euro adhoc: Vienna Insurance Group
other
Vienna Insurance Group raises Group
Embedded Value to more than EUR 4.5 billion
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Group Embedded Value
27.03.2008
Please note: this is a translation; only the German version of this release is legally binding.
The group embedded value (after taxes) for the Vienna Insurance Group was EUR 4.551 billion as of 31 December 2007. Thus a remarkable return on embedded value in the amount of 12.9 percent was achieved, after taking into account dividend payments to shareholders and capital transfers.
The Vienna Insurance Group has the goal to continually include additional group companies into its group embedded value reporting. Therefore, Compensa Life and Compensa Non-Life in Poland have been included in the year 2007.
58 percent of the total group embedded value of Vienna Insurance Group EUR 4.551 billion is attributable to the Austrian and German insurance business. For 2007, the share contributed by the companies in CEE (Kooperativa in the Czech Republic, Kooperativa in Slovakia, Union Biztosító in Hungary and Compensa Life and Compensa Non-Life in Poland) already accounts for 42 percent - compared to 30 percent in the year 2006.
The value of the new business written in the amount of EUR 108.1 million rose by outstanding 32.5 percent compared to the previous year. This value underlines the earnings power of the life and health insurance lines - especially in CEE.
The embedded value represents the value of in-force insurance business and in accordance with international guidelines is made up of the net assets for life, health and P & C insurance as well as the current value of the combined future earnings from in-force business in the life and health lines.
B & W Deloitte GmbH, Köln have reviewed and fully confirmed the group embedded value of the Vienna Insurance Group.
end of announcement euro adhoc
Contact:
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
Barbara Hagen-Grötschnig, MBA
Corporate Communications
Schottenring 30, 1010 Vienna
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: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market