Gothaer Allgemeine Versicherung AG Reports Strong Growth in 2023

Gothaer Allgemeine Versicherung AG announced significant growth in its 2023 financial results, outperforming market trends significantly. During a press conference, CEO Oliver Schoeller reported a 7.2 percent increase in premium revenues, totaling €4.9 billion, which is 6.5 percentage points above the market average. This growth occurred despite prevalent inflation and recession concerns.

The company's equity also saw a rise, reaching approximately €1.57 billion by year’s end, from €1.5 billion the previous year. The total net income amounted to €78 million, consistent with the Group's strategy. Notably, the corporate client segment experienced an 11 percent increase in premium revenues, strengthening Gothaer’s position with small and medium enterprises.

Gross premiums for Gothaer Allgemeine Versicherung AG alone stood at about €2.4 billion, a 12 percent rise from 2022 and 5.2 percentage points above the market average. New business set a record with €136 million in results, marking a 44 percent year-on-year growth. The subsidiary’s net income concluded at €25 million.

Despite challenging market conditions, Standard & Poor's reaffirmed the 'A' rating with a 'stable' outlook for Gothaer's various branches at the end of 2023, confirming the financial stability and reliability of the group amidst a problematic environment.