We had a very satisfactory result in 2022, which underlined our growth strategy and our claim to be a stable and reliable partner for our stakeholders. At 12.6 billion euro, VIG’s premium volume improved by 14.1%; the profit before taxes was 10% higher, profit after taxes 24% higher than in the previous year. The numbers concerning our performance in the first half of 2023 too are extremely positive despite the continuing challenges. Our excellent capital position and our business model with a strong regional focus – which allows rapid, customised action where required – remain fundamental factors behind our continuing success in very challenging times.
We are very satisfied with our results in a very challenging time, which is primarily characterised by the war in Ukraine, high inflation and the pandemic that is still present. Although these influences, which also apply to the insurance industry, are dampening the economic outlook, VIG Group continues to demonstrate very strong resilience, which is once again manifested in improved key figures. Improving premiums and profits, as well as the combined ratio, cannot be taken for granted. The success of our group is built on a long-term oriented and broadly diversified business model, which shows its strengths especially in particularly challenging phases. Also, digitalisation plays a very important role. We have the great advantage that in many of our markets digital literacy is considerably higher than in Austria for example, and we have launched most innovative projects in CEE.
It has been shown that people particularly appreciate protection and security in crisis situations. Our business model therefore proves its worth especially in such situations. People appreciate being well protected at such times, which is why we were confronted with almost no cancellations of insurance policies and we registered an increased interest in health insurance. What has also proven successful is that we have been pushing the digital transformation within our group for years. The already extensive range of digital services and products has been a great benefit for us during the pandemic. We have also consciously continued to strengthen digital offerings and will continue to do so. Another factor is our strategic orientation with a high level of diversity. It has been confirmed that our business model, with its broad diversity across countries, brands, distribution channels and products, is proving successful even in difficult times. We therefore did not have to, and do not have to, rethink our strategic goals.