Wiener Städtische Allgemeine Versichererungs AG
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Financial
Figures/Balance Sheet
Wiener Städtische Versicherung AG Vienna Insurance Group
- Figures for 2006:
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
23.01.2007
Please note: this is a translation; only the German version of this release is legally binding.
Group* (including Wüstenrot, unconsolidated) surpasses EUR 6 billion premium mark / substantial premium expansion of 17 percent
CEE continues to be the growth driver
CEE share in total premiums amounts to nearly 40 percent, and in the property/casualty segment constitutes already more than 50 percent for the first time
Increase of Group profit (before tax, consolidated) by more than 30 percent to reach EUR 315 to EUR 320 million
Strong increase in dividend planned from 66 cents to about 80 cents
"We have successfully continued our trend of vigorous growth and successfully surpassed the mark of EUR 6 billion in unconsolidated group premiums in the year 2006. In this, a major driving force were our companies in Central and Eastern Europe. We were able to increase the Group profit (before tax, consolidated) from EUR 240 million in 2005 to an amount ranging from EUR 315 million to 320 million in 2006 - in spite of a year that has seen high insurance losses on account of floods and snow pressure", says CEO Günter Geyer on the preliminary figures for the past financial year 2006. "Based on this excellent development, we can hold out the prospect of an increase in the dividend also for the financial year 2006. The Management Board intends to propose a dividend increase from 66 cents in 2005 to 80 cents per share for the year 2006."
I. OVERVIEW OF DATA FOR THE FINANCIAL YEAR 2006
According to preliminary data, in the financial year 2006 the Vienna Insurance Group* was able to increase its unconsolidated premiums written by 17.0 percent to a total of EUR 6.12 billion as compared to the previous year. Almost 40 percent of the unconsolidated premiums were written by the CEE companies.
The 2006 Group profit (before tax, consolidated) will range from EUR 315 to EUR 320 million. These figures represent an excellent increase of over 30 percent as compared to the Group profit (before tax) in 2005 of about EUR 240 million. This result also surpasses the previously expected Group profit of about EUR 310 million. These figures were attained despite higher losses on account of snow pressure and floods in the first half of the past year.
In 2006, the Group combined ratio after reinsurance (not including investment income) is expected to be again well below the 100 percent mark (despite higher losses on account of snow pressure and floods).
From today's point of view, it will be suggested to the decision-making bodies to increase the dividend from 66 cents to 80 cents per share, constituting a significant rise of more than 20 percent.
II. YEAR 2006 DEVELOPMENT IN DETAIL (unconsolidated)
Austria*
In 2006, the premiums of the Austrian companies amounted to EUR 3.57 billion. With a premium expansion of 7.8 percent they advanced vigorously as compared to the previous year.
In Austria, the premium volume in the property/casualty insurance increased by 4.5 percent to EUR 1.45 billion.
Premiums in life insurance of the Austrian companies rose by 11.4 percent to EUR 1.82 billion.
In the health insurance segment, the Austrian companies generated premiums in the amount of EUR 298.31 million, translating to a stable 3.1 percent increase.
CEE
Once again, the CEE Group companies continued to be a strong growth factor. In 2006, these companies generated a premium income of EUR 2.31 billion. With this impressive growth of 40.8 percent as compared to the same period of the previous year, these markets thus made an especially large contribution to the good result.
In the property/casualty segment, the premium volume of the companies in CEE was EUR 1.67 billion. This represents a considerable increase of 36.9 percent. More than half of the premiums (i.e. 52.4 percent) in the property/casualty insurance is already generated by the companies in CEE.
The CEE companies achieved a particularly pronounced growth in the life insurance segment, with an extraordinary increase of 52.3 percent to EUR 639.43 million. The CEE markets thus recorded one quarter (i.e. 24.2 percent) of the Group premiums in life insurance.
Says CEO Günter Geyer, "based on this excellent 2006 development even surpassing our expectations and in view of good business prospects we very confidently confirm our planned results for 2007 of about EUR 370 million and for 2009 of about EUR 470 million."
*The Group premium data include the consolidated group companies plus other insurance participations especially Wüstenrot Versicherung. The participation in Sparkassen Versicherung is not included. The 2006 figures are based on preliminary data.
Wiener Städtische Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504
You will also find this press release on http://www.wienerstaedtische.at under Ad-hoc News
end of announcement euro adhoc 23.01.2007 07:26:21
Further inquiry note:
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
Birgit Reitbauer
Corporate Communications
Schottenring 30, 1010 Vienna
Tel.: +43 (0)50 350-21336
Fax: +43 (0)50 350 99-21336
E-Mail: b.reitbauer@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original-Content von: Wiener Städtische Allgemeine Versichererungs AG, übermittelt durch news aktuell