LVM Versicherung Reports Growth Exceeding Market Average in 2023
The insurance company LVM has concluded its 2023 business year with significant growth, reporting a 6.1% increase in premium income and outperforming the broader industry.
LVM Versicherung, based in Münster, has reported a successful conclusion to its 2023 business year, achieving a notable 6.1% growth in premium income to reach nearly €4.5 billion. This performance substantially outpaced the German insurance market's average growth of 0.7%, according to the German Insurance Association (GDV). The company managed to secure a solid net profit of €85.3 million, despite challenging market conditions.
The insurer faced increased claim expenses, rising by 16.3% to approximately €2.3 billion, largely driven by higher repair costs and a surge in claims, particularly in motor insurance. Additionally, impairments on real estate investments occurred due to the downturn in the property market. Nevertheless, LVM strengthened its equity base by 2.7%, bringing it to €3.3 billion.
LVM CEO Dr. Mathias Kleuker attributed the company's success to its strategy focused on security and growth. He highlighted the strong sales performance of its agents and the company's robust capital structure as key factors enabling it to grow faster than the market while reinforcing its financial foundation.
Growth was observed across most sectors. LVM's property and casualty insurance (Schaden/Unfall) saw a 7.5% increase in premium income to €3.1 billion. The largest segment, motor insurance, grew by 4.6%. Property insurance (Sachversicherung) experienced a significant surge of 15.8%. LVM's health and life insurance subsidiaries also reported growth rates exceeding the market averages for their respective sectors.