In the first quarter of this year, the VIG insurance company reported a growth in gross written premiums of 4.4% y/y to EUR 4.857 billion and an increase in needs from underwriting activities by 9.1% y/y to EUR 3.425 billion. Profit before tax reached EUR 3.103 billion and thus increased by a significant +18.8% y/y. Insurance underwriting grew in many segments and regions, with the most significant growth in R (+8.4% y/y) and Poland (+5.0% y/y). The chapter’s Solvency II indicator is very high at 290%. Gene. VIG editor Hartwig Lger declared the development in the 1st quarter to be very encouraging, and the management also confirmed the full-year outlook based on a strong 1Q, where the total profit before tax was in the range of EUR 1,251.3 billion (without the effect of the Nrnberger store). Overall, we perceive VIG as slightly positive in view of the management’s comment and confirmation of the outlook for the whole year, which in the middle of the interval represents an intermediate increase in pre-tax profit of 10%.
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