VIG Re has released its final audited financial results for the full year 2024, reporting gross written premiums of €983.3 million, a 9.2% increase from the previous year.
The reinsurer also recorded a profit before tax of €41.6 million and a return on equity of 10.2%, while maintaining a solvency ratio of 192%.
The company noted that its financial performance remained strong despite continued above-average catastrophe losses affecting the broader insurance market, including flood events in Europe, a core territory for VIG Re.
Tobias Sonndorfer (pictured above), chairman and CEO of the board of management, said 2024 was a significant year for the company, attributing the results to the team's focus on clients and risk assessment, as well as ongoing investment in expanding market reach and strengthening analytical and digital tools.
In the financial year 2023, VIG Re reported gross written premiums increased by 13.7%, reaching €900.7 million. This growth was primarily driven by the non-life treaty business across various segments.
The company also achieved a pre-tax profit of €31.6 million and an after-tax profit of €24.4 million, reflecting a tax rate of 22.7%.
To support sustainable growth, VIG Re raised an additional €100 million in equity in December 2023, which increased the year-end solvency ratio to 220.2%, up from 173.7% in 2022.
The company has also announced changes to its supervisory board. Peter Thirring will step down after nine years on the board, including seven years as chairman. He will be succeeded by Peter Höfinger, deputy CEO of Vienna Insurance Group, effective April 4.
The board will also include several new members. Bruce Selby Bennett, a reinsurance executive with nearly four decades of experience and a former chairman and CEO for global reinsurance clients at Aon plc, will join the board. Bennett has been involved in the development of insurance and reinsurance markets in Central and Eastern Europe.
Also joining the board is Johannes Martin Hartmann, VIG Re’s former CEO. He will sit alongside Frank Reichelt, a senior reinsurance executive and former CEO of Swiss Re Germany, who has served on the board since October 2023.
VIG Re’s current supervisory board includes:
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