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Generali Holding Vienna AG

euro adhoc: Generali Holding Vienna AG
Annual Reports
Generali: Dynamic Growth in Premium Income and Earnings

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
25.08.2005
Generali: Dynamic Growth in Premium Income and Earnings Strong growth
in Life insurance: premium receipts up 21 per cent. - Profit from
ordinary activities jumps to EUR 111.3 million.- Entry into the
Serbian market this autumn.
The Generali Vienna Group has remained firmly on track, reporting
dynamic growth in its premium income and earnings. Applying Austria’s
HGB accounting standards, the Generali Vienna Group’s premium income
during the first six months of 2005 was 7.6 per cent up on the same
period of 2004 at EUR 1.62 billion. Applying IFRS, it grew by 5.6 per
cent to EUR 1.52 billion.
The group’s first-half premium income from property/casualty
insurance grew by EUR 26.6 million or 2.6 per cent on the year to
pass the billion euro mark, totalling EUR 1.03 billion. Consumers
spent EUR 92.6 million on Generali’s private health insurance
products. That was EUR 3.2 million or 3.6 per cent up on the first
half of 2004.
Consumers spend 21 per cent more on Generali’s private pension and
savings products Including the saving components of unit-linked life
insurance policies, consumers invested a total of EUR 493.2 million
in Generali’s life insurance products. That was 20.8 per cent more
than in the first half of 2004. Even without saving components,
Generali reported impressive growth of 14.8 per cent in this segment
(applying IFRS) as premium income from consumers increased by EUR
50.0 million to EUR 388.4 million.
Generali’s life insurance portfolio grew by 11.7 per cent to EUR 26.2
billion. Growth of the portfolio of the Generali life insurance
subsidiary in Poland was particularly striking at 40.5 per cent. It
was largely due to the life insurance sold by BRE Bank on Generali’s
behalf with the help of the present interest-rates environment.
Growth driven by Central and Eastern Europe: premium increase of 11.0
per cent The proportion of the group’s aggregate premium income from
primary insurance business (i.e. without reinsurance) accounted for
by Generali’s current total of seven markets in Central and Eastern
Europe (the group will soon be entering the Serbian market, which
will be its eighth market in Central and Eastern Europe) rose from
25.1 to 28.7 per cent as the group’s first-half premium income from
primary insurance business in Central and Eastern Europe grew by 20.7
per cent to EUR 418.0 million. It also grew in Austria, increasing by
0.3 per cent to EUR 1.04 billion. Overall, the group’s premium income
from primary insurance business advanced by 5.4 per cent to EUR 1.46
billion.
The Generali Vienna Group’s first-half claims and benefits expense
fell by 1.3 per cent to EUR 1.0 billion. Costs were stable at EUR
303.9 million.
The group’s investments grew significantly, namely by 5.2 per cent to
EUR 9.1 billion. That compared with growth of just 2.0 per cent in
the first quarter. Furthermore, the group achieved a turnaround in
its current income from investing activities. Following a decline of
5.7 per cent in the first three months of 2005, first-half current
income from investing activities grew by 6.2 per cent to EUR 226.7
million.
Profit-orientated growth: conspicuous advance in profit from ordinary
activities Group CEO Karl Stoss has expressed particular pleasure in
the fact that the sharp increase in premium income was also
accompanied by another marked advance in profit from ordinary
activities. Having come to EUR 63.0 million during the first six
months of 2004, profit from ordinary activities during the first half
of this year already stood at EUR 111.3 million. In the words of Karl
Stoss, "This increase of 76.7 per cent underlines the continuing
success of our profit-orientated growth strategy."
Entry into the Serbian market in the autumn Stoss also sees the
group’s planned entry into the Serbian market this autumn as a
reflection of its profit-orientated growth strategy: "The point is
not merely to accumulate countries and subsidiaries. Our goal is to
combine the expansion of our very successful activities in Central
and Eastern Europe with sustained earning power. We are acquiring a
majority stake in Serbia’s Delta Osiguranje so as to continue our
expansion in the region on that basis." Delta Osiguranje is Serbia’s
largest private insurance company. It ranks third in the Serbian
marketplace with annual premium income of about EUR 16 million and is
one of Serbia’s few providers of a complete range of insurance
products. It only recently began pension fund operations to round off
the product line. Delta Osiguranje can rely on an own distribution
channel.
Generali has increased its growth forecast for 2005 The Generali
Vienna Group has increased its full-year premium growth forecast for
2005. As things stand at the moment, it expects its premium income to
grow by 3.9 per cent to EUR 2.8 billion, and it also anticipates an
increase in its profit from underwriting activities. Because interest
rates have remained low, the group will not quite match last year’s
profit from investing activities. Listed group parent Generali
Holding Vienna AG currently expects to be able to declare the same
dividend for 2005 as for last year.
end of announcement                               euro adhoc 25.08.2005 07:28:00

Further inquiry note:

Generali Holding Vienna AG
Josef Hlinka
Tel.: (++43-1) 534 01-1375
Fax: (++43-1) 534 01-1593
mailto:josef.hlinka@generali.at
http://www.generali-holding.at

Branche: Insurance
ISIN: AT0000661350
WKN: 066135
Index: WBI, ATX Prime, ATX
Börsen: Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

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