18.04.2005 – 09:24

Wiener Städtische Allgemeine Versichererungs AG

euro adhoc: Wiener Städtische
Annual Reports
Wiener Städtische Group presents all-time record profit for 2004

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

18.04.2005

"Our strategy of early expansion into the extended Central and
Eastern European home market has been an all-out success. As
Austria’s largest insurance group in this greater market region, we
are now superbly positioned and are already beginning to exploit its
high potential and reap the rewards.This is demonstrated by our
pre-tax profit for 2004, the highest in the company’s history. We are
especially pleased that the companies in the Czech Republic and
Slovakia made critical contributions to this strong performance. The
excellent profit in excess of our estimates leads us to upgrade our
outlook for the 2005 financial year. In view of the good business
prospects for this year, we expect a pre-tax profit (based on
Austrian HGB accounting standards) of at least EUR 155 million, or
about EUR 175 million based on IFRS," commented Chief Executive
Officer Günter Geyer on the extremely positive business trend.

GROUP’S FINANCIAL HIGHLIGHTS FOR 2004:*
Consolidated gross earned premiums grew by 17.1 per cent to EUR 4.18
billion. 
At EUR 126.0 million, consolidated pre-tax profit (PBT) - based on
Austrian HGB accounting standards and on valuation at the lower of
cost or market - was more than twice as high as in the previous year.
In IFRS terms, based on preliminary calculations this would
correspond to a doubling of PBT from approximately EUR 77 million in
2003 to about EUR 155 million. 
Consolidated net profit before minority interests more than tripled
to EUR 83.89 million.
It is proposed to the Annual General Meeting to raise the dividend by
22 per cent to 55 cents per preference share. The dividend per
ordinary share is to be increased from 20 cents to 45 cents, thus
taking an important step towards the convergence of dividends between
ordinary and preference shares.
The consolidated combined ratio (after reinsurance) improved from
99.8 per cent in 2003 to 97.8 per cent.
Consolidated net investment income improved by 12.9 per cent to EUR
490.04 million.
The increase of 16.0 per cent in gross claims incurred to EUR 3.18
billion was less than the growth in premiums.
Operating expenses were up by a very modest 8.7 per cent to EUR
940.19 million. 
The Group’s total investments grew by 11.1 per cent to EUR 12.87
billion. 
Hidden reserves (in the form of unrealised gains on assets) increased
by EUR 263.7 million to EUR 762.1 million.

*The data in this report has been independently audited and is
subject to ratification by the Supervisory Board of Wiener
Städtische.

Wiener Städtische Allgemeine Versicherung AG
Schottenring 30
A-1010 Wien

ISIN: AT0000908520

end of announcement                    euro adhoc 18.04.2005 08:51:46 

Further inquiry note:

Wiener Städtische Presseabteilung
Mag. Barbara Hagen-Grötschnig
Tel.: (01) 531 39-1027
Fax: (01) 531 39-3134
E-Mail: b.hagen@staedtische.co.at

Branche: Insurance
ISIN: AT0000908520
WKN: 090852
Index: Standard Market Continous
Börsen: Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell