Special Markets
The segment Special Markets includes the countries of Germany, Georgia, Liechtenstein and Türkiye.
Germany
VIG insurance companies InterRisk Non-Life and InterRisk Life operate in Germany. The InterRisk companies distribute exclusively through around 10,000 independent sales partners. InterRisk Non-Life specialises in accident and liability insurance and selected property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as protection for surviving dependents. The VIG companies continue to be successful in the German market as profitable niche players.
The Group internal reinsurance company VIG Re has also been represented by a branch in Germany since 2017. It is assigned to the segment Group Functions.
Georgia
VIG Insurance Group is represented in Georgia by the companies GPIH and IRAO. With a market share of 24.0% the companies are the leading insurance group in Georgia in the 1st to 3rd quarter 2024.
Liechtenstein
VIG is represented in Liechtenstein by the Group company Vienna-Life, which ranked fourteenth in the market in 2023. In order to better meet customer and market requirements, Vienna-Life initiated a revision of its product range in the 4th quarter of 2023, including the implementation of a new onboarding platform. Implementation took place in 2024, and the distribution of the old products has been discontinued.
Türkiye
In Türkiye, VIG Insurance Group operates with the non-life insurer Ray Sigorta and the life insurance company Viennalife. With a market share of 5.2% the VIG insurance companies reached fifth place on the Turkish market.
Financial performance indicators in the reportable segment Special Markets
Insurance service revenue
Insurance service revenue in the segment Special Markets increased from EUR 617.6 million in 2023 to EUR 924.2 million in 2024, mainly due to the dynamic business development in Türkiye. This corresponds to a significant increase of 49.6%, which is attributable to a higher premium volume, particularly in motor insurance and other property and casualty insurance in Türkiye. In addition, life insurance in Türkiye also developed positively.
Insurance service revenue by line of business
Result before taxes
In 2024 the segment Special Markets increased its result before taxes considerably by 37.9% to EUR 88.6 million (2023: EUR 64.2 million). This significant increase is primarily due to the strong business development in Türkiye mentioned earlier. It should also be taken into account that the previous year’s result was impacted by impairments of intangible assets of EUR 9.8 million.
Net combined ratio
The net combined ratio was 98.7% in 2024, primarily due to increased weather-related claims in Germany (2023: 96.6%).