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-3.0 -2.2
-134.7 48.0 n.a.
-39.7 13.5
52.0% 39.2% 91.2%
54.8% -2.8%p
33.1 n.a.
41.0% -1.9%p
95.8% -4.6%p
▪ Premium decrease of €24.3mn mainly driven by health (-€24.8mn)
▪ Result before taxes down by €52.5mn impacted by goodwill impairment of €59.8mn in Q2 2020
▪ Favourable CoR development down to 91.2% supported by claims and cost ratio improvements
TURKEY/GEORGIA
Solid performance adjusted for goodwill impairment in Georgia in Q2 2020
GWP development (€mn)
MTPLCascoOther Property
252
Health
2019
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 251.7 113.0
2019 +/- %
234.9 7.1
112.4 0.6
8.4 11.2 132.6 -77.3 -30.1 -26.0 -133.4
7.9 6.3
6.1 83.8
126.3 4.9
-81.0 -4.5
-31.2 -3.6
-7.5 >100
Result before taxes
-0.9
6.7
n.a.
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-3.1 -1.5
-4.0
66.2% 29.2% 95.4%
-119.7 11.5 n.a.
5.1
>100 n.a.
68.7% -2.5%p
27.8% 1.3%p
96.5% -1.2%p
▪ Premiums up by €16.8mn with double- digit growth rates in other property and health
▪ Result before taxes decrease of €7.6mn driven by Georgia due to the goodwill impairment of €12.5mn ín Q2 2020
▪ CoR down to 95.4% based on favourable claims activity in motor in Turkey
2020
REMAINING CEE
Profit development impacted by full goodwill impairment in Croatia in Q2 2020
GWP development (€mn)
MTPLCascoOther PropertyHealth
Life regular
Life single
447
440
2019
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 439.6 318.6 47.5 7.1 373.1 -223.0 -102.9 -62.8 -388.8
2019 +/- %
446.9 -1.6
328.8 -3.1
37.6 26.3
8.0 -11.6
374.4 -0.3
-222.3 0.3
-109.6 -6.1
-15.5 >100
Result before taxes
-15.7
27.1
n.a.
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-5.4 -6.0
-347.4 11.9 n.a.
-21.1 21.0
51.2% 41.4% 92.6%
51.6% -0.4%p
-10.2 n.a.
42.2% -0.8%p
93.9% -1.2%p
▪ Remaining CEE: Albania (incl. Kosovo), Bosnia-Herzegovina, Croatia, Moldova, North Macedonia, Serbia and Ukraine
▪ Mixed picture of premium development in remaining CEE markets; overall slight premium decrease of €7.3mn mainly driven by less motor business in Ukraine
▪ Negative result before taxes due to entire goodwill impairment of €45.0mn in Croatia in Q2 2020
▪ CoR down to 92.6% mainly driven by reduced claims frequency in Ukraine, Serbia and Kosovo
2020
OTHER MARKETS
Germany and Liechtenstein
GWP development (€mn)
Other PropertyLife regularLife single
380
2019
€mn
Gross premiums written Net earned premiums Financial result Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020 280.0 230.9 17.2 3.8 251.9 -174.3
2019 +/- %
380.4 332.3 16.6 3.9 352.8 -273.3
-22.0 -28.9 -225.2
-26.4 -30.5
3.6 -1.4
-29.3 -27.7 -330.2
-28.6 -36.2 -25.0
Result before taxes | 26.7 | 22.6 | 18.5 |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
-8.2 -8.1
18.5 14.5
63.8% 17.4% 81.1%
57.9% 24.4% 82.4%
4.7 -31.8 18.5 1.5 27.9
5.8%p -7.1%p -1.2%p
▪ Premiums down by €100.4mn due to negative development in the life single premium business in Liechtenstein
▪ Result before taxes up by €4.1mn
▪ CoR down to 81.1% driven by a positive development in personal accident insurance in Germany
2020
CENTRAL FUNCTIONS
Lower financial result related to the consolidation change of the Austrian housing societies
GWP development (€mn)
€mn
Gross premiums written Net earned premiums Financial result* Other income Total income
Expenses for claims/benefits Acquisition and admin. expenses Other expenses
Total expenses
2020
2019
+/- %
1,736.5 1,623.5 7.0 ▪ Central Functions include VIG Holding,1,425.7 -161.3
1,351.5 5.5
34.9 1,299.3 -870.4 -523.9 -12.5 -1,406.9
-0.5 >100 19.7 77.2
1,370.6 -5.2
-878.4 -0.9
-443.1 18.3
-12.7 -1.5
Result before taxes | -107.6 | 36.5 | n.a. |
Tax expenses/income Result of the period
Claims Ratio
Cost Ratio Combined Ratio
12.7 -94.9
- - -
-1,334.1 5.5 n.a.
