Grawe Austria Scratches Premium Billion
Table of Contents
GRAZ, Austria (AP) — Grawe insurance Group announced a 9.4% increase in premium volume for 2024, reaching €966.2 million. This growth occurred alongside a rise in insurance benefits paid out across various divisions. Though, teh company’s profit before taxes (EGT) decreased from €81.7 million to €69.6 million. The entire Grawe Group’s premium volume reached €1.53 billion,contributing to a group profit before taxes of nearly €200 million.
The Graz-based insurance company generated €966.15 million in premiums in 2024,marking a 9.4% increase compared to 2023,according to the company’s annual report. Approximately €175 million of this total came from indirect business.
In direct business, damage/accident insurance premiums rose by 10.0% to €607.34 million,while indirect business in this sector saw an 11.2% increase to €171.58 million.
Grawe’s life insurance division recorded a 5.8% increase in direct business, totaling €182.57 million. contracts with ongoing premiums accounted for €168.09 million (+4.0%), while single-premium policies increased by 32.0% to €14.48 million.
Indirect life insurance business experienced a decrease of approximately one-fifth, falling to €3.17 million.
Grawe entered the health insurance market in the spring of 2024. The company reported €1.50 million in premiums written in this division.
Insurance Benefits See Notable Increase
Insurance benefits paid out in the direct business of damage and accident insurance increased by 22.2% to €433.21 million. The company’s annual report stated,”The combined ratio of the overall business,after deducting reinsurance components,was 101.1% in the 2024 financial year (2023: 96.9%).”
Accident insurance saw the most substantial increase,with benefits rising by 60.8% to €25.80 million. Grawe attributes this to a growing trend “towards more active leisure behavior.”
Storm damage claims increased due to major weather events, including floods and storms in Styria, as well as severe storms and floods in Lower Austria and Upper Austria in September. These storms also led to a significant rise in household insurance claims.
Grawe noted that the 15.8% increase in vehicle insurance claims was primarily due to “continued strong price increases in repair costs and, to a lesser extent, increased mobility.” General liability claims also rose, mainly due to significant price increases in the construction and renovation sectors.
Expenses for life insurance claims, including profit-sharing payouts in direct business, increased by 8.3% to €148.7 million. Health insurance claims totaled €0.98 million.
profit Before Taxes Declines
The profit before taxes (result of ordinary business activities) decreased from €81.67 million in 2023 to €69.57 million in 2024.
In the damage/accident division, the profit before taxes was €61.47 million (2023: €75.06 million), while in life insurance, it was €9.25 million (2023: €6.61 million). The health insurance division reported a loss before taxes of €1.14 million in its first year.
After taxes, the company reported an annual surplus of €54.13 million (2023: €63.60 million).
The entire Grawe Group increased its premium volume in 2024 by 11.8% to €1.53 billion in total business. According to the annual report, this growth was “mainly due to the positive development of new business.”
The group’s profit before taxes, which includes operations in Central, East, and Southeast Europe, increased from €172.9 million to €195.7 million.
The annual report 2024 is available for download in long and short versions on the Grawe website.
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Grawe Insurance Group 2024 Performance: Your Questions Answered
Welcome! This article dives into the key financial results of Grawe Insurance Group in 2024, drawing directly from their reported data. We’ll break down the numbers, explain the trends, and provide context to help you understand the company’s performance. All data is derived from the
GRAZ, Austria (AP) — Grawe insurance Group announced a 9.4% increase in premium volume for 2024, reaching €966.2 million. This growth occurred alongside a rise in insurance benefits paid out across various divisions. Though, teh company’s profit before taxes (EGT) decreased from €81.7 million to €69.6 million.The entire Grawe Group’s premium volume reached €1.53 billion,contributing to a group profit before taxes of nearly €200 million.
The Graz-based insurance company generated €966.15 million in premiums in 2024,marking a 9.4% increase compared to 2023,according to the company’s annual report. Approximately €175 million of this total came from indirect buisness.
In direct business, damage/accident insurance premiums rose by 10.0% to €607.34 million,while indirect business in this sector saw an 11.2% increase to €171.58 million.
Grawe’s life insurance division recorded a 5.8% increase in direct business,totaling €182.57 million. contracts wiht ongoing premiums accounted for €168.09 million (+4.0%), while single-premium policies increased by 32.0% to €14.48 million.
Indirect life insurance business experienced a decrease of approximately one-fifth, falling to €3.17 million.
Grawe entered the health insurance market in the spring of 2024. The company reported €1.50 million in premiums written in this division.
