Vienna Insurance Group Ag · VIE:VIG
Vienna Insurance — 9M 2022 Earnings Presentation
30 slides from Vienna Insurance's earnings presentation, Nov 15, 2022
Slide 1: 9M 2022 Results Presentation
9M 2022 RESULTS PRESENTATION Liane Hirner, CFRO Peter Höfinger, Member of the Managing Board Vienna, 15 November 2022
Slide 2: Results Highlights
RESULTS HIGHLIGHTS Strong premium and profit development Gross written premiums Profit before taxes Combined Ratio € 9,529.9mn (+13.6%) € 413.4mn (+9.9%) 95.1% (95.2%) ▪ Strongest contribution by segment coming ▪ Profit development supported by double-digit ▪ Claims ratio improved to 62.6% (63.2%) f
Slide 3: Continued Good Premium and Profit Development
CONTINUED GOOD PREMIUM AND PROFIT DEVELOPMENT 9M 2022 Income statement €mn 9M 2022 9M 2021 +/- % Gross premiums written 9,529.9 8,390.8 13.6 ▪ Double-digit premium growth of 13.6% includes first Net earned premiums 8,121.0 7,263.0 11.8 time consolidation of Aegon Hungary retrospectively Financial re
Slide 4: Strong Top-Line Growth (+13.6%) from All Segments
STRONG TOP-LINE GROWTH (+13.6%) FROM ALL SEGMENTS Gross written premiums (€mn; y-o-y change) 3,207 ▪ Overall GWP increased by €1,139.1mn Austria +2.5% 3,286 ▪ Strong premium growth in Czech Republic (+€214.7mn) based 1,406 on other property (+€101.1mn) and motor (+€66.2mn) Czech Republic +15.3% 1,62
Slide 5: Favourable Premium Development in All Lines of Business
FAVOURABLE PREMIUM DEVELOPMENT IN ALL LINES OF BUSINESS Gross written premiums by lines of business (€mn; y-o-y change); incl. Group Functions MTPL Casco Other property Total premiums +13.6% 9M 2021 1,204 1,056 4,092 9,530 +21.0% +13.6% +15.3% 609 8,391 682 9M 2022 1,457 1,199 4,718 Health 545 Life
Slide 6: Group Result Before Taxes of €413.4mn Up by 9.9%
GROUP RESULT BEFORE TAXES OF €413.4MN UP BY 9.9% Result before taxes (€mn; y-o-y change) 143.6 ▪ AT: stable result despite measures taken in relation to the Austria -4.2% Russian investment exposure in first half of 2022 137.5 ▪ CZ: slightly lower result before taxes (-€1.5mn) mainly due to 148.7 Cz
Slide 7: Combined Ratio (P&C) at 95.1%
COMBINED RATIO (P&C) AT 95.1% Overview Group and segments (y-o-y development net, %) ▪ Combined ratio improvement in the segment Austria due to better cost ratio ▪ Increased combined ratio in the Czech Republic mainly due motor claims development and higher weather-related claims compared to 9M 2021
Slide 8: Financial Result
FINANCIAL RESULT Positive development in current income in EUR ‘000 9M 2022 9M 2021 +/- % Current income 760,571 690,244 10.2 ▪ Double-digit growth rate in current income leads to increase Income from appreciations 6,200 7,001 -11.5 by €70.3mn Income from disposal of investments 149,267 88,760 68.2
Slide 9: Investment Split and Bond Portfolio Overview
INVESTMENT SPLIT AND BOND PORTFOLIO OVERVIEW Stable portfolio mix Investment split Bond portfolio by rating1 3.5% 9M 2022 9.4% 27.9% 31.7% 23.5% 7.5% 1.9% 10.6% 12M 2021 9.1% 29.6% 33.8% 22.0% 5.5% 6.7% €34.1bn AAA AA A BBB Other 9.2% in 9M 2022 68.1% Bond portfolio by issuer 9M 2022 53.0% 6.0% 18.6
