All Stories
Follow
Subscribe to ERGO Group AG

ERGO Group AG

ots Ad hoc-Service: ERGO Vers.gruppe AG <DE0008418526> ERGO raises net profit by 40% and wants to pay a dividend of DM 2

Duesseldorf (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
ERGO raises net profit by 40% and wants to pay a dividend of DM 2
For the first time, ERGO Insurance Group will be reporting on the
last business year with consolidated annual accounts on the basis of
Interna- tional Accounting Standards rather than German Commercial
Code. To facili- tate comparison with the preliminary 1999 figures,
the 1998 figures have been converted according to IAS as well. After
IAS, ERGO's premium income increased by 4.7% to DM 23.2 (22.2)
billion. The Group's profit after taxes and minorities went up nearly
40% to more than DM 900 (650) million. "Our shareholders are to
participate in the excellent business year with another substantial
raise in dividend", says Dr Lothar Meyer, since 1 January 2000 ERGO's
Chairman of the Board of Management. At the Annual General Meeting on
25 May 2000 it will be proposed to ERGO shareholders to strongly
increase the 1999 dividend from DM 1.70 to 2.00 per share.
The ERGO Insurance Group comprises the four brand-name insurers
VICTORIA, Hamburg-Mannheimer, DKV, and D.A.S. The Group's
shareholders' funds went up nearly 20% to more than DM 10.2 (8.5)
billion. The 1999 result before taxes and minorities rose 8.7% to DM
1.6 (1.5) billion. The increase in net profit for the year to over DM
900 million is partly due to an ex- traordinary effect: The decrease
in the corporate tax rate from 45% to 40% led to a re-valuation of
parts of the deferred tax liabilities. This non- recurring effect
amounts to approx. DM 170 million. Without this extraor- dinary
effect, the net profit for the year increased by 12.3% and amounts to
about DM 730 (650) million.
The investments grew 11.0% over the previous year to DM 165 (149)
billion. The net investment result improved approx. 11% to more than
DM 10.4 (9.4) billion.
ERGO Versicherungsgruppe AG 
   Board of Management
End of messagge
Internet: http://recherche.newsaktuell.de

Original content of: ERGO Group AG, transmitted by news aktuell

More stories: ERGO Group AG
More stories: ERGO Group AG