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) during the first nine months 2006 (IFRS figures):

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22.11.2006

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

Vienna Insurance Group sets new targets: Profit expectations for 2006 and 2007 increased - for the first time new targets for the year 2009

Group profit before tax already achieved year end 2005 level

Group continues double-digit premium growth / CEE is the big growth driver

For the first time, with approx. 50 percent contribution, CEE exceeds Austria's P&C share of business

I. OVERVIEW OF KEY GROUP DATA FOR QUARTERS 1 - 3/2006:

From January - September 2006 the Vienna Insurance Group achieved consolidated premiums written in the amount of EUR 4.32 billion, an increase of 14.4 percent as compared to the same period of the previous year. Including other insurance participations, non-consolidated premiums written amounted to EUR 4.53 billion.

The Group's profit before tax rose by 22.9 percent to EUR 230.72 million in the first three quarters 2006, already hitting the level of the full year 2005 (approx. EUR 240 million). This result was achieved despite the increased expenses for claims incurred in the current year due to damage caused by snow pressure and flooding. Furthermore, the figure for the comparable period of the previous year included profits realised from the sale of Investkredit and stakes in Porr in the amount of approx. EUR 45 million. On the other hand, non-profit residential building companies have been included for the first time, contributing EUR 14.2 million to the Group's profits before tax in the first three quarters of this year.

The Combined ratio after reinsurance (excluding investment income) is 97.0%, continuing to be below the 100 percent mark despite the high number of claims due to flooding and snow pressure.

The financial result of the first three quarters of 2006 amounted to EUR 538.61 million, showing a strong increase of 19.4 percent, due to the changed situation of the capital markets in the third quarter 2006.

The gross expenses for claims incurred increased (snow pressure, flooding) by 14.3 percent to EUR 3.00 billion.

The total investments of the Group rose from EUR 16.92 billion (as of December 31, 2005) to EUR 18.83 billion as of 30 September 2006 (plus 11.3 percent).

II. NEW TARGETS FOR THE YEARS 2006 - 2009

Given the excellent results achieved in the first nine months of 2006, the profit before tax target for 2006 has now been increased from the latest figure of EUR 290 million to about EUR 310 million. Furthermore, also for the year 2007 a significant increase of the profit before tax from EUR 350 million to about EUR 370 million is planned. For 2009, the Group's profit target before tax is determined by about EUR 470 million, i.e. quasi a doubling of Group's 2005 profit before tax.

Wiener Städtische Allgemeine Versicherung AG A-1010 Wien, Schottenring 30 ISIN: AT0000908504

Wiener Städtische's Ad-hoc Releases are also available at www.wienerstaedtische.com/ir under Ad-hoc News

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

Further inquiry note:
Mag. Birgit Reitbauer
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
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



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