R+V Versicherung: Annual balance sheet with record profits and Signa investment regretted

R+V Versicherung: Annual balance sheet with record profits and Signa investment regretted

R+V Versicherung recorded a profit of 933 million euros according to international accounting for the past financial year, which corresponds to an increase of 376 percent compared to the previous year. Despite this positive result, Norbert Rollinger, CEO of the insurance company, announced during a presentation that the company's investment in the insolvent Signa Group had resulted in losses. The exact amount invested in the investment was not disclosed, although it is said to be a robust three-digit million euro amount.

Rollinger and CFO Marc Michallet avoided revealing specific details about the losses, instead emphasizing the R+V Group's overall success in 2023. Despite the losses from the Signa investment, the insurance company achieved one of the best results in its history. Without the investment, however, the result would only have come close to the previous record result from 2019.

R+V's investments in the Signa Sports and Signa Prime companies, but not in the holding itself, were confirmed. Although insurance is prepared for potential losses, it assumes that investments in secured properties can be recovered. Looking back, Rollinger expressed regret about the Signa investment and emphasized that such real estate investments will be avoided in the future.

Despite the losses caused by the Signa investment, R+V Versicherung is optimistic about the future, with planned growth above the industry average in 2024. In the first quarter of the current year, the company recorded an increase in premiums in all segments, except for motor vehicle insurance, which remains unprofitable. Despite a 7 percent increase in premiums, the high combined ratio continues to weigh on the profitability of motor vehicle insurance.