SV records strong new business in damage-accident and retirement provision despite the uncertain times

SV records strong new business in damage-accident and retirement provision despite the uncertain times

The SV (name of the company was removed) has published an extensive annual report for the 2023 financial year. Despite a difficult economic situation and global uncertainties, the company was able to achieve positive results. The overall contributions rose, although there was a significant decline in the one -time contribution in life insurance. Especially in damage accident insurance and in pension provision against ongoing contribution, SV was able to record a historically strong new business.

In life insurance, SV achieved a new business contribution amount of 3.05 billion euros, while ongoing contributions in private and company pension scheme rose to the highest value of the past 20 years. The once contributions to life insurance fell by 10.8 percent.

In damage-accident insurance, the contributions rose to 2.06 billion euros, which corresponds to growth of 12.0 percent. This growth resulted from adjustments in the existence and a strong new business. However, the damage expenses also increased due to higher repair costs and increased storm damage.

Overall, the gross contributions booked rose by 1.5 percent to EUR 3.44 billion in the business. SV Pensionsfonds AG achieved premium income of 78.4 million euros and now has a transfer volume of 377 million euros.

The result from capital investments dropped due to the dissolution of the interest rate reserve. Nevertheless, the SV was able to improve the profitability of the life insurance through the realization of silent loads and new systems into higher interest rate securities. The reserve rate and the net interest of building insurance also increased.

In the past financial year, SV achieved a group surplus according to HGB in the amount of 11.6 million euros. This decline compared to the previous year results from unique special effects and the conscious decision to implement silent loads on fixed -interest securities in order to strengthen future earnings.

The SV has successfully implemented its corporate strategy "Focus Customer". Customer satisfaction was increased by process optimizations, automation and digitization. SV was able to improve its services in particular in damage processing and now also offers a service provider service for renovation and craftsman companies.

Furthermore, SV has expanded its investments to sustainable investments in the field of infrastructure. The company has acquired shares in the transmission system operator TransnetBW GmbH and supports the energy transition in Germany.

The SV is a modern regional insurer with a comprehensive range of products and services. With 3.5 million customers, the company is one of the major providers in Germany. The group is located in Stuttgart and the SV is part of the Sparkassen-Finanzgruppe.

Source: SV Sparkassenversicherung/OTS