Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
quarterly
or semiannual financial statement
The Vienna Insurance Group in the 1st
quarter of 2007:
Profit (before taxes) boosted by 38 percent to EUR 101 million
The EUR 2 billion
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
14.05.2007
Please note: this is a translation; only the German version of this release is legally binding.
OVERVIEW OF KEY GROUP DATA FOR THE 1st QUARTER OF 2007*
With consolidated premiums written (without other insurance participations) of EUR 2.02 billion in the aggregate, the Vienna Insurance Group in the 1st quarter of 2007 achieved an increase of 15.2 percent as compared to the same period of the previous year.
(Including other insurance participations, non-consolidated premiums written from direct business in the 1st quarter of 2007 were EUR 2.06 billion - 13.4 percent up from the 1st quarter of 2006).
The Group's profit (before taxes, consolidated) rose by EUR 27.82 million, to a total of EUR 100.73 million. This translates to a significant increase of 38.2 percent as compared to the 1st quarter of 2006.
At 96.4 percent, the combined ratio of the Group after reinsurance (not considering investment income) is markedly improved from the 1st quarter of 2006, when it was 98.3 percent. This combined ratio considerably below 100 percent was reached despite claims caused by the winter storm Kyrill.
The financial result was EUR 205.32 million in the 1st quarter of the current year and was thus up by more than one fourth (up 26.7 percent) from the same period of the previous year.
The expenses for claims incurred rose by 12.9 percent, attaining EUR 1.18 billion. Thus, they show an under proportional development compared to the premium growth (despite Kyrill).
The total investments of the Vienna Insurance Group increased from EUR 19.60 billion as of 31 December 2006 to EUR 21.60 billion as of 31 March 2007. This translates to a 10.2 percent growth.
NEW PROFIT TARGETS FOR THE YEARS 2007 TO 2009
In view of the excellent business development of the Group in the first three months of the current year and the remarkable 38 percent boost in profits, the Management raises the target for the Group profit (before taxes) for the year 2007 to the new target figure of up to EUR 410 million. This means an increase of approx. 28 percent as compared to the results of the year 2006.
For the financial year 2008, a Group profit (before taxes) in the amount of EUR 470 to 480 million is expected. This means that the Vienna Insurance Group intends to achieve the profit planned for 2009 one year earlier, i.e. in 2008.
For the year 2009 the target for the Group profit (before taxes) will be increased to EUR 520 to 530 million, thus considerably surpassing the half a billion Euro mark. This corresponds to an average annual increase of the Group result from 2006 to 2009 of close to 20 percent.
* In the 1st quarter of 2007 Union Versicherung was fully consolidated for the first time (before: quota consolidation).
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 14.05.2007 07:21:41
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