euro adhoc: Vienna Insurance Group
Financial Figures/Balance Sheet
Vienna
Insurance Group in 2007, in accordance with IFRS*:
Excellent result for 2007
Profits (before taxes) of more than EUR 437 million (plus 36.2 percent)
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
27.03.2008
Please note: this is a translation; only the German version of this release is legally binding.
I. OVERVIEW OF KEY GROUP DATA FOR THE FINANCIAL YEAR 2007*
Compared to the previous year, in 2007 the Vienna Insurance Group achieved growth of 17.5 percent in consolidated premiums written (without other insurance participations), amounting to a total of EUR 6.91 billion.
Group profits (before taxes, consolidated) grew by an impressive 36.2 percent compared to the previous year, to a total of EUR 437.30 million. This is an increase of approximately EUR 116.33 million.
The positive business development makes possible an increase in the dividend from 82 cents to EUR 1.10 per share, as will be recommended to the competent corporate bodies. This represents a significant increase of just over 34 percent compared to the previous year's dividend.
The Group's combined ratio after reinsurance (not considering investment income) of 95.5 percent was again an improvement on the previous year. Despite the storm damage suffered last year the figure was well below the 100 percent mark.
Compared to 2006, the financial result increased by almost 40 percent to EUR 1.00 billion. This increase, attained despite the turbulence that hit equity markets during the second half of 2007, underlines the Vienna Insurance Group's the long-term sustainable conservative investment policy.
Total Group investments amounted to EUR 23.24 billion on 31st December 2007, which represents growth of 18.6 percent compared to year end 2006.
II. NEW CHALLENGING TARGETS FOR 2011
As reported, the Vienna Insurance Group has signed an agreement to acquire all of the insurance activities from Erste Bank. With regard to possible conditions to anti-trust approvals in connection with the transaction, the Vienna Insurance Group considers the sale of shares in Bank Austria Creditanstalt Versicherung and the Romanian insurance company Unita. After excluding expected premiums and profits (before taxes) of these two companies, the Vienna Insurance Group sets new and ambitious targets for 2011. For the year 2011, Group profit (before taxes) of more than EUR 1 billion and premiums in the amount of more than EUR 12 billion will be targeted. The CEE share in total Group premiums is expected to increase to more than 50 percent.
* The most recently acquired companies are not included in the Group premiums for the Vienna Insurance Group.
Disclaimer: This release contains forward-looking statements based on the currently held beliefs and assumptions of the management of Wiener Städtische Versicherung AG Vienna Insurance Group ("VIG"), which are expressed in good faith and, in their opinion, reasonable. These statements may be identified by words such as "expectation" or "target" and similar expressions, or by their context. Forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of VIG, or results of the insurance industry generally, to differ materially from the results, financial condition, performance or achievements express or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. VIG disclaims any obligation to update these forward-looking statements to reflect future events or developments.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Contact:
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
Barbara Hagen-Grötschnig, MBA
Corporate Communications
Schottenring 30, 1010 Vienna
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: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell