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Growth course: LVM Versicherung will grow significantly in 2023
LVM continues its strong growth path and closes the financial year successfully, significantly outperforming the market. Find out more about the impressive results.
Growth course: LVM Versicherung will grow significantly in 2023
LVM Versicherung is continuing its growth course and was able to record an increase in premiums of +6.1 percent in the last financial year. This represents a clear gap to the industry, which was only able to increase its premium income by +0.7 percent. Overall, LVM was able to collect almost 4.5 billion euros in contributions while the market environment remained challenging. Despite high repair costs and a sharp increase in the number of claims, particularly in the automotive sector, LVM achieved a good consolidated annual result of 85.3 million euros after taxes.
The CEO of LVM, Dr. Mathias Kleuker, emphasized the company's strength and the positive development that can be attributed to the security and growth strategy. LVM's equity rose by +2.7 percent to 3.3 billion euros, which underlines the insurer's robust capital base. The premium growth extended to all of the parent company's divisions, with the property/casualty divisions being particularly highlighted with an increase of +7.5 percent to 3.1 billion euros. Motor insurance, the largest division, grew by +4.6 percent to almost 1.5 billion euros.
LVM's subsidiaries were also able to exceed their previous year's results and record stronger growth than the market. LVM health insurance achieved a premium increase of +5.5 percent to 453.1 million euros, while LVM life insurance increased by +2.7 percent to over 873.4 million euros. The company also plans to increase its workforce by hiring 430 new employees in the office in 2024.
Aside from business, LVM focuses on the well-being of its employees. With measures such as company health management and support in balancing work and private life, LVM ensures that its workforce remains healthy and productive in the long term. In 2024, the focus will be on aging issues, with more than a third of the workforce over 50 years old. LVM therefore offers comprehensive care advice for its employees, underlining its commitment to holistic employee well-being.
There was a change in the supervisory board of LVM Lebensversicherungs-AG, with Prof. Dr. Bernhard Pellens was eliminated. The insurance expert Dr. Frank Ellenbürger elected. LVM is therefore continuing its growth path not only in its operational business, but also in terms of personnel and strategic development within the company.