R+V Versicherung AG reports strong 2023 results, nearing one billion euros
R+V Versicherung AG achieved a strong consolidated profit of 933 million euros under IFRS for the 2023 financial year. The insurer saw its domestic primary insurance turnover grow by 4.3 percent in the first quarter of 2024.
German insurer R+V Versicherung AG concluded the 2023 financial year with a consolidated profit of 933 million euros before taxes. The company attributed the significant profit increase primarily to a strong investment income of 3.5 billion euros for the year.
In 2023, R+V's capital investment income reached 3.5 billion euros, a recovery from the previous year's markdowns due to rising interest rates. The company acknowledged an investment exposure to the Signa Group's insolvency, stating they regret the investment and have since refined their risk parameters for capital investments. Despite this, R+V reported one of its best results ever, confirming its sound financial position.
Leveraging its financial strength, R+V increased the total interest rate for its life insurance customers to up to 3.0 percent for 2024. Furthermore, the company strengthened its reserves for future profit distributions by over 130 million euros. The solvency capital requirement (SCR) ratio stood at 225 percent at the end of 2023, an increase from 213 percent the previous year.
The R+V Group's total turnover was 19.8 billion euros, a 1.5 percent increase compared to 2022. Growth was driven by the property/casualty and health insurance segments, while life and pension insurance saw a decline. The company aims for growth exceeding the industry average in 2024.