VIG Re certified as a Great Place to Work after positive employee feedback

VIG Re certified as a Great Place to Work after positive employee feedback | Insurance Business Canada

Reinsurance

VIG Re certified as a Great Place to Work after positive employee feedback

Reinsurer continues to mark a positive year

Reinsurance

By
Kenneth Araullo

VIG Re has received the Great Place to Work certification, an acknowledgment based on positive feedback from its employees.

The reinsurer highlighted that the certification reflects its efforts to create a supportive and inclusive workplace culture. The recognition is based on anonymous employee surveys evaluating factors such as credibility, respect, fairness, pride, and team spirit.

Johannes Martin Hartmann (pictured above), CEO and chairman of the board of directors, noted that the certification highlights the company’s corporate culture.

“The whole team is committed to build a company which is not just a great place to work, but a great place to grow. At VIG Re, we want to be known for attracting and nurturing top talents. While we are honored to receive this award, we’ll keep working to make VIG Re an even greater place for our employees to thrive and grow,” Hartmann said.

VIG Re, the reinsurance arm of Vienna Insurance Group, is headquartered in Prague, with branch offices in Paris and Munich. Established in 2008, the company holds an “A+” financial strength rating (FSR) from Standard & Poor’s, with a stable outlook since 2009.

VIG Re manages the reinsurance programs for VIG Group and has expanded its business across property & casualty and life & health reinsurance, serving more than 600 insurance companies in approximately 60 countries as of 2023.

In 2023, VIG Re marked its 15th anniversary, reporting growth in both revenue and profit. The reinsurer posted a 13.7% increase in gross written premiums, totaling €900.7 million for the year, driven primarily by its non-life treaty business, which experienced significant growth across multiple segments.

Under the newly adopted IFRS 17/9 standards, VIG Re recorded insurance service revenue of €819.4 million. Despite substantial natural catastrophe losses in Turkey and Continental Europe, the company improved its net combined ratio to 90.8%.

The insurance service result was €41.5 million, with reinsurance issued business contributing €136.6 million, offset by €-95.1 million from reinsurance held.

The company’s net investment result for 2023 was €10.9 million, while profit before taxes rose to €31.6 million. Net profit after taxes amounted to €24.4 million, with a tax rate of 22.7%.

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