Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP

euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
quarterly or semiannual financial statement
Vienna Insurance Group (Wiener Städtische Group) in the first half of 2006(IFRS figures)

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22.08.2006

Please note: this is a translation; only the German version of this news release is legally binding.

Group's half year premiums to exceed EUR 3 billion mark for the first time

Share of CEE companies in the Group's premiums already totaling approx. 35 percent, in property/casualty already nearly about 50 percent

Group profit before tax increases by 14.4 percent, attaining EUR 143.35 million

Overview of key group data for the 1st half of 2006*:

In the first half of 2006, the Vienna Insurance Group achieved consolidated premiums written in the amount of EUR 3.03 billion; this is the first time that its half-year result exceeds the three-billion-euro limit. As compared to the same period of the previous year, the premium income thus rose by a total of 14.9 percent.

Including other insurance participations, non-consolidated premiums written amounted to EUR 3.17 billion, i.e., rose by 13.4 percent.

The Group also continued to increased its profit before tax. In the first half of 2006, it amounted to EUR 143.35 million and thus surpassed the comparative value of the same period of the previous year by 14.4 percent. This result was achieved in spite of the increased expenses that were incurred in this accounting period due to damage caused by snow pressure and flooding. Furthermore, the figure for the comparable period of the previous year included profits realized from the sale of Investkredit and stakes in Porr in the amount of approx. EUR 45 million. On the other hand, the value of EUR 9.8 million from the sale of the non-profit residential building companies (gemeinnützige Wohnbaugesellschaften) was included for the first time.

At 97.9 percent, the combined ratio after reinsurance (not including investment income) continues to be below the 100-percent mark despite the high number of claims due to flooding and snow pressure and is thus in compliance with the corporate goals.

The financial result of the first half of 2006 amounted to EUR 361.06 million, showing an increase of 18.2 percent as compared to the prior-year period. Although the capital markets were rather reserved, the Vienna Insurance Group was able to benefit from price gains due to its cautious and broadly diversified investment policy.

The expenses for claims incurred increased by 16.5 percent to EUR 2.05 billion with payments due to damage caused by flooding and snow pressure in the amount of approx. EUR 96 million.

The total investments of the Group rose from EUR 16.92 billion (as of December 31, 2005) to EUR 18.12 billion as of June 30, 2006 (plus 7.0 percent).

The result of the first half of 2006 shows that the Vienna Insurance Group is continuing on its successful path of consolidating the Group companies and purchasing additional enterprises that fit our strategy. The Group's targeted profit before tax of approx. EUR 290 million for the entire year 2006 is thus corroborated, i.e. an increase of more than 20 percent as compared to the prior- year period.

*As compared to the same period of the previous year,  the  following companies were included in the consolidated accounts for the first time in the first  half of  2006:  CPP,  Cigna,  Benefia  Property, Cosmopolitan,    Helios,    Bulstrad, Omniasig, Royal Polska.

WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504

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ots Originaltext: Wiener Städtische Allg. Vers. AG
Im Internet recherchierbar: http://www.presseportal.de

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



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