Slide 10: Executive Summary 9M 2022 and Outlook
EXECUTIVE SUMMARY 9M 2022 AND OUTLOOK Results 9M ▪ First-time consolidation of Aegon Hungary retrospectively with 1 April 2022 and Aegon Türkiye with 1 May 2022 ▪ Positive top-line performance in all lines of business & segments ▪ Strong profit growth despite measures taken in relation to Russian in
Slide 11: Appendix 1: Segments; Appendix 2: Financials
APPENDIX 1: SEGMENTS APPENDIX 2: FINANCIALS Please note: Rounding differences may occur. 11 VIG VIENNA INSURANCE GROUP
Slide 12: Austria
AUSTRIA Good combined ratio; profit impacted by declined financial result GWP development (€mn) P&L Comments €mn 9M 2022 9M 2021 +/- % +2.5% Gross premiums written 3,286.4 3,207.0 2.5 ▪ Solid premium growth based on other 3,286 3,207 Net earned premiums 2,508.1 2,464.3 1.8 property (+€69.3mn) and mo
Slide 13: Czech Republic
CZECH REPUBLIC Strong premium growth in all lines of business except life single premium GWP development (€mn) P&L Comments +15.3% €mn 9M 2022 9M 2021 +/- % Gross premiums written 1,620.2 1,405.5 15.3 ▪ Strong premium growth of €214.7mn mainly 1,620 coming from other property (+€101.1mn) and 20 18 N
Slide 14: Poland
POLAND Decreased result before taxes due to lower financial result GWP development (€mn) P&L Comments +4.2% €mn 9M 2022 9M 2021 +/- % Gross premiums written 991.2 951.3 4.2 ▪ Premium growth of €39.9mn coming mainly 991 951 16 Net earned premiums 747.8 728.5 2.6 from other property (+€37.8mn); double
Slide 15: Extended CEE
EXTENDED CEE Double-digit premium and profit growth rate GWP development (€mn) P&L Comments +26.4% €mn 9M 2022 9M 2021 +/- % Gross premiums written 2,689.7 2,127.1 26.4 ▪ Extended CEE include Albania incl. Kosovo, 2,690 Net earned premiums 2,034.2 1,620.7 25.5 Baltic states, Bosnia & Herzegovina, Bu
Slide 16: Special Markets
SPECIAL MARKETS Premium growth in all lines of business GWP development (€mn) P&L Comments +37.6% €mn 9M 2022 9M 2021 +/- % Gross premiums written 541.4 393.4 37.6 ▪ Special Markets include Germany, Georgia, 541 Net earned premiums 339.7 258.2 31.6 Liechtenstein, Türkiye 36 Financial result excl. re
Slide 17: Group Functions
GROUP FUNCTIONS Double-digit premium growth GWP development (€mn) P&L Comments +17.7% €mn 9M 2022 9M 2021 +/- % Gross premiums written 1,744.3 1,481.9 17.7 ▪ Group Functions include VIG Holding, VIG 1,744 Net earned premiums 1,314.5 1,143.2 15.0 Re, Wiener Re, VIG Fund, corporate IT 29 24 service pr
Slide 18: Appendix 1: Segments; Appendix 2: Financials
APPENDIX 1: SEGMENTS APPENDIX 2: FINANCIALS Please note: Rounding differences may occur. 18 VIG VIENNA INSURANCE GROUP
Slide 19: 9M 2022 Key Financials
9M 2022 KEY FINANCIALS Overview of KPIs Net result for the period after taxes and non-controlling interest (€mn) Operating RoE (%) Earnings per share (€)* 302 275 2.86 3.07 10.8 10.6 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 * Annualised figures; the calculation of the earnings per share in th
Slide 20: Q3 2022 Income Statement
