R+V Group back on growth path (PHOTO)
Wiesbaden (ots) – Despite political and economic uncertainties as well
R+V Versicherung closed the 2023 financial year due to persistently high inflation
with an increased contribution volume.
– The R+V Group increased contributions by 1.5 percent to around 20 in 2023
billion euros.
– Sales in the German primary insurance business amounted to 15.6 billion euros
at the previous year’s level.
– Cautiously optimistic for 2024. Demand: private pension provision politically
strengthen.
Given the continued difficult economic conditions, 2023 was for
the insurance industry had another challenging financial year. “Despite
The R+V Group is experiencing great uncertainty among many people and companies
managed to return to the growth path,” says R+V CEO
Norbert Rollinger. “This is a great community effort inside and out
Field service and excellent interaction with our sales partners
Thanks to.”
The R+V Group’s premium income climbed by 1.5 percent to 19.8 in 2023
Billion euro. There was movement in the German primary insurance business
Insurers of the cooperative financial group with 15.6 billion euros
the previous year’s level. Active reinsurance recorded one
Sales increased by 5.6 percent to 3.1 billion euros and is thus
after consolidating the portfolio on a profit-oriented growth path.
The Italian one increased by a strong 13.6 percent to 1.1 billion euros
R+V subsidiary Assimoco. The successful sales partnerships with the
cooperative banking group Cassa Centrale Banca (CCB) and the largest
Italian bank cooperative ICCREA also promise more for 2024
Growth.
“Urgently strengthen private pension provision”
The year 2024 remains marked by great uncertainty. “We are for this
Still cautiously optimistic for the year as a whole and hope for growth
industry level,” says Rollinger. The industry expects growth of 3.8
percent this year. In uncertain times, the insurance industry can
Provide stability and security. A ray of hope is falling inflation and
a slight economic recovery forecast for the course of 2024. “From
We expect a clear signal from politicians this year to strengthen the
private pension provision,” emphasizes the R+V boss. This is urgently necessary because
It is known that the statutory pension is not sufficient to cover gaps in pension provision
close and protect people from poverty in old age. The need for
Additional private and company pension provision is in the works
Population remains high. “The insurance industry offers here
lifelong pension benefits and thus ensures financial security
Alter.”
Safe+Smart arrives: for the first time more than 1 billion euros in new contributions
In life and pension insurance, premium income fell by 5.6
percent fell to 7.6 billion euros. This development is moving
R+V approximately at market level. Above all, a declining single premium business
contributed to the decline in sales. With one-off contributions amounting to 2.8 billion euros
R+V was 14.9 percent below the previous year’s level. Throughout the market
Single premiums even fell by 16.1 percent. In business against
On the other hand, the cooperative insurer increased the current contribution by 1.1
percent to 4.7 billion euros, the market shrank slightly here.
The total new premium in life and pension insurance reached around 4
billion euros, which was 10.8 percent below the previous year. The biggest part
again had the company pension scheme (bAV) with a
New premium volume of 1.6 billion euros. After a pleasing final spurt
At the end of the year, the BAV increased by 7.3 percent compared to the previous year. A
The new guarantees in the private pension business achieved strong growth.
The Safe+Smart product was particularly popular with customers:
plus 62 percent to more than 1 billion euros for the first time (1,033 million euros)
New post. The insured people value the Safe+Smart product family
especially the great flexibility and the attractive overall interest rate. The
Interest on the safe capital has proven beneficial for customers
an attractive surplus participation for 2024 increased to up to 3.0 percent.
In addition, there is interest on the opportunity capital. Here could be in 2023
an impressive return of 19.6 percent can be achieved.
Health insurance continues to grow faster than the industry
R+V health insurance achieved its goal in the last financial year
above-average growth trajectory continues. Premium income increased by 6.7
percent to 906 million euros. Once again it grew
R+V health insurance stronger than the market. The increased accordingly
Number of insured people increased by 7.0 percent to 1.7 million. The R+V
was able to be achieved both among those who were fully insured (+2.9 percent to around 71,000).
increase in the number of additionally insured people (+7.1 percent to almost 1.6 million). 2023
was another successful year for company health insurance
Premiums increased by 4.6 percent to 175 million euros. Here comes this
Health concept PROFIL with its powerful budget tariffs and
attractive health services are well received by customers.
Property/casualty insurance is growing in all lines
R+V entered the property and casualty insurance business in the 2023 financial year
with an increase of 5.6 percent overall to a premium volume of 7.1
Billion euro. All divisions contributed. In private and in
R+V’s corporate customer business increased by more than 7 percent. In your
The largest division, motor vehicle insurance, saw premium income increase by 2.1
percent to 2.8 billion euros.
The uncertain general conditions once again caused an increase
Need for protection in credit insurance. This resulted in a
Sales growth of 9.0 percent to almost 700 million euros.
Premium income from residential building insurance also increased by 14.7
percent to 647 million euros. In view of increasing severe weather events
The need for protection here is constantly increasing. 70 percent of R+V insured people in the
Homeowners insurance already has protection against storm damage
locked in. In new business it is almost 80 percent. The
Industry-wide average is around 50 percent. “The ultimate goal is one
Protecting citizens against this as comprehensively as possible
Natural hazards that must remain affordable,” says Rollinger. “The GDV has
presented an overall concept that also focuses on prevention. One
Compulsory insurance is not a solution,” the R+V boss emphasizes again.
The complete R+V consolidated financial statements for 2023 will be published as part of the
Annual press conference presented on April 3, 2024.
Press contact:
Tanja Gorr
Group communication
Raiffeisenplatz 1
65189 Wiesbaden
Tel.: 0611 533-6712
E-Mail: mailto:tanja.gorr@ruv.de
Further material: http://presseportal.de/pm/61791/5721753
OTS: R+V Versicherung AG
2024-02-26 08:36:33
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