EANS-Adhoc: Vienna Insurance Group is staying on course in the 1st quarter of 2011:
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3M 2011
17.05.2011
- Group premiums went up by 2.9 percent to more than EUR 2.6 billion
- Increase in profit (before taxes) by 7.0 percent to EUR 142.8 million
- Strong growth in life insurance outside Austria
I. OVERVIEW OF KEY GROUP DATA FOR THE 1ST QUARTER OF 2011 (in accordance with IFRS)
In the first quarter of 2011 Vienna Insurance Group earned a total of EUR 2.6 billion of premiums written (consolidated), corresponding to a plus of 2.9 percent compared to the same period of the previous year.
The Group profit (before taxes, consolidated) amounted to EUR 142.8 million in the first quarter of 2011. This is a significant increase by 7.0 percent compared to the same period of the previous year.
The Group reported a combined ratio after reinsurance (excluding income from investments) of 97.8 percent in the first quarter of 2011 - after 98.4 percent in 2010.
The investments of the Group amounted to EUR 28.2 billion as at 31 March 2011, while the financial result totalled EUR 253.2 million.
II. OUTLOOK
The management of Vienna Insurance Group confirms its forecast of January and expects an increase in profit (before taxes) of about ten percent and a low percentage growth of premiums. Moreover, the Group has set itself the target of decreasing the combined ratio to 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.
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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: EnglishFurther 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
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wien / official market
Original content of: Vienna Insurance Group, transmitted by news aktuell