Vienna Insurance Grp Ord (VNRGF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the VIG preliminary result for the financial year 2024 conference call and live webcast. I am Yousef, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and that the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Hartwig Löger, CEO of VIG. Please go ahead. Thank you very much. A warm welcome also from our side from Ringturm in Vienna, and we are pleased to welcome you to our telephone conference. Starting with the results of 2024, I just also want to remind everyone that 2024 was a special year. We celebrated 200 years of existence of the roots of our group. So I think long-term sustainability is fixed in this way and also 30 years of listing on Vienna Stock Exchange, which might also show our resilient development also in this case. Coming maybe on the first slide from my side, taking an overview about the key PIs of last year's development. We see all over strong full-year performance from VIG, especially with very strong growth on gross written premium. We reached more than 15 billion of premium, which is by 15.2%. billion, more than 10% up on the results of last year. Changing to IFRS 17, we see that insurance service revenue also increased by 11% up to 12 billion. And the most important for us that profit before tax is increased by 14.1% up to 881.8 billion. What we see also is that P&C net combined ratio is also up 0.8 points to 93.4. We will come back to that in detail. It is also, of course, influe...