In 2023, GrECo boosted revenues whilst focusing on implementing our corporate strategy.
GrECo International Holding AG increased its total consolidated revenues by 15.4% to 152.6 million EUR in 2023. Profits before tax increased from 13.9 million EUR in 2022 to 19.2 million EUR in 2003 – a 38.1% increase.
Corporate developments
In 2023 we honed our corporate strategy and rolled out the refinements to all departments and countries. Over the next few years, we will concentrate on our market position, risk-based advisory & specialty focus, GrECo culture, and technological leadership.
Our strategy of specialising in defined sectors and insurance lines with an increased need for expertise and advice, and our consistent personnel policy to select talented specialists in GrECo’s home markets have led to a sustained positive development in our business performance.
The integration of the MAI CEE Group, which was acquired in 2022, was largely completed in 2023.
Expansion of CERTAINTY Holding GmbH
Following the establishment of CERTAINITY Holding GmbH in 2022 to expand our cyber security offering, we established operating subsidiaries in Austria and Germany in 2023, marking the start of consulting activities in these markets. The range of services includes offensive consulting, defensive consulting, process consulting, and security engineering.
Further development of CERTAINTY will continue to be of particular importance in 2024.
Sustainability strategy & reporting
During the 2023 reporting year, we doubled down on our sustainability endeavours, further solidifying our existing ESG strategy. The strategy is divided into the following areas: risks & solutions, environmental performance, social responsibility, and communication and reporting. It was adopted with detailed measures and measurable targets (KPIs).
In anticipation of mandatory sustainability reporting in 2025 for our clients, we revamped our suite of services in ESG risk management.
Entering the North Macedonian Market
As part of GrECo´s strategy to be the leading risk advisor and insurance broker throughout Central and Eastern Europe we founded a new company in North Macedonia. We are now present in 18 markets and well on our way to meeting our goal of having a presence in every market in the region.
Strengthening our team
The most important aspects of strengthening our workforce are career development, training, and further education. In 2023, as part of our learning and development strategy, we launched Empowering Excellence @ GrECo. This new international training and development programme is a cross-border initiative providing first-rate learning opportunities to promote both knowledge growth for the group and individual development paths. It is designed to enable participants to master future challenges and seize opportunities whilst giving them the future skills and knowledge to empower them to best service our clients.
Apprentice training is also being continuously expanded to counteract the increasing shortage of skilled labour.
Learning goals aside, we believe the health, safety, and well-being of our colleagues is part of our social responsibility. We offer information and presentations on preventive healthcare and participation in health checks as part of a statutory healthcare programme.
Growing our IT strategy
The most important aspects of strengthening our workforce are career development, training, and further education. In 2As we strive towards technological leadership, we are continuing to invest in our technological offering. In 2023, we focused on developing our technical solutions for clients, enabling our teams to offer them the very best support whilst guaranteeing client satisfaction.
Outlook for 2024
In times of highly volatile international economic development we are unable to accurately forecast the further development of the Central and Eastern European economy (and therefore our clients) in 2024. We are consequently assuming positive developments for the 2024 financial year in an extremely difficult environment.
With our strategic business areas of Corporate Broking and Risk Consulting and the presence we have established in Central and Eastern Europe in recent years, we are well equipped to actively secure our future on our own. Competition and internationalisation are leading to an ongoing consolidation of the broker markets. Thanks to our excellent market position, GrECo aims to remain one of the winners of this trend. In the Central and Eastern Europe region and internationally, we are planning further acquisitions and the expansion of partnerships to increase our geographical presence, build up further specialist expertise and develop new business areas.
Ante Banovac
Executive Board Member/COO
T +43 5 04 04 372
Georg Winter
CEO GrECo Group
T +43 664 962 39 06
Georg Neubrand
CFO GrECo Group
T +43 664 402 60 54
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