Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group / The Vienna Insurance Group in the 1st half of 2007: Clear expansion of market positions in CEE / Profit (before taxes) increased by approx. 50 percent to EUR 215.40 million
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
21.08.2007
Please note: this is a translation; only the German version of this release is legally binding.
OVERVIEW OF KEY GROUP DATA FOR THE 1st HALF OF 2007
With consolidated premiums written (without other insurance participations) of EUR 3.49 billion in the aggregate, the Vienna Insurance Group in the 1st half of 2007 achieved an increase of 15.3 percent as compared to the same period of the previous year.
The Group's profit (before taxes, consolidated) was increased by EUR 72.05 million, to a total of EUR 215.40 million. This translates to an excellent plus of 50.3 percent as compared to the same period of the previous year.
At 96.0 percent, the combined ratio of the Group after reinsurance (not considering investment income) is significantly improved from the previous year (97.9 percent) in spite of storm damage (1st quarter: Kyrill).
The financial result was EUR 550.15 million in the 1st half of the current year and was up by more than half (up 54.1 percent) from the same period of the previous year.
The expenses for claims incurred in the non-life segment were at EUR 996.73 million and despite storm damage rose sub-proportionally relative to the premiums, namely by 12.4 percent. The expenses for claims and insurance benefits from the life segment amounted to EUR 1.42 billion (up 22.9 percent).
The total investments of the Vienna Insurance Group increased from EUR 19.60 billion as of 31 December 2006 to EUR 21.74 billion as of 30 June 2007. This translates to a 10.9 percent increase.
INCREASE OF THE DIVIDEND FOR 2007 PLANNED
In view of the consistently positive business development of the Group in the first six months of the current year and the increase in profits of more than 50 percent, the target for the Group profit (before taxes) for the year 2007 of up to EUR 410 million will be exceeded, from today's perspective. This will render it possible to raise the dividend for the year 2007 by at least 25 percent to more than one euro per share - subject to the consent of the competent corporate bodies.
Wiener Städtische Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504
You will also find this press release on http://www.wienerstaedtische.at under Ad-hoc News
end of announcement euro adhoc 21.08.2007 07:26:22
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market