EANS-Adhoc: Vienna Insurance Group in the 1st to 3rd quarter of 2010: - Group premiums increased by 7.1 percent to EUR 6.5 billion - Profit (before taxes) rose by 10.9 percent to EUR 377.7 million
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First Three Quarters 2010
09.11.2010
Not for distribution in the USA, Canada, Japan and Australia.
- Continuing strong growth in the life insurance business - Expansion of the Group's sound capital base
OVERVIEW OF KEY GROUP DATA FOR THE FIRST THREE QUARTERS OF 2010 (IN ACCORDANCE WITH IFRS)
In the first three quarters of 2010, Vienna Insurance Group registered premiums written (consolidated) of a total of EUR 6.5 billion, corresponding to a plus of 7.1 percent compared to the same period of the previous year.
With a Group profit (before taxes, consolidated) totalling EUR 377.7 million, Vienna Insurance Group has continued its efforts to improve its result on an ongoing basis, increasing it by a remarkable 10.9 percent.
Amounting to 98.2 percent, the combined ratio of the Group (net, this means after reinsurance, excluding investment income) continued to remain under the 100-percent threshold despite increases arising from natural disasters. This damage (before reinsurance) - particularly in Austria, the Czech Republic, Poland and Romania - amounted to more than EUR 180 million.
In the first three quarters of the current year, the financial result of the Group totalled EUR 895.7 million; this corresponds to an increase by 23.2 percent compared to the same period of the previous year.
The investments of the Group as of 30 September 2010 totalled EUR 27.7 billion, climbing by 6.9 percent from the level of 31 December 2009.
The Group's equity rose by 6.2 percent to a total of EUR 4.9 billion.
CONFIRMATION OF THE PROFIT FORECAST
The management of Vienna Insurance Group confirms that the aspired increase in the profit before taxes of at least of 10 percent is likely to be achieved according to plans in the current financial year.
Another increase in the profit before taxes by about 10 percent is expected for the year 2011, while the volume of premiums is expected to rise within a single- digit percentage range. Prerequisites are, however, that the economic and legal framework will not deteriorate substantially and that damage arising from natural disasters will not show a dramatic development.
EXAMINING A BOND ISSUE
With an equity ratio of 12.6 percent and meeting capital adequacy requirements by more than 200 percent, the Group has an excellent financial base. To continue optimising the future-oriented equity base and capital structure, the Managing Board considers the possibility of issuing a subordinated bond.
Disclaimer:
This announcement serves information purposes in Austria and constitutes neither an offer to sell nor a solicitation to buy any securities. A public offer by VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe has not yet taken place. Any securities orders received prior to the commencement of the offer period will be rejected. If a public offer is made, a prospectus approved by the Austrian Financial Market Authority will be published in Austria which will be available free of charge at VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Schottenring 30, 1010 Vienna.
This announcement is not an offer for sale of securities in any jurisdiction where such an offer is illegal. The securities have not been registered under the U.S. Securities Act of 1933 as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements under the Securities Act. This announcement is not being issued in the United States and may not be distributed to U.S. persons or publications with general circulation in the United States.
This announcement is directed only at persons (i) who are outside the United Kingdom or (ii) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (iii) who fall within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
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Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
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