3.4 >100
39.9 n.a.
- - -
* Incl. result from shares in at equity consolidated companies: 2020 €1.6mn (2019: €2.3mn)
VIG Re, Wiener Re, VIG Fund, the non-profit housing societies up to 31 July 2019, corporate IT service providers and intermediate holding companies
▪ Premium increase of €113.0mn driven by
VIG Re and VIG Holding
▪ Decreased financial result (-€160.8mn) mainly due to missing contribution from the non-profit housing societies following the consolidation change, higher regular depreciation due to reduced useful life of software and adverse FX effects
- - -
▪ Result before taxes down by €144.1mn based on the described financial result decline
39
2020 KEY FINANCIALS
Overview of KPIs
Net result for the period after taxes and non-controlling interest (€mn)
331
232
2018
2019
2020
Earnings per share (€)
2.59
20181
1.81
2019
2020
1 EPS net of hybrid interest 2 Based on shareholders' equity excl. non-controlling interests' and revaluation reserve
ROE before taxes and non-controlling interest (%)
10.6
2018
7.9
2019
2020
Book value per share2 (€)
32.64
33.67
33.36
2018
2019
2020
2020 BALANCE SHEET
IFRS (€mn)
€mn
Intangible assets (incl. Right-of-Use Assets) Investments
Unit- and index-linked investments
Reinsurers' share in underwriting provisions
Receivables
Tax receivables and advance payments out of income tax Deferred tax assets
Other assets
Cash and cash equivalents Total assets
Shareholders' equity thereof minorities (incl. non-profit housing societies) Subordinated liabilities
Underwriting provisions
Unit- and index-linked technical provisions Non-underwriting provisions
Liabilities
Tax liabilities out of income tax Deferred tax liabilities
Other liabilities
Total liabilities and equity
31.12.2020
1,918
34,901
7,968
1,396
1,699
275
137
388
1,745 50,428
5,286
123
1,464
32,230
7,617
877
2,254
291
268
31.12.2019
+/- %
2,137 -10.2
34,456 1.3
8,620 -7.6
1,283 8.8
1,717 -1.1
227 21.2
69 99.0
392 -1.0
1,443 20.9
50,345 0.2
5,191 1.8
117 5.5
1,465 0.0
31,886 1.1
8,116 -6.1
932 -5.9
2,095 7.6
251 16.0
262 2.2
141 50,428
148 -4.9
50,345 0.2
EQUITY DEVELOPMENT
Increase in shareholders' equity by ~2% despite adverse currency effects
Change in consolidated Shareholders' Equity (€mn)
Equity as of 2019
Profit for the periodCurrency changesAFS unrealised gains and lossesDividend paymentOther
Equity as of 2020
2020 PREMIUMS BY BUSINESS LINES AND COUNTRY (I)
IFRS (€mn)
MTPL | |||
2020 | 2019 | +/- % | |
Austria | 324,1 | 319,4 | 1,5 |
Czech Republic | 311,9 | 305,6 | 2,0 |
Slovakia | 150,3 | 152,9 | -1,7 |
Poland | 297,2 | 278,4 | 6,7 |
Romania | 84,1 | 85,8 | -2,1 |
Baltic states | 113,7 | 129,2 | -12,0 |
Hungary | 43,4 | 46,2 | -6,0 |
Bulgaria | 33,0 | 33,9 | -2,7 |
Turkey/Georgia | 46,0 | 49,3 | -6,8 |
Georgia | 1,6 | 2,5 | -35,6 |
Turkey | 44,3 | 46,8 | -5,2 |
Remaining CEE | 103,0 | 106,7 | -3,5 |
Albania incl. Kosovo | 28,6 | 29,3 | -2,4 |
Bosnia & Herzegovina | 2,5 | 2,8 | -9,3 |
Croatia | 15,6 | 12,1 | 28,7 |
North Macedonia | 11,8 | 13,1 | -9,8 |
Moldova | 2,4 | 3,6 | -35,2 |
Serbia | 11,6 | 11,2 | 4,0 |
Ukraine | 30,5 | 34,6 | -11,8 |
Other Markets | - | - | - |
Germany | - | - | - |
Liechtenstein | - | - | - |
43APPENDIX 2: FINANCIALS | VIGVIENNA INSURANCE GROUP |
2020 Casco 2019 +/- % | Other property 2020 2019 +/- % |
302,8 295,3 2,6 | 1 442,4 1 384,5 4,2 |
244,3 246,6 -1,0 | 492,4 498,5 -1,2 |
105,6 106,3 -0,6 | 110,3 110,9 -0,6 |
191,0 193,2 -1,2 | 407,7 372,4 9,5 |
180,4 161,8 11,5 | 119,8 114,1 5,0 |
89,2 97,6 -8,6 | 129,7 135,2 -4,0 |
21,0 18,7 12,2 | 59,2 59,9 -1,2 |
61,1 60,6 0,7 | 52,4 50,4 4,2 |
42,3 45,5 -7,2 | 131,5 111,5 18,0 |
6,8 7,7 -11,4 | 12,3 12,5 -1,5 |
35,5 37,8 -6,3 | 119,3 99,0 20,4 |
51,7 52,9 -2,2 | 117,5 117,9 -0,4 |
2,2 2,2 -2,6 | 7,0 9,6 -26,3 |
1,7 1,4 15,9 | 8,9 10,3 -13,5 |
7,3 5,6 31,6 | 33,0 30,5 8,2 |
1,8 1,8 0,0 | 11,6 12,5 -7,1 |
2,4 2,6 -10,0 | 2,4 3,0 -19,8 |
12,6 12,9 -2,3 | 33,9 33,0 2,9 |
23,8 26,3 -9,6 | 20,5 19,1 7,7 |
- - - | 133,5 128,9 3,6 |
- - - | 133,5 128,9 3,6 |
- - - | - - - |
2020 PREMIUMS BY BUSINESS LINES AND COUNTRY (II)
IFRS (€mn)
Life regular | |||
2020 | 2019 | +/- % | |
Austria | 1 215,8 | 1 238,8 | -1,9 |
Czech Republic | 630,9 | 633,7 | -0,4 |
Slovakia | 169,0 | 188,4 | -10,3 |
Poland | 168,1 | 174,4 | -3,6 |
Romania | 48,5 | 50,2 | -3,4 |
Baltic states | 67,7 | 61,5 | 10,0 |
Hungary | 87,4 | 88,0 | -0,7 |
Bulgaria | 29,6 | 27,9 | 6,1 |
Turkey/Georgia | - | - | - |
Georgia | - | - | - |
Turkey | - | - | - |
Remaining CEE | 78,8 | 78,5 | 0,4 |
Albania incl. Kosovo | - | - | - |
Bosnia & Herzegovina | 15,1 | 15,2 | -1,0 |
Croatia | 27,4 | 28,7 | -4,5 |
North Macedonia | - | - | - |
Moldova | - | - | - |
Serbia | 33,9 | 32,1 | 5,5 |
Ukraine | 2,4 | 2,5 | -1,7 |
Other Markets | 87,5 | 85,6 | 2,2 |
Germany | 79,9 | 77,7 | 2,9 |
Liechtenstein | 7,6 | 7,9 | -4,3 |
44APPENDIX 2: FINANCIALS | VIGVIENNA INSURANCE GROUP |
2020 Life single 2019 +/- % | 2020 Health 2019 +/- % |
293,7 271,9 8,0 | 451,9 433,4 4,3 |
34,7 44,5 -22,1 | 18,3 16,8 9,2 |
177,2 226,5 -21,8 | 17,1 13,9 22,7 |
106,4 88,6 20,0 | 25,9 24,9 4,1 |
48,2 48,3 -0,2 | 12,8 8,0 60,0 |
33,0 22,5 46,4 | 59,7 54,2 10,0 |
64,0 58,5 9,4 | 12,8 18,2 -29,9 |
8,0 10,8 -25,5 | 15,5 40,3 -61,5 |
- - - | 31,9 28,6 11,5 |
- - - | 24,8 21,6 15,2 |
- - - | 7,0 7,0 0,3 |
59,7 61,9 -3,5 | 28,9 29,0 -0,3 |
- - - | 3,1 2,9 7,7 |
3,5 4,9 -29,1 | 0,2 0,2 -17,1 |
41,7 44,7 -6,8 | 5,1 3,5 46,2 |
- - - | 0,1 0,1 -3,3 |
- - - | 0,4 0,8 -53,9 |
14,5 12,1 19,0 | 6,1 5,5 12,7 |
0,1 0,1 -12,1 | 14,0 16,1 -13,2 |
58,9 165,9 -64,5 | - - - |
21,4 18,2 17,5 | - - - |
37,6 147,7 -74,6 | - - - |
2020 COUNTRY OVERVIEW GWP / PBT / COMBINED RATIO
IFRS (€mn)
GWP Total | |||
2020 | 2019 | +/- % | |
Austria | 4 030,7 | 3 943,3 | 2,2 |
Czech Republic | 1 732,4 | 1 745,8 | -0,8 |
Slovakia | 729,5 | 798,9 | -8,7 |
Poland | 1 196,2 | 1 132,0 | 5,7 |
Romania | 493,8 | 468,2 | 5,5 |
Baltic states | 492,9 | 500,3 | -1,5 |
Hungary | 287,7 | 289,5 | -0,6 |
Bulgaria | 199,6 | 223,9 | -10,8 |
Turkey/Georgia | 251,7 | 234,9 | 7,1 |
Georgia | 45,6 | 44,3 | 3,0 |
Turkey | 206,1 | 190,6 | 8,1 |
Remaining CEE | 439,6 | 446,9 | -1,6 |
Albania incl. Kosovo | 40,9 | 43,9 | -7,0 |
Bosnia & Herzegovina | 31,9 | 34,9 | -8,7 |
