euro adhoc: Generali Holding Vienna AG
Quarterly or Semiannual
Financial Statements
Generali reports powerful growth in Eastern
Europe
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
25.05.2005
Generali reports powerful growth in Eastern Europe
The Generali Vienna Group achieves first-quarter growth in every insurance segment. Premium income in Central and Eastern Europe up 14.4 per cent. First-quarter claims and benefits substantially down on the year.
The Generali Vienna Group's premium income grew by 3.2 per cent to EUR 843.6 million during the first quarter of 2005. Every insurance segment developed well. Property/casualty business grew by 1.8 per cent, life insurance by 6.6 per cent and health insurance by 3.1 per cent.
Growth was once again driven by the group's Central and Eastern European markets. The members of the group in the region reported first-quarter premium income from primary insurance business of EUR 215.7 million, which was 14.4 per cent up on the first quarter of 2004. That increased the proportion of the group's aggregate premium income accounted for by Central and Eastern European countries from 23.9 to 26.6 per cent. Life insurance portfolios grew by 9.7 per cent overall to EUR 25.3 billion in the 12 months ended 31 March 2005, and they grew by as much as 21 per cent to EUR 9.9 billion in Central and Eastern Europe.
The Generali Vienna Group registered 4.7 per cent drop in first-quarter claims and benefits. That improvement was primarily due to the easing of the surge in life insurance benefit payments, which were 18.7 per cent down on the first three months of 2004.
Generali's consistent profit awareness also braked costs, which were virtually static on the first quarter of 2004 at EUR 150.6 million. Costs in Austria fell by 2.9 per cent and rose by 11.7 per cent in Central and Eastern European markets. The increase in Central and Eastern Europe was mainly due to movements in exchange rates, but it was also fuelled by the Generali subsidiaries' sustained rapid growth.
The group's investments grew by 2.0 per cent to EUR 8.8 billion in the three months ended 31 March 2005. Current income from investing activities fell by 5.7 per cent to EUR 97.4 million as older high-interest-bearing holdings of fixed-interest securities matured.
As things stand at the moment, the Generali Vienna Group expects its full-year premium income to grow by 3.4 per cent to EUR 2.7 billion. Underwriting profit should grow. In view of low interest rates, the group's profit from investing activities is likely to be slightly down on the year. Listed group parent Generali Holding Vienna AG expects to be able to declare the same dividend for 2005 as for last year.
end of announcement euro adhoc 25.05.2005 07:30:00
Further inquiry note:
Generali Holding Vienna AG
Josef Hlinka
Tel.: (++43-1) 534 01-1375
Fax: (++43-1) 534 01-1593
mailto:josef.hlinka@generali.at
http://www.generali-holding.at
Branche: Insurance
ISIN: AT0000661350
WKN: 066135
Index: WBI, ATX Prime, ATX
Börsen: Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing