9M 2022 Teleconference
The first-time consolidation of the Aegon companies as well as the combined ratio expectation for the full year 2022 were among the topics discussed during the results teleconference for the first three quarters of 2022 on 15 November with Liane Hirner and Peter H?finger. Here is a short summary of these two topics for you:
Premiums grew double-digit by 13.6% to € 9.5 billion. Profit before taxes increased to € 413.4 million. Is this growth driven by the first-time consolidation of the Aegon companies in Hungary and Türkiye?
There is a positive consolidation effect. However, even without the consolidation of Aegon Hungary and Aegon Türkiye our premiums would have grown double-digit by 10.1%. The increase is based on the growth in all our markets, with the sole exception of Liechtenstein. Profit before taxes would also have been up by 6.9% without the Aegon companies. This is a very strong results development considering the precautionary measures and impairments in the amount of € 126 million we took in half-year 2022 regarding the Russian investment exposure of the Group.
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Your guidance for full year 2022 includes a combined ratio of around 95%. Is this also a sustainable level going into 2023 given the inflationary pressures?
Central- and Eastern Europe already experienced high levels of inflation in the past. Our local CEOs and managers therefore have experience in how to deal with this topic in their markets.
On the one hand side, we have automatic indexation for long-term insurance contracts. Such contracts are not necessarily always linked to the consumer price index but depending on the policy might be linked to the construction price index or to the motor repair cost index. On the other hand, short-term contracts allow us to adjust premiums on an annual basis. As a result, we are confident that we will be able to maintain our combined ratio at around 95% in 2023 as well, unless there are exceptional natural catastrophes or a significantly higher frequency of such events.
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