EANS-Adhoc: Vienna Insurance Group in the first half-year of 2010: Group premiums increased by approx. 8 percent to EUR 4.6 billion
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Results for the first half-year 2010
19.08.2010
- Despite significant storm damages, profit (before taxes) rose by 11 percent to EUR 255.6 million
- Strong growth in the life insurance segment - significant contribution of s Versicherung Group
- Ukraine becomes a new core market - commitment to further consolidation of the leading position
- Motor legal expenses insurance - new offer for customers in CEE
- Restructuring of the Group completed successfully
OVERVIEW OF KEY GROUP DATA FOR THE FIRST SIX MONTHS OF 2010 (BASED ON IFRS)
With premiums written (consolidated) totaling EUR 4.6 billion in the first six months of 2010, Vienna Insurance Group achieved a plus of 7.9 percent compared to the same period of the previous year. The Group recorded an increase of 10.7 percent in net earned premiums.
In the first six months of 2010, the Group profit (before taxes, consolidated) amounted to EUR 255.6 million. Despite the natural disasters, a remarkable growth of 11.0 percent was achieved.
The combined ratio of the Group (net, i.e. after reinsurance, excluding investment income) remained below the 100-percent threshold. In the first half of 2010, it climbed to 98.3 percent due to the natural disasters of the current year. This damage (before reinsurance) - in particular in Austria, the Czech Republic, Poland and Romania - caused expenses of a total of about EUR 100 million.
In the first six months of 2010, the financial result of the Group totaled EUR 646.6 million, surging by 37.1 percent compared to the same period of the previous year due to the stabilisation of the capital markets.
The investments of the Group amounted to EUR 26.8 billion as at 30 June 2010; this corresponds to an increase by 3.6 percent compared to the year-end level of 2009.
LAUNCH OF THE MOTOR LEGAL EXPENSES INSURANCE IN CEE
Continuously expanding its product portfolio, Vienna Insurance Group will offer legal expenses insurance for motor vehicles in Poland, the Czech Republic as well as in Slovakia. The Group companies insure about 5 million vehicles in these three countries already now. On this sound basis, the Group envisages excellent opportunities to expand customer relations by introducing motor legal expenses insurance. This step paves the way for a significant growth potential in the future.
NEW CORE MARKET UKRAINE
With more than 45 million inhabitants, Ukraine is one of the most heavily populated countries of the CEE region. Vienna Insurance Group has been active in the life insurance segment in this market already since 2004, in the year 2005 it expanded its portfolio also in the non-life insurance segment. One of the most important consequences of the take-over of the TBIH shares, was the inclusion of UIG in the Group. This fast-growing non-life insurer with a strong future potential has optimally taken advantage of the favourable economic trend recorded in Ukraine since spring 2010. In view of this economic dynamism, the management of Vienna Insurance Group decided to make Ukraine the tenth core market of the Group and seeks to improve its strong position as one of the leading insurance groups in this country.
end of announcement euro adhoc
Further inquiry note:
VIENNA INSURANCE GROUP (VIG)
1010 Wien, Schottenring 30
Alexander Jedlicka
Public Relations
Tel.: +43 (0)50 350 21029
Fax: +43 (0)50 350 99 21029
E-Mail: alexander.jedlicka@vig.com
Thomas Schmee
Investor Relations
Tel.: +43 (0)50 350 21900
Fax: +43 (0)50 350 99 21900
E-Mail: thomas.schmee@vig.com
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wien / official market