Croatia | 130,1 | 125,0 | 4,0 |
North Macedonia | 25,3 | 27,5 | -7,9 |
Moldova | 7,5 | 10,1 | -25,6 |
Serbia | 112,7 | 106,8 | 5,5 |
Ukraine | 91,3 | 98,6 | -7,4 |
Other Markets | 280,0 | 380,4 | -26,4 |
Germany | 234,8 | 224,8 | 4,5 |
Liechtenstein | 45,1 | 155,6 | -71,0 |
45APPENDIX 2: FINANCIALS | VIGVIENNA INSURANCE GROUP |
Result before taxes 2020 2019 +/- % | Combined Ratio net (in %) 2020 2019 +/- %p |
178.7 192.1 207.3 -13.8 172.411.4 51.422.6 48.95.1 69.2-67.4 14.2 -101.8 9.5 7.7 8.4 8.7 -36.7 15.8 -0.9-11.110.2-15.7 6.7 -2.1 8.727.1 2.8 2.1 -3.4 0.2 -38.6 8.6 n.a. 24.1 -2.6 n.a. n.a. >100 17.2 n.a. 35.7 n.a. n.a. 1.8 1.610.9 0.5 0.351.6 9.9 8.122.6 11.426.7 6.185.4 22.6 18.5 | 92.7% 93.5% -0.7 |
90.7% 92.0% -1.2 | |
89.0% 97.1% -8.2 | |
96.7% 94.8% 1.9 | |
99.0% 100.9% -1.9 | |
97.2% 97.7% -0.4 | |
97.0% 97.6% -0.6 | |
91.2% 95.8% -4.6 | |
95.4% 96.5% -1.2 | |
94.7% 73.2% 21.5 | |
95.5% 100.4% -4.9 | |
92.6% 93.9% -1.2 | |
92.9% 95.5% -2.5 | |
105.6% 103.2% 2.4 | |
97.1% 94.4% 2.7 | |
92.7% 86.5% 6.2 | |
102.6% 101.6% 1.0 | |
80.8% 89.1% -8.3 | |
93.5% 95.0% -1.6 | |
81.1% 82.4% -1.2 | |
26.4 26.1 1.2 | 81.1% 82.4% -1.2 |
0.3 -3.5 n.a. | - - - |
Q4 2020 INCOME STATEMENT
IFRS (€mn)
€mn
Gross premiums written Net earned premiums Financial result* Other income Total Income
Expenses for claims/benefits Acquisition and administrative expenses Other expenses
Total Expenses Result before taxes Tax expenses/income Result of the period Non-controlling interests
Net profit after non-controlling interestsQ4 2020 2,442.1 2,312.1
83.5
7.9 2 403.5 -1,675.4
-612.5 -36.0
Q4 2019
+/- %
2,548.2 -4.2
2,392.0 -3.3
383.8 -78.3
59.1 -86.6
2,834.9 -15.2
-1,894.4 -11.6
-603.8 1.4
-191.3 -81.2
-2,323.9 -2,689.5 -13.6
79.6 -20.2 59.4 -2.8 56.5
145.4 -45.3
-27.7 -27.1
117.7 -49.6
-12.9 -78.0
104.8 -46.1
▪ Premiums down by €106.1mn mainly due to decreases in life business in Q4
▪ Financial result substantially down by €300.3mn based on early cancellation of life reinsurance (market risk) in Austria and adverse FX effects; 2019 with positive one-offs (s Immo)
▪ Other income 2019 with positive one-off from Polish asset tax refund
▪ Other expenses 2019 include entire Romanian goodwill impairment of €108.8mn
▪ Result before taxes down by €65.8mn driven by decreased financial result
Claims Ratio
Cost Ratio Combined Ratio
58.7% 33.0% 91.7%
57.8% 0.9%p
34.5% -1.5%p
92.3% -0.6%p
* Thereof result from shares in at equity consolidated companies: -€23.3mn (2019: €1.4mn)
S&P RATING CONFIRMED IN NOVEMBER 2020
VIG remains best-rated company in the ATX
▪ Excellent capitalization in 2019
▪ "VIG's prudent underwriting standards and earnings generation capabilities will enable it to sustain capital buffers at least at very strong levels over our forecasting period"
Other Assessments
▪ "We believe VIG's capitalization will continue to be one of the group's key strengths, after maintaining excellent levels in 2019, and that capital adequacy will be at least at the very strong level over our forecasting period through 2022, according to our risk-based capital model."
