LVM Versicherung Reports 9.1% Business Growth for 2024

LVM Versicherung has reported a successful business year for 2024, marked by a significant 9.1% growth in premium income, reaching nearly 4.9 billion euros. This performance substantially outpaced the industry average growth of 5.1% reported by the German Insurance Association (GDV). The company attracted over 1.3 million new customers, with substantial gains in motor and property insurance.

The year was also characterized by a manageable claims environment, as LVM Versicherung experienced no major weather-related catastrophe losses. Despite an increase in reported claims by 2.2% to over 960,000 due to portfolio expansion, overall claims paid amounted to approximately 2.4 billion euros, a 3.2% increase from the previous year.

Buoyed by positive investment performance and strong new business, LVM Versicherung reported a net surplus of 241.2 million euros for 2024. This surplus strengthens the insurer's equity base, which now stands at 3.5 billion euros. LVM's CEO, Dr. Mathias Kleuker, expressed satisfaction with the company's commercial and economic success, emphasizing the reinforced financial strength.

Looking ahead, LVM Versicherung plans to expand its workforce by approximately 500 new hires and trainees in 2025 to support its growing customer base and business operations. The company also continues its commitment to social engagement, supporting initiatives focused on social participation for disadvantaged individuals and groups.