Q3 2022 INCOME STATEMENT IFRS (€mn) €mn Q3 2022 Q3 2021 +/- % Gross premiums written 3,086.8 2,617.9 17.9 ▪ Double-digit premium growth mainly coming from all lines Net earned premiums 2,852.4 2,440.4 16.9 of business except life single premium Financial result excl. result from shares in at equity
Slide 21: 9M 2022 Balance Sheet
9M 2022 BALANCE SHEET IFRS (€mn) €mn 30.09.2022 31.12.2021 +/- % Intangible assets 2,099 1,744 20.3 Right-of-Use assets 194 173 11.7 Investments 31,710 34,810 -8.9 Investments of unit- and index-linked life insurance 7,154 8,525 -16.1 Reinsurers’ share in underwriting provisions 2,221 1,565 41.9 Rec
Slide 22: Equity Development
EQUITY DEVELOPMENT Change in consolidated Shareholders’ Equity (€mn) -23.5% 312 -77 -1,617 5,598 4,280 -191 256 Equity as Profit for Currency AFS unrealised Dividend Other Equity as of 12M 2021 the period changes gains and losses payment of 9M 2022 22 APPENDIX 2: FINANCIALS VIG VIENNA INSURANCE GROU
Slide 23: 9M 2022 Premiums by Business Lines and Country (I)
9M 2022 PREMIUMS BY BUSINESS LINES AND COUNTRY (I) IFRS (€mn) MTPL Casco Other property 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- % Austria 272.3 264.4 3.0 265.2 250.3 6.0 1 319.1 1 249.8 5.5 Czech Republic 293.3 263.3 11.4 243.7 207.4 17.5 499.7 398.6 25.4 Poland 230.6 234.8 -
Slide 24: 9M 2022 Premiums by Business Lines and Country (II)
9M 2022 PREMIUMS BY BUSINESS LINES AND COUNTRY (II) IFRS (€mn) Life regular Life single Health 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- % Austria 911.8 911.0 0.1 161.8 184.2 -12.1 356.2 347.4 2.5 Czech Republic 544.8 497.7 9.5 20.4 23.0 -11.3 18.3 15.4 18.5 Poland 122.9 124.2
Slide 25: 9M 2022 Country Overview GWP / PBT / Combined Ratio
9M 2022 COUNTRY OVERVIEW GWP / PBT / COMBINED RATIO IFRS (€mn) GWP Total Result before tax Combined Ratio net (in %) 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- % 9M 2022 9M 2021 +/- %p Austria 3,286.4 3,207.0 2.5 137.5 143.6 -4.2 94.3 95.0 -0.6 Czech Republic 1,620.2 1,405.5 15.3 147.2 148.7 -1.0 92.
Slide 26: VIG Share (I)
VIG SHARE (I) Number of common shares: 128,000,000 / ISIN: AT0000908504 General information Analyst recommendations (14/11/2022) Listings Ticker Rating Major Indices SELL Vienna ▪ Stock Exchanges: VIG Standard & Poor’s: ATX 1 BUY Prague ▪ Bloomberg: VIG AV / VIG CP / VIG XH A+, stable outlook ATX Pr
Slide 27: VIG Share (II)
VIG SHARE (II) Shareholder structure Free float split by region* North America 38% Austria 26% ~72% ~28% Continental Europe 22% UK & Ireland 11% Other 3% Wiener Städtische Versicherungsverein Free Float (Mutual) * Split of identified shares, May 2022 (Source: Investor Update) 27 APPENDIX VIG VIENNA
Slide 28: Appendix
28 APPENDIX VIG VIENNA INSURANCE GROUP
Slide 29: Contact Details / Financial Calendar
CONTACT DETAILS / FINANCIAL CALENDAR Investor Relations / investor.relations@vig.com / www.vig.com Nina Higatzberger-Schwarz Sylvia Machherndl Financial calendar 2023* Tel. +43 (0)50 390 – 21920 Tel. +43 (0) 50 390 – 21151 Date Event nina.higatzberger@vig.com sylvia.machherndl@vig.com 15 Mar. 2023 P
Slide 30: Disclaimer
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 pa
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