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    VIVAT Annual Results 2018

    6 March 2019

    Strong Performance of Financial Focus Areas
    Combined Ratio below 97%, Solvency II Ratio at 192%

    • Net Underlying Result at EUR 239 million (2017: EUR 172 million), positively impacted by higher interest income from the interest rate derivatives portfolio and further cost reductions
    • Combined ratio improved to 96.8% including the impact of the January storm (2017: 99.0%)
    • Gross written premiums up 3% due to higher premiums for Life Corporate and Property & Casualty (excluding lump sum pension fund buy-outs in both 2017 and 2018)
    • Total operating costs down 4% compared to 2017
    • IFRS net result of -/- EUR 284 million negatively impacted by a longevity reinsurance transaction, adjustment of the net DTA-position and additions to the Liability Adequacy Test (LAT) shortfall
    • SRLEV NV signed a longevity reinsurance transaction which lowered its exposure to the largest single risk, as also reflected in the Solvency Capital Requirement (SCR) and had a 14 %-points positive impact on SRLEV's Solvency II ratio (standard model)
    • Solvency II ratio (standard model) of VIVAT NV increased to 192% (162% at YE17) mainly as a result of the longevity reinsurance transaction, the Restricted Tier 1 issuance and an increase of the Volatility Adjustment (VA), partly offset by the ongoing re-risking activities
    • Solvency II ratio (standard model) of SRLEV NV increased to 188% (158% YE17)
    • Organic capital generation of 3%, further re-risking is intended to improve capital generation
    • Liquidity position holding remains strong at EUR 535 million (EUR 653 million YE17)
    • Sovereign investment exposure decreased to 57% in the investment portfolio (66% YE17) as re-risking was continued
    • Strategic review regarding ownership of VIVAT by Anbang in progress
    • VIVAT has tightened and enhanced its Corporate Social Responsibility (CSR) policy

    Ron van Oijen, Chairman of VIVAT’s Executive Board:
    “In 2018, VIVAT made strong progress on its strategic agenda. We were able to grow premium income in our focus areas (Pensions and Property & Casualty), lower our cost base by another 4% and further re-risk our investment portfolio. P&C again managed its combined ratio below 100%, taking into account the impact of the severe January storm. These positive developments contributed to a higher net underlying result.”

    For the full press release about the Annual Results please download the pdf below.