EANS-Adhoc: Vienna Insurance Group in the first quarter of 2010: Best first quarter in the corporate history
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Results 3M 2010
20.05.2010
Profit (before taxes) increased by 10.4 percent to EUR 133.4 million
Group premiums for the first time above EUR 2.5 billion
Premiums grow by 7.9 percent
CEE core markets* - market leadership also in life insurance
Number one in the Czech Republic
Foundation of a life insurance company in Macedonia
OVERVIEW OF KEY GROUP DATA FOR THE FIRST QUARTER OF 2010 (BASED ON IFRS)
In the first quarter of 2010, Vienna Insurance Group reported a total of premiums written (consolidated) of EUR 2.53 billion; this is a plus of 7.9 percent compared to the same period of the previous year. The Group achieved an increase of 13.8 percent in net earned premiums.
The Group´s profit (before taxes, consolidated) for the first three months of 2010 amounted to EUR 133.44 million, corresponding to a total growth of 10.4 percent. This is the best first-quarter result ever achieved in the corporate history.
The combined ratio of the Group after reinsurance (without taking into account investment income) stood at 97.5 percent in the first quarter of the current year.
The financial result of the Group totaled EUR 310.36 million in the first quarter of 2010, climbing by 30.3 percent from the prior-year level.
The investments of the Group amounted to EUR 26.85 billion as at 31 March 2010; this is an increase by 3.7 percent compared to 31 December 2009.
OUTLOOK
Due to the business development in the first quarter of 2010, the management of Vienna Insurance Group reinforces the expected growth in the profit (before taxes) by more than ten percent and a single-digit increase in premiums.
FOUNDATION OF A LIFE INSURANCE COMPANY IN MACEDONIA
After the announced market entry in Montenegro, Vienna Insurance Group continues strengthening its presence in Central and Eastern Europe and plans to establish a life insurance company in Macedonia. The Group has already been represented in the non-life insurance sector of Macedonia through Winner Vienna Insurance Group since 2007.
The insurance products are to be sold through Investbanka a.d. Skopje, forming part of the Erste Group. As a result, sales cooperation with Erste Group will cover a total of ten countries.
* CEE core markets defined as follows: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania, Serbia, Slovakia
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Further inquiry note:
VIENNA INSURANCE GROUP (V.I.G.)
1010 Wien, Schottenring 30
Alexander Jedlicka
Public Relations, Pressesprecher
Tel.: +43 (0)50 350 21029
Fax: +43 (0)50 350 99 21029
E-Mail: alexander.jedlicka@vig.com
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