GRAWE 2019 - Balance Sheet
GRAWE has always put its faith in security, quality and sustainability; it plans with foresight and invests responsibly. This business strategy proves itself not only in times of economic prosperity. It also enables GRAWE to react to crises with the required flexibility but also with caution. In addition, GRAWE consciously stands for stability in times of permanent change. GRAWE also operates in a future-oriented manner and sees every change as an opportunity for an even better and more modern performance.
The results of the 2019 financial year continue the solid growth of the previous years both at GRAWE AG and in the GRAWE Group.
GRAWE AG was able to increase its income from premiums by 6.9% to EUR 629.1 million and its result from ordinary activities by 8.9% to EUR 76.2 million. It also increased its equity in the amount of EUR 784.6 million by 8.3%. That the interests and requirements of its customers have the utmost priority for GRAWE AG is demonstrated by the fact that it was once again presented with the Recommender Award of the Austrian Financial Marketing Association (FMVÖ) for the highest recommendation rate. GRAWE AG won not only again in the category "Insurances nationwide" but was also presented with the highest seal of quality for "excellent customer orientation".
GRAWE was able to generate a very good result at Group level too. The GRAWE Group generated premiums in the amount of EUR 950.3 million, which constitutes an increase of 6.4%. It increased its equity by 9.2% to EUR 1,489.7 million.
In addition, the GRAWE Group has also recently grown in size again. The acquisition of the North Macedonian motor and non-life insurer EUROSIG AD Skopje in July 2019, now called GRAWE nezivot Skopje, was followed at the end of March 2020 by the acquisition of another North Macedonian company, Eurolink Insurance Inc. Skopje. The company, with more than 200 employees and annual income from premiums in excess of EUR 16 million is an established non-life insurer on the North Macedonian market. In the non-life sector, Eurolink Insurance Inc. Skopje has a market share of more than 11%. As a result of this acquisition, GRAWE has become the market leader in North Macedonia.
COVID-19 has also presented GRAWE with special challenges. The GRAWE companies have adapted their everyday working life accordingly – business operations in the first weeks of the crisis were dominated by home office, telephone and video conferences as well as e-communication. Here, the GRAWE employees demonstrated particular flexibility and made a fundamental contribution to GRAWE also continuing to work during the crisis in the usual quality and being able to uphold the business operations in full. At all times, the health of our employees and our companies was of paramount importance. A fundamental goal of GRAWE was to accompany our customers through the crisis and to also support them in particular through deferrals of premiums and rent. GRAWE also intensified its consulting services; its existing digital tools proved their worth here and were expanded even further.
In summary, GRAWE looks to the future, full of optimism. It will continue to plan in a forward-looking manner, invest responsibly and pursue its sustainable course of growth.
Annual Report 2019 - short version
Photo: Mag. Klaus Scheitegel, General Manager of GRAWE and Dr. Othmar Ederer, Chairman of the Board of GRAWE-Vermögensverwaltung (© GRAWE/Ralph König)
Mag. (FH) Karin Taferner-Bauer | Head of Corporate Communication and Marketing | Grazer Wechselseitige Versicherung AG | Tel.: 0316/8037-6430 | E-mail: firstname.lastname@example.org