EANS-Adhoc: Vienna Insurance Group reports stable development in the first half of 2009
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Results 6M 2009
20.08.2009
- Group premiums significantly above EUR 4 billion
- Profit (before taxes) of about EUR 230 million
- Double-digit growth in numerous CEE markets
- Cost measures lead to favorable operating result
- Number 1 position in CEE core markets* further strengthened
OVERVIEW OF KEY GROUP DATA FOR THE 1st SIX MONTHS OF 2009 (in accordance with IFRS) **
In the first six months of 2009, Vienna Insurance Group achieved a total of premiums written (consolidated) of EUR 4.25 billion. Based on euros, this corresponds to an increase of 0.9 percent compared to the same period of the previous year. The net earned premiums rose by 4.1 percent (based on euros).
The Group companies of Vienna Insurance Group managed to stay on a growth path despite the currently difficult economic situation. Based on local currencies Vienna Insurance Group registered a significant plus of 6.3 percent of premiums written, while the net earned premiums climbed by 9.7 percent.
The Group profit (before taxes, consolidated) amounted to EUR 230.25 million in the first six months of 2009 which is compared to the international industry a very good result. The difficult situation in the capital markets as well as the one-off effects of the sale of BA-CAV and Unita last year led to a year-on-year decline (minus 20.1 percent). Compared to the first half of 2007, Vienna Insurance Group even succeeded in increasing the result by EUR 15 million; this corresponds to a plus of 7 percent.
The adverse effects arising from storm damages - predominantly in Austria and the Czech Republic - were more than compensated for by the cost-cutting restructuring measures implemented by the management.
The combined ratio of the Group after reinsurance (excluding income from investments) stood at 95.5 percent during the first six months of the current year; this is a slight improvement - contrary to the market trends. The loss ratio increased by about EUR 20 million net or 1.6 percentage points (which was mainly due to storm damages), while the Group´s expense ratio dropped by 2.1 percentage points, corresponding to an amount of EUR 36 million.
The financial result for the first six months of 2009 amounted to EUR 471.58 million. The minus of 23.8 percent reflects the continuing difficult situation in the capital markets. A comparison with prior-year data is possible only to a limited extent due to the non-recurring effects of the sale of BA-CAV and Unita last year (EUR 325 million).
As of 30 June 2009, the investments of the Group amounted to EUR 25.08 billion. This is a 2.2 percent increase from the level of 31 December 2008.
The shareholders´ equity of the Group increased by 8.5 percent to a total of EUR 4.49 billion.
* Definition CEE: Czech Republic, Slovakia, Poland, Romania, Bulgaria, Croatia, Serbia and Hungary ** All statements for the first six months of 2009 include figures from s Versicherung Group and the BCR insurance companies. BA-CAV and Unita are included only in comparisons to the first six months of 2008.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
VIENNA INSURANCE GROUP (V.I.G.)
1010 Wien, Schottenring 30
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: barbara.hagen@vig.com
Mag. Thomas Schmee
Investor Relations
Tel.: +43 (0)50 350-21900
Fax: +43 (0)50 350 99-21900
E-Mail: thomas.schmee@vig.com
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wien / official market
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell