EANS-Adhoc: Vienna Insurance Group
VIENNA INSURANCE GROUP IN THE FIRST
HALF-YEAR OF 2013:
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Mid Year Results
29.08.2013
29.08.2013
Operating result increases sharply to EUR 330.7 million (+9.5 percent)
Profit before taxes amounts to EUR 205.7 million (-31.9 percent) due to
precautions and impairments
Premiums of more than EUR 5 billion
Severe weather claims: compensation paid to customers triples to approx.
EUR 230 million
Despite precautions and severe weather claims, the combined ratio remains
below 100 percent
Key Group data for the first half-year of 2013
In a challenging market environment Vienna Insurance Group achieved a sound
premium development. Consolidated premiums written amounted to EUR 5.0 billion
(-4.8 percent). The premium income was influenced by the restraint in the short-
term single-premium business in Poland. Without this special effect, premiums
grew by 2.2 percent.
Despite tough competition in the property/casualty insurance, the premium
volume remained at a stable level of EUR 2.6 billion.
The life segment was impacted by the restraint in the short-term single-premium
business in Poland. In this segment the Group earned premiums of EUR 2.2
billion (-10.3 percent). Adjusted for the Polish effect, a significant growth
of 5.4 percent was achieved. Regular premiums in life increased by 1.2 percent.
Premiums in health continued to grow steadily to EUR 199.1 million
(+2.5 percent).
The operating result rose by 9.5 percent to EUR 330.7 million. In line with the
conservative accounting policy of Vienna Insurance Group, goodwill impairment
amounting to EUR 75 million and precautionary measures of EUR 15 million have
been made in Romania. Additional precautions of EUR 35 million were recognised
for the insurance business of Donau Versicherung in Italy. Hence, the profit
(before taxes) of the Group amounted to EUR 205.7 million.
The financial result of the Group for the first half-year of 2013 totalled EUR
593.0 million, growing by 1.9 percent. The investments of the Group - including
cash and cash equivalents - amounted to EUR 29.4 billion as of 30 June 2013.
Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Alexander Jedlicka
Head of Public Relations, Spokesperson
Tel.: +43 (0)50 390-21029
Fax: +43 (0)50 390 99-21029
E-Mail: alexander.jedlicka@vig.com
Nina Higatzberger
Head of Investor Relations
Tel.: +43 (0)50 390-21920
Fax: +43 (0)50 390 99-21920
E-Mail: nina.higatzberger@vig.com
end of announcement euro adhoc
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issuer: Vienna Insurance Group
Schottenring 30
A-1010 Wien
phone: +43(0)50 390-21919
FAX: +43(0)50 390 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien, stock market: Prague Stock Exchange
language: English
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell