Cooperative insurer and ICMIF member, the P&V Group (Belgium), is consolidating its solvency margin to achieve its growth ambitions and offer protection to an increasing to a growing number of people

The P&V Group says it is remaining true to its mission of offering protection to as many people as possible, as it celebrates having reached a double threshold of insuring more than 1 million customers and of reaching EUR 2 billion in terms of premium income for the first time. These two successes were celebrated by the P&V Group last week as it published its financial results for 2023. The P&V Group also reported a strengthened solvency of 209% in 2023. The P&V Group says this reflects its constant growth, thanks to the reinvesting of its profits in the organisation (93% in 2023), in line with its cooperative model.

The insurance sector is constantly evolving, particularly in terms of the digitalisation of services, and the P&V Group has reaffirmed its commitment to offering innovative insurance solutions and to increase its socio-economic impact in Belgium.

Another significant increase in 2023 was the number of active customers who placed their trust in the P&V Group with the total now exceeding one million. As for the population of group insurance members, it is also growing nicely and has reached 500,000.

‘We are very pleased with the figures for 2023. For the fifth year running, our growth is stronger than that of the market. These results show that our cooperative model works. Since we can reinvest our profits in the development of our organisation, we’re working step by step to make it a reality. We are working step by step to achieve our mission, mainly by offering protection to as many people as possible. And we have been doing so since 1907,” explained Hilde Vernaillen (pictured speaking at the ICMIF Centenary Conference in 2022), CEO of the P&V Group and former Chair of ICMIF.

In 2023, the P&V Group helped some 200,000 customers to manage their claims. As part of its life insurance activities, more than 36,500 group insurance customers and affiliates received payment of their capital pension. In the case of incapacity for work, 8,000 customers made use of the cover provided by their insurance contract.

Keeping a close eye on customer satisfaction is essential for the P&V Group. For example, more than 12,400 customers expressed their views on the quality of the Group’s services, with a very positive overall score.

Historic threshold of EUR 2 billion in premium income exceeded

Premium income at the P&V Group has passed the EUR 2 billion mark, and for the first time, Life premium income exceeded EUR 1 billion with the Group saying this growth has been constant in recent years. Overall, the P&V Group closed 2023 with a profit of EUR 69 million, compared with EUR 28 million 2022.

‘We owe these solid figures to the commitment of our employees, our P&V agents and the insurance brokers with whom we have a professional partnership through our company Vivium. Profits are not a goal in themselves, but a means of offering protection to ever more people, and of reinforcing our ambitions for growth”, emphasised Hilde Vernaillen.

Future growth ambitions to protect even more people and increase the socio-economic impact of the P&V Group

In addition to a strong desire to continue to grow its core business, insurance, in Belgium, the P&V Group also announced that it wants to continue investing in the following areas:

• Employees. Attracting new talent is also a challenge for the P&V Group. The survey of new recruits reveals their attraction to the value model proposed by the P&V Group. The Group has recently launched an innovative social project, a unique initiative illustrating P&V Group’s inclusive approach to its human resources policy: the P&V Group Academy, in collaboration with the P&V Foundation and its partner associations. This training and internship programme is aimed at young jobseekers who have potential, but who find it difficult to enter the job market. Based on a WIN(x 4) model, this is already a winning operation for the young people on motivating and paid work placements within the P&V Group, for the Group as an employer, for the partner associations, and for society in general.
• Digital transformation, to better serve customers and intermediaries, and to anticipate current and future needs. These investments are already bearing fruit, for example in claims processing, but also in strategic partnerships.
• Benefiting distribution partners: thanks to the organisation of the ‘Vivium digital Awards’, Vivium offers Belgium’s only platform for exchanges between Belgian insurtechs and professional brokers. In order that independent brokers can continue to fulfil their role as advisers, Vivium says it is keen to support them in their digitalisation, so that they can continue to increase the efficiency of their office and the satisfaction of their customers.
• Product offering. In 2023, the P&V Group launched a unique combination of Branch 21 and Branch 23 in the Supplementary Free Pension for the Self-Employed (PLCI). With this product, Vivium is the only insurer to offer the possibility, within the framework of the PLCI and the INAMI contract for approved care providers, of opting for a guaranteed return (branch 21) combined with the advantages of a return based on investment funds (branch 23).
• Prevention. Over the coming years, and through initiatives already planned this year, the P&V Group will also continue to develop its prevention offering.