ARAG Group confirms annual growth
ARAG Group confirms annual growth | Insurance Business Canada
Insurance News
ARAG Group confirms annual growth
Company described as growing “dynamically”
Insurance News
By
Terry Gangcuangco
ARAG Holding SE has released its earnings report for 2022, a period in which the company continued to grow.
According to the ARAG Group, here’s how it fared during the year:
Metric
2022
2021
Total revenues including sales of service companies
€2.24 billion
€2.04 billion
Gross written premium
€2.20 billion
€2.02 billion
Expenses for insurance claims for own account
€1.09 billion
€1.03 billion
Costs of insurance business for own account
€791.4 million
€744.7 million
Underwriting result for own account
€157.8 million
€118.2 million
Income from capital investments
€52 million
€80.3 million
Profit on ordinary activities
€97.3 million
€86.7 million
Group net income
€43.5 million
€37.9 million
Dr Renko Dirksen, ARAG SE’s speaker of the board of management, said in an emailed release: “We are meeting the needs of our customers. This is not only achieved selectively but applies to the entire enterprise with all segments. ARAG is growing dynamically while at the same time improving its earnings and using the profits to invest in personnel, technology, and to strengthen its solvency.”
Improving its combined ratio from 89.2% to 86.7%, the company had around 12 million policies in its portfolio at the end of 2022. The ARAG Group’s German business saw an 8.2% increase in premium income while its international insurance business expanded by 10%.
“The continued high premium growth is primarily attributable to the strong legal insurance segment – the largest unit in the group,” ARAG said. “This grew by 5.9% in the German market and by 7.5% in international business. The health insurance segment again delivered a strong growth impulse of 12.7% and is now the largest ARAG business unit in the German market. The composite segment also achieved a significant premium increase of 12.2%.”
In the first quarter of 2023, meanwhile, ARAG’s total premium income jumped 11.5% to €712.3 million.
What do you think about ARAG’s financial results? Share your thoughts in the comments below.
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