Insurance Benefits See Notable Increase
Insurance benefits paid out in the direct business of damage and accident insurance increased by 22.2% to €433.21 million. The company’s annual report stated,”The combined ratio of the overall business,after deducting reinsurance components,was 101.1% in the 2024 financial year (2023: 96.9%).”
Accident insurance saw the most substantial increase,with benefits rising by 60.8% to €25.80 million. Grawe attributes this to a growing trend “towards more active leisure behavior.”
Storm damage claims increased due to major weather events, including floods and storms in Styria, as well as severe storms and floods in Lower Austria and Upper Austria in September. These storms also led to a significant rise in household insurance claims.
Grawe noted that the 15.8% increase in vehicle insurance claims was primarily due to “continued strong price increases in repair costs and, to a lesser extent, increased mobility.” General liability claims also rose, mainly due to significant price increases in the construction and renovation sectors.
Expenses for life insurance claims, including profit-sharing payouts in direct business, increased by 8.3% to €148.7 million. Health insurance claims totaled €0.98 million.
profit Before Taxes Declines
The profit before taxes (result of ordinary business activities) decreased from €81.67 million in 2023 to €69.57 million in 2024.
In the damage/accident division,the profit before taxes was €61.47 million (2023: €75.06 million), while in life insurance, it was €9.25 million (2023: €6.61 million). The health insurance division reported a loss before taxes of €1.14 million in its first year.
After taxes, the company reported an annual surplus of €54.13 million (2023: €63.60 million).
The entire Grawe Group increased its premium volume in 2024 by 11.8% to €1.53 billion in total business. According to the annual report, this growth was “mainly due to the positive development of new business.”
The group’s profit before taxes, which includes operations in Central, East, and Southeast Europe, increased from €172.9 million to €195.7 million.
The annual report 2024 is available for download in long and short versions on the Grawe website.
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Q: how did Grawe Insurance Group perform in 2024?
A: Grawe Insurance Group saw a mixed bag of results in 2024. While the company experienced a growth in premium volume, with revenue increasing, it faced a decrease in profit before taxes. The Grawe Group, encompassing operations beyond the Graz-based insurance company, also had a growth in premium volume and profit before taxes.
Q: What was the premium volume for Grawe Insurance Group in 2024?
A: The Graz-based insurance company reported a premium volume of €966.15 million in 2024, which is a 9.4% increase compared to the previous year. Roughly €175 million of this came from indirect business. The entire Grawe Group’s premium volume was higher at €1.53 billion, an 11.8% increase.
Q: Which insurance divisions contributed to the premium growth?
A: The company’s annual report showed how different divisions performed in terms of premium development:
| Division | Premium Increase (Direct Business) | Premium Increase (Indirect Business) |
| —————————— | ———————————– | ———————————— |
| Damage/Accident | 10.0% to €607.34 million | 11.2% to €171.58 million |
| Life Insurance | 5.8% to €182.57 million | Decreased approximately one-fifth |
| Health insurance (new in 2024) | N/A | €1.50 million |
Q: What were the key factors behind the increase in insurance benefits paid out?
A: The report highlights a notable increase in insurance benefits across specific divisions. Accident insurance saw the most substantial increase, with benefits rising by 60.8% to €25.80 million. Grawe attributes this, in part, to a growing trend “towards more active leisure behavior.” Claims related to storm damage increased due to major weather events. Vehicle insurance claims increased mostly because of rising repairs costs and, to a lesser extent greater mobility.
Q: Why did the profit before taxes decrease despite premium growth?
A: The profit before taxes (result of ordinary business activities) for the Graz-based insurance company decreased from €81.67 million in 2023 to €69.57 million in 2024.
Damage/Accident division This division saw a profit before taxes of €61.47 million (down from €75.06 million in 2023).
Life Insurance Division: Profit before taxes increased, showing €9.25 million (up from €6.61 million in 2023).
Health Insurance Division: The health insurance division reported a loss before taxes of €1.14 million in its first year.
The overall increase in benefits paid out, along with perhaps increased operational costs, likely contributed to this decline.
Q: How did the Grawe Group’s performance differ from the graz-based insurance company?
A: while the Graz-based company’s profit dipped, the Grawe Group (which includes operations in Central, East, and Southeast Europe) showed a more positive outlook. the Group’s profit before taxes increased from €172.9 million to €195.7 million . The increase was mainly due to the positive development of new business.
Q: Where can I find more detailed information about Grawe’s 2024 performance?
A: The annual report 2024 is available for download in long and short versions on the Grawe website: Grawe website.
Disclaimer: This analysis is based solely on the information provided and is intended for informational purposes only. It should not be considered financial advice. Always consult with a qualified professional for financial decisions.*