Suche
Mein Konto
LVM continues its growth path
LVM continues its growth path: Insurer closes financial year successfully and exceeds industry expectations. All details here! Free guide to your wealth available.
LVM continues its growth path
LVM Insurance is successfully continuing its growth path and is closing the financial year with positive results. With a premium increase of +6.1 percent, the insurer was once again able to clearly stand out from the industry. In comparison to an increase in premium income in the entire German insurance industry of just +0.7 percent, LVM Insurance collected almost 4.5 billion euros in premiums. Despite a difficult market environment, the company achieved a good consolidated annual result of 85.3 million euros after taxes.
The past financial year was characterized by high repair costs and a sharp increase in the number of claims, particularly in the motor vehicle sector, which led to an increase in claims expenses of +16.3 percent to around 2.3 billion euros. Despite challenges in the real estate industry, LVM Versicherung was able to increase its equity by +2.7 percent to 3.3 billion euros. The Chairman of the Board Dr. Mathias Kleuker classifies the business result as a success and emphasizes the company's good sales performance.
The growth in contributions from the various divisions of the LVM parent company continued in 2023. The property/casualty division in particular recorded premium growth of +7.5 percent to 3.1 billion euros. Motor and property insurance also recorded increases in premium income compared to the market. LVM's subsidiaries, including health and life insurance, were also able to exceed their previous year's results and grow faster than the market.
LVM's positive development is also reflected in its staff growth. For 2024, the company plans to hire 430 new employees in the office. This step is due to increased customer and contract numbers as well as age-related fluctuation. In addition, LVM invests in its existing employees through company health management and measures to balance work and private life.
Overall, LVM Insurance is a solid and growing player on the market that is well positioned both financially and in terms of personnel and continues to focus on strategic growth and security.