EANS-Adhoc: Vienna Insurance Group Sustainable increase in earnings: Vienna
Insurance Group in the first half-year of 2011
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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18.08.2011
- Group premiums up 3.1 percent at over EUR 4.7 billion
- Continuing upward trend in life insurance in CEE core markets
- Strong growth in property/casualty insurance
- Profit (before taxes) up 10.4 percent at EUR 282.2 million
- CEE markets account for more than 50 percent of premiums and profit
- VIG is already number 3 insurer in Poland
I. OVERVIEW OF KEY GROUP DATA FOR THE FIRST SIX MONTHS OF 2011 (in accordance
with IFRS)
The Vienna Insurance Group earned a total of EUR 4.7 billion premiums written
(consolidated) in the first half-year 2011, up 3.1 percent compared to first
half-year 2010.
The Group profit (before taxes, consolidated) amounted to EUR 282.2 million in
the first half-year 2011. This represented a sharp 10.4 percent increase
compared to first half-year 2010.
The Group combined ratio after reinsurance (excluding investment income) came in
at 97.1 percent for the first half-year of 2011, following 98.3 percent for
first half-year 2010.
The Vienna Insurance Group held investments of approximately EUR 29.0 billion
(incl. bank balances) as at 30 June 2011, and posted a financial result of EUR
554.2 million.
II. OUTLOOK
For many years, the management of Vienna Insurance Group has aspired to minimise
volatility in premiums and profit while ensuring a strong capital base for the
Group. Continuing this successful and durable strategy, Vienna Insurance Group
expects an increase in profit (before taxes) of about 10 percent and a low
percentage growth of premium. Moreover, the Group has set itself the target of
holding the combined ratio at about 97 percent. The prerequisite is, however,
that the economic and legal framework will not deteriorate significantly and
that damage caused by natural disasters will not develop dramatically.
Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Alexander Jedlicka
Public Relations, Spokesperson
Tel.: +43 (0)50 350-21029
Fax: +43 (0)50 350 99-21029
E-Mail: alexander.jedlicka@vig.com
Thomas Schmee
Head of Investor Relations
Tel.: +43 (0)50 350-21900
Fax: +43 (0)50 350 99-21900
E-Mail: thomas.schmee@vig.com
end of announcement euro adhoc
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issuer: Vienna Insurance Group
Schottenring 30
A-1011 Wien
phone: +43(0)50 350-21919
FAX: +43(0)50 350 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX
stockmarkets: stock market: Prague Stock Exchange, official market: Wien
language: English