Wiener Städtische Allgemeine Versichererungs AG
euro adhoc: Wiener Städtische Allg. Vers. AG
quarterly or semiannual financial
statement
Vienna Insurance Group (Wiener Städtische Group) during the first
three months of 2006 (IFRS figures):
Ongoing double-digit growth in Group premium income totali
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
22.05.2006
Please note: this is a translation; only the German version of this news release is legally binding.
OVERVIEW OF KEY GROUP DATA FOR THE 1ST QUARTER OF 2006*:
In the first three months of 2006, total consolidated premiums written of the Vienna Insurance Group increased by 11.6 percent to EUR 1.75 billion. Non-consolidated premiums written (including other insurance participations) amounted to EUR 1.81 billion rising by 11.8 percent.
The Group's profit before tax amounted to EUR 72.91 million in the first quarter of 2006 and thus surpasses the comparative value of the same period of the previous year by EUR 17.45 million. These figures represent a considerable increase of 31.5 percent. This result is all the more remarkable considering the increased claims incurred due to the hard winter with damage caused by snow pressure and flooding. Essential factors for the excellent profit before tax were good results from investments and a cost-efficient administration.
The profit after tax rose by a considerable 43.4 percent to EUR 60.45 million.
Despite the seasonal effects constituted by the high number of claims incurred due to damage caused by snow pressure and flooding, amounting to a volume of approx. EUR 50 million, the Vienna Insurance Group was able to achieve a combined ratio of 98.3 percent after reinsurance (not including investment income) in the first quarter of 2006.
The net investment income in the first quarter of 2006 amounted to EUR 162.0 million, thus posting a strong increase of 22.5 percent as compared to the first quarter of 2005. Due to the favorable conditions on the capital markets, the Vienna Insurance Group was able to benefit from the realization of price gains.
The gross expenses for claims incurred increased (due to damage caused by snow pressure and flooding) by 13.8 percent to EUR 1.05 billion.
The total investments of the Group rose from EUR 16.92 billion (as of December 31, 2005) to EUR 17.50 billion as of March 31, 2006 (plus 3.4 percent).
With the results achieved for the first quarter of 2006, the Vienna Insurance Group has given itself a solid basis for a successful financial year 2006. The Group is now targeting a profit before tax of approx. EUR 290 million for the entire year 2006, and approx. EUR 350 million for the financial year 2007.
From today's perspective, it is quite realistic that the dividend for the financial year 2006 will be increased as well, to about 77 cent per share.
*In the 1st quarter of 2006, the results achieved by Royal Polska and the Benefia insurance companies in Poland and the Croatian Cosmopolitan were recognized as income in the consolidated accounts for the first time. Companies that have been acquired only recently are not included in the premiums of the Vienna Insurance Group (Wiener Städtische Group).
end of announcement euro adhoc 22.05.2006 07:32:49
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Wiener Städtische Unternehmenskommunikation
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell