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Vienna Life premiums revenue grows 18% in Q1

Telco

Insurer Vienna Life Biztositóʼs revenue from premiums saw a rise of 18% in the first quarter of this year in year on year terms, reaching HUF 3.5 bln, CEO Anett Vadas-Földvári said today.

The CEO added that the company targets HUF 14.1 bln revenue for the full year, 13% higher than last year, with pre-tax profit possibly reaching at least HUF 100 mln.

Vienna Life, formerly known as AXA Biztosító, was acquired by Vienna Insurance Group (VIG) in 2014, which also owns Hungarian insurers Union Biztosító and Erste Biztosító.

VIG has 8% market share in Hungary, under its 20% average market share for the region, Vienna Life supervisory board chairman Gábor Lehel said.

The company has 35,000 individual life insurance policyholders who pay more than HUF 300,000 apiece in annual premiums, Hungarian news agency MTI said, adding that group health insurance policyholders number 125,000.

Vienna Lifeʼs rate of return on the HUF 50 bln of assets it manages rose from 9.5% for all of last year to 14.7% in Q1 of this year, Vadas-Földvári added.

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