The full rating report is online available underwww.vig.com/rating
▪ "Market leading position in Austria and the Central and Eastern Europe (CEE) region"
▪ Strong market credentials:
▪ Well-known brands
▪ Diverse distribution capabilities
▪ Broad geographic premium diversification
▪ "We think that our overall industry and country risk assessment for VIG will remain unchanged during 2020-2022.…"
VIG SHARE (I)
Number of common shares: 128,000,000 / ISIN: AT0000908504
General information
Analyst recommendations (9 March 2021)
Current listingsTicker
Vienna Prague
▪ Vienna Stock Exchange: VIG
▪ Bloomberg: VIG AV / VIG CP
▪ Reuters: VIGR.VI / VIGR.PRRating
Standard & Poor's:
A+, stable outlookMajor Indices
ATX
ATX Prime PX
SELL 1
HOLD 3
BUY 4
VIG compared to ATX and Stoxx Europe 600 Ins.
Share price development 12M 2020
120 100 80 60 40
High LowPrice as of 31 Dec.
EUR EUR
26.350 13.900
EUR
20.800
Market cap. | EUR 2.66bn |
Share performance (excl. dividends)
%
-18.1
VIGATXStoxx 600 Ins. SXIP
Indexed 1 Jan-20 (Basis = 100)
VIG SHARE (II)
Shareholder structure
Free float split by region*
* Split of identified shares, May 2020 (Source: Investor Update)
CONTACT DETAILS / FINANCIAL CALENDAR
Investor Relations /investor.relations@vig.com /www.vig.com
Nina Higatzberger-Schwarz Tel. +43 (0)50 390 - 21920nina.higatzberger@vig.com
Sylvia Machherndl
Tel. +43 (0) 50 390 - 21151sylvia.machherndl@vig.com
Financial calendar 2021*
Date
09 Mar. 2021
Event
Preliminary results for the financial year 2020
15 Apr. 2021
Results and Annual Report for the year 2020
Sarah Salchegger
Tel. +43 (0)50 390 - 20071sarah.salchegger@vig.com
Petra Haubner
Tel. +43 (0)50 390 - 20295petra.haubner@vig.com
11 May 2021
19 May 2021
21 May 2021
Record date Annual General Meeting
Results for the first quarter 2021
Annual General Meeting
25 May 2021
Ex-dividend day
Daniela Lemmel-Seedorf Tel. +43 (0)50 390 - 21919daniela.lemmel-seedorf@vig.com
Lena Paula Grießer
Tel. +43 (0)50 390 - 22126lena.paul.griesser@vig.com
26 May 2021
27 May 2021
18 Aug. 2021
Record date dividend
Dividend payment day
Results for the first half-year 2021
18 Nov. 2021
* Preliminary planning
Results for the first three quarters 2021
DISCLAIMER
IMPORTANT NOTICE
These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in any jurisdiction in which such solicitation, offer or sale would be unlawful, nor shall part, or all, of these materials form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities.
These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of VIENNA
INSURANCE GROUP AG Wiener Versicherung Gruppe ("VIG"), which are expressed in good faith and, in their opinion, reasonable. These statements may be identified by words such as "expectation" or "target" and similar expressions, or by their context. Forward-looking
statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of VIG, or results of the insurance industry generally, to differ materially from the results, financial condition, performance or achievements express or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. VIG disclaims any obligation to update these forward-looking statements to reflect future events or developments.
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Wiener Versicherung Gruppe AG published this content on 09 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 10:45:02 UTC.
