Vienna Insurance Group (VIG, Austria) in January-March 2021 increased collection of premiums by 1.6%, to EUR3.11 billion, according to the information of the group, posted on the website of Ukrainian Insurance Group, whose main shareholder is VIG.
According to the results of the first quarter, the group’s pretax profit amounted to EUR128 million, which is 5% lower than in the previous year. Net profit increased by 15%, to EUR99 million.
The combined ratio of the group was 95.2%, which is almost in line with the indicator for the same period a year earlier. The financial result amounted to EUR175.8 million, which is 29% more than in the first quarter of 2020. As of March 31, 2021, the group’s investments, including cash and cash equivalents, amounted to EUR37.1 billion.
Vienna Insurance Group (VIG) is a leading insurer in Austria, Central and Eastern Europe. The group includes about 50 companies in 25 countries of the world.
In Ukraine, VIG is represented by the following insurance companies: Ukrainian Insurance Group, Kniazha VIG, Kniazha Life VIG.
Vienna Insurance Group, together with three other investors, created the investment company Venpace GmbH & Co. KG formed in Cologne, which aims to find, financially support and make use of young international technology companies, according to a group’s press release.
According to it, in addition to Vienna Insurance Group, which holds a 25% stake in the new company, Ideal Insurance Group, Provinzial Rheinland Versicherung AG and Prisma Life AG also became the investors and founders of Venpace.
“We want to take advantage of the growing insurtech scene and its innovative ideas to further expand our range of digital products and services. We are intentionally investing in the early stage of future-oriented start-ups, in order to generate medium-term returns while spreading the risk over multiple investors,” CEO Elisabeth Stadler said.
Venpace might also be used for corporate venturing aimed at realising ideas with start-ups founded specifically for this purpose. The initial focus will be on life insurance and digital points of contact with customers.
The new investment company will build up and manage equity investments in technology companies over a period of ten years. The minimum investment of the four shareholders is EUR 1 million over the next five years. In addition, investors can invest directly in companies of interest to them through Venpace and thus efficiently leverage the start-up expertise and capacities of the investment company.
