EANS-Adhoc: Record result of Vienna Insurance Group in 2011
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 29.03.2012 - Standard & Poor´s confirms excellent rating: "A+" with stable outlook - Outstanding increase in Group profit (before taxes) by 10.1 percent to about EUR 560 million - Group premiums grow to almost EUR 9 billion - Proposed dividend increase of 10 percent to EUR 1.10 per share* - Vienna Insurance Group grows considerably above market average in CEE I. OVERVIEW OF KEY DATA FOR THE YEAR 2011 (in accordance with IFRS) In the financial year 2011 Vienna Insurance Group earned consolidated premiums written of EUR 8.9 billion, which corresponds to a rise of 3.4 percent. Group profit (before taxes, consolidated) increased significantly by 10.1 percent to EUR 559.0 million in 2011. This is the best-ever result in the Group´s history. The Group´s combined ratio after reinsurance (without taking into account investment income) for the year 2011 clearly decreased by almost 1.6 percentage points to a very good level of 96.8 percent. The financial result for the year 2011 amounted to EUR 931.6 million. The investments of the Group, including liquid funds, totalled EUR 28.7 billion as of 31 December 2011. The Managing Board of Vienna Insurance Group will propose an increase in dividend by 10 percent to EUR 1.10 for the year 2011.* II. GROUP EMBEDDED VALUE INCREASED The embedded value - calculated based on international guidelines - represents the value of existing insurance contracts. It is composed of the net asset value of life, health and property/casualty insurance as well as the discounted value of future earnings from existing contracts in the life and health insurance segment. The sustainability of the insurance business of Vienna Insurance Group is reflected in the fact that the Group embedded value (after taxes) increased by 6.3 percent to EUR 5.28 billion as of 31 December 2011 (adjusted value 2010: EUR 4.97 billion). B&W Deloitte GmbH, Cologne, reviewed the Group embedded value and confirmed to Vienna Insurance Group that the calculation procedures applied as well as the underlying assumptions and results are accurate. III. OUTLOOK FOR THE FINANCIAL YEAR 2012 The priority in 2012 will be on promoting further organic growth and on increasing profitability on a continuous basis. The Management of Vienna Insurance Group has committed itself to achieving growth above the market average also in the next years. As far as the situation in the European markets is concerned, the Group expects if at all selective stagnating revenues due to restrained consumption. Vienna Insurance Group will continue to adhere to its principles of a local market presence based on diversification aspects as well as to its conservative investment strategy, while working on strengthening its profitability. The Management of Vienna Insurance Group will strive to keep volatilities as low as possible also in the future, by taking into account the respective economic setting. The Group examines on an ongoing basis if there are cost-reduction potentials and how they may be taken advantage of in an optimal way, particularly in the companies in the CEE region and through the continued harmonisation of the Group´s IT infrastructure. * subject to the approval of the corporate bodies Further inquiry note: VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe 1010 Wien, Schottenring 30 Alexander Jedlicka Head of Public Relations, Spokesperson Tel.: +43 (0)50 350-21029 Fax: +43 (0)50 350 99-21029 E-Mail: alexander.jedlicka@vig.com Nina Higatzberger Head of Investor Relations Tel.: +43 (0)50 350-21920 Fax: +43 (0)50 350 99-21920 E-Mail: nina.higatzberger@vig.com end of announcement euro adhoc -------------------------------------------------------------------------------- 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: official market: Wien, stock market: Prague Stock Exchange language: English
Original content of: Vienna Insurance Group, transmitted by news aktuell