Corporate news

Gothaer Vorstand Oliver Schoeller

2021 Financial Year: Gothaer remains on course for growth – especially in the corporate insurance segment

  • Growth in premium revenues at Group level outperforms the market by 3.0 percent
  • Corporate customer business up 5.8 percent - further improvement of position as leading partner to SMEs
  • Stage 2 of the 500-50-5 climate neutrality initiative for SMEs launched

Cologne, 7 April 2022 – Group CEO Oliver Schoeller and his board colleagues today presented the very good figures for the past financial year at the balance sheet press conference: Despite the COVID-19 pandemic and the catastrophic storm ‘Bernd’, the Group has achieved 3.0 percent growth in premium revenues to € 4.69 billion and expanded its share of the market. “We have achieved the growth target defined in our Group’s Ambition25 strategy. I am particularly pleased that all of the Group divisions have contributed to this growth, and that we have been able to increase premium revenues from our core target group of SMEs by an impressive 5.8 percent to € 1,350 million. As a leading partner to SMEs we intend to actively support our mid-sized clients during the transition to a carbon-free economy and society with our 500-50-5 initiative.

Corporate news

Gothaer Group gross premium revenues by segment (in € million)

Despite the fact that it operates in a challenging market, Gothaer Group again strengthened its equity base in 2021 with end-of-year equity up to € 1,422 million (previous year: €1,326 million). Consolidated net income increased by 13.4 percent to € 82 million.

(Note: Group figures are still preliminary)

Gothaer achieves 5.8 percent growth in corporate insurance premium revenues

The Gothaer Group further improved its position as leading partner to SMEs in 2021. “5.8 percent growth in gross premium revenues shows that we are meeting SME customer expectations and that our innovativeness is having a positive effect on all of our business segments. The strengths of the Gothaer business model reflect the requirements of our SME customers: corporate clients require comprehensive advice, individual risk concepts and a partner with both sound expertise in their specific risks as well as first-rate underwriting experience. Total gross corporate insurance premium revenues increased from € 1,276 million in the previous year to € 1,350 million,” said Schoeller.

Stage 2 of the 500-50-5 SME climate neutrality initiative launched

Gothaer’s new initiative to support SMEs in the energy transition is gaining momentum. “We aim to support German SMEs to achieve climate neutrality faster, and to make a sustainable contribution to the energy sector transformation with our 500-50-5 initiative. Our ambitious objective is to help 500 enterprises to reduce their carbon emissions by 5 percent in the next five years,” explained Thomas Bischof, Chief Executive Officer of Gothaer Allgemeine AG. Gothaer offers corporate clients an initial consultation via consultation tool, including a free calculation of their carbon footprint. Based on the results of the carbon footprint analysis, measures to reduce carbon emissions are developed and subsidy options are discussed. Parallel to this, the Gothaer Group has expanded its vast network of cooperation partners and is making it available to the companies participating in the initiative via their field service and selected brokers. The initiative targets all Gothaer SME clients. Further information and the opportunity to register and participate can be found at www.gothaer.de/einfachmalmachen .

Gothaer Allgemeine: strong, above-market growth in premium revenues

Gross premiums written by Gothaer Allgemeine Versicherung AG increased by 4.2 percent to € 2,022 million, taking the company across the two-billion-Euros threshold for the first time. “The strongest premium revenues growth driver is corporate insurance business, and in this segment Gothaer Allgemeine Versicherung AG achieved 5.6 percent growth to € 1,052 million,” said Bischof. The non-life insurer has therefore shown excellent resilience in a challenging year and made a significant contribution to consolidated net profit.

Gothaer Leben: new business growth in all strategic business fields since 2020

Gross premiums written by Gothaer Lebensversicherung AG in 2021 rose by 0.2 percent to €1,315 million. “In mid-2021 we launched an innovative index-linked pension product called ‘Gothaer Garantie Rente Index’. It is linked to two ESG indices and has already significantly boosted regular premiums. It is good to see that 75 percent of our clients are already opting for sustainable indices,” said Michael Kurtenbach, Chief Executive Officer of Gothaer Lebensversicherung AG. “Our overall growth in new business is 33.1 percent and the level of new business in all our strategic business segments is clearly higher than last year. Our corporate clients obviously also appreciate our company pension plan products, which is reflected in a 35 percent increase in pension plan business.”

Gothaer Kranken: growth in supplementary and company health insurance business

Gross premiums written by Gothaer Krankenversicherung AG of € 909 million are 2.2 percent above the 2020 level. “Gothaer Krankenversicherung’s supplementary insurance and company health insurance business has developed very positively again in line with the corporate strategy. Gothaer's excellent positioning as a corporate insurer has led to a record production volume in company health insurance, with net production up 116 percent,” reported Dr Sylvia Eichelberg, Chief Executive Officer of Gothaer Krankenversicherung AG. “The Covid-19 pandemic has heightened people’s health awareness and we have noticed an increase in demand for integrated health products. We also know that health-promotion concepts help SMEs to stand out as employers in the competitive talent recruitment market. Company health insurance schemes play a crucial role in leveraging employee loyalty and satisfaction. Gothaer is one of the leading insurers in this segment,” she continued.

S&P upgrades Gothaer’s rating to A despite the pandemic and flood disaster

The international rating agency Standard & Poor‘s Global Ratings upgraded the Gothaer Group’s rating in September 2021. Now Gothaer Allgemeine Versicherung AG, Gothaer Lebensversicherung AG and Gothaer Krankenversicherung AG all have an ‘A’ rating with a ‘stable’ outlook. S&P placed positive emphasis on the Group’s high resilience and solid capital base. Other factors contributing to the rating upgrade are the Gothaer Group’s strong competitive position – particularly in the corporate insurance market – and its strategy, which is founded on a highly diversified portfolio and sales channels. “We are delighted about the rating upgrade because it confirms that we are on the right track with our business alignment and that our new Group strategy is building the Gothaer organisation’s strengths in lucrative future market segments. An upgrade in the midst of a pandemic and a challenging year in terms of natural disasters is a reflection of the Group’s robustness,” commented Group CEO Oliver Schoeller.

A recording of the balance sheet press conference will available in the Gothaer Newsroom after the event: https://presse.gothaer.de/ .

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Sabine Essing: Referentin für Konzernthemen, Investor Relations

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