Wiener Städtische Allgemeine Versichererungs AG
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
other /
Wiener Städtische Versicherung AG Vienna Insurance Group (Vienna Insurance
Group) raises Embedded Value to about EUR 4.2 billion
25.04.2007 – 08:00
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
25.04.2007
Please note: this is a translation; only the German version of this release is legally binding.
The group embedded value (after taxes) for the Vienna Insurance Group was EUR 4.19 billion as of 31 December 2006, which marks a clear increase by 14.3 percent, as compared to the previous year. Thus Vienna Insurance Group was able to achieve a return on embedded value of about 17 percent.
71 percent of the total group embedded value of the Vienna Insurance Group of EUR 4.19 billion is attributable to the Austrian and German insurance business. While in 2005 the share contributed by the companies in CEE (Kooperativa in the Czech Republic, Kooperativa in Slovakia and Union Biztosító in Hungary) accounted for only approx. 23 percent, this share is as much as 29 percent in 2006, thus showing the importance of the rapidly growing business of the Vienna Insurance Group in that region.
The value of the new business written in 2006, in the amount of EUR 81.6 million, rose by 9.1 percent as compared to the previous year. This value represents the earnings power of the life and health insurance lines and is included in the group embedded value.
In addition to these two components, the Vienna Insurance Group also determines the value of in-force business for parts of the Austrian P & C business on the basis of the long-term relations with private customers who have taken out P & C contracts that are serviced via the important sales channel of the own employed sales force. On this basis, the value of the enterprise would rise by EUR 577 million to approx. EUR 4.77 billion.
The European embedded value was published for the first time by the Vienna Insurance Group for the year 2005. In doing so, the Vienna Insurance Group reflected the most recent developments in the valuation of businesses by the capital market. For 2006, the reference values from 2005 were adjusted as a consequence of the introduction of a new profit sharing arrangement in Austria.
The embedded value is the number showing the value of in-force insurance business and in accordance with international guidelines is made up of the net assets for life, health and P & C insurance as well as the current value of the combined future earnings from in-force business in the life and health lines.
Renowned consultants Deloitte & Touche LLP London have reviewed and fully confirmed the group embedded value of the Vienna Insurance Group.
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 25.04.2007 07:22:53
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
VIENNA INSURANCE GROUP
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original-Content von: Wiener St�dtische Allgemeine Versichererungs AG, übermittelt durch news aktuell