Vienna Insurance Group’s (VIG) financial result was €596m ($708m), 41% lower than 2019, according to its annual report.
The fall was due to COVID-19 and resulting impairments, as well as an associated reduction in current income from investments.
In addition, income from the disposal of investments fell by €65.5m to €174.7m in 2020, which was mostly due to lower realised gains on equities, and one-off sale of its stake in S Immo, a property investment company, during 2019.
Total investments including cash and cash equivalents amounted to €36.6bn as of year-end 2020, representing a 2% year-on-year increase. VIG continued its push into green bonds, increasing its portfolio by 54% to €238m, and said hydro power, rail and wind energy were on its investment agenda.