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Wiener Städtische Allgemeine Versichererungs AG

euro adhoc: Wiener Städtische
Mergers - Acquisitions - Takeovers
Acquisition of companies strengthens operations of Wiener Städtische in Poland

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
27.06.2005
Wiener Städtische will acquire the Polish Benefia non-life and life
insurance companies. Austria's leading insurance group in Central and
Eastern Europe thus further consolidates its market position in
Poland in 2005.
Wiener Städtische will acquire 100% of the non-life insurance company
Benefia Towarzystwo Ubezpieczen Majatkowych S.A., founded in 1999,
and of the life insurance company Benefia Towarzystwo Ubezpieczen
Zycie S.A., founded in 1992, from the Italian insurance group TORO
Assicurazioni (sole owner).
In 2004, the two insurance companies with headquarters in Warsaw
achieved a volume of gross premiums written in the total amount of
PLN 128 million (about EUR 31 million). The focus of Benefia non-life
insurance is on the motor insurance business.
Both companies are firmly positioned on the Polish insurance market,
with a total of about 60 employees and a well developed nation-wide
sales network throughout Poland.
The transactions were effected subject to the approval of the
Austrian and Polish authorities.
Says Günter Geyer, CEO of Wiener Städtische, "The acquisition of the
two companies helps us strengthen our position in Poland and allows
us to participate even more in the expected future dynamic growth of
the Polish insurance market."
To date, Wiener Städtische Group was present in Poland with the
steadily growing companies Compensa property insurance and Compensa
life insurance, both headquartered in Warsaw. Wiener Städtische
acquired in both companies - according to an today’s Ad Hoc News
Release - the shares held by the German HUK-COBURG group. Wiener
Städtische will thus own 99.86 percent of Compensa Non-Life and 100
percent of Compensa Life. The transactions have been effected subject
to the approval of the cartel and regulatory authorities.
With growth rates clearly above market average, Compensa property
insurance and Compensa life insurance achieved a total volume of
premiums earned of approx. EUR 100 million, thus ranking tenth on the
market.
With the acquisition of Benefia non-life insurance and Benefia life
insurance, Wiener Städtische Group moves up to the ninth place from
its excellent tenth position in Poland (as of 2004); in the non-life
business the group can further consolidate its excellent seventh
market position in Poland.
During the past five years, the Polish insurance market posted an
annual growth of approx. 10 percent. In 2003, the insurance density
(premium per capita per year) in Poland amounted to USD 162 as
compared to USD 2,100 in Western Europe. Poland thus offers a high
growth potential. Poland's economic boom with a 5.4 percent growth of
the real gross domestic product is proof of this expectation.
Wiener Städtische Allgemeine Versicherung AG
A-1010 Vienna, Schottenring 30
ISIN: AT0000908520
Our press releases can be found also under
http://www.wienerstaedtische.at
end of announcement                               euro adhoc 27.06.2005 18:59:50

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: AT0000908504
WKN:
Börsen: Berliner Wertpapierbörse
Frankfurter Wertpapierbörse
Wiener Börse AG

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

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