Generali Holding Vienna AG

euro adhoc: Generali Holding Vienna AG
Quarterly or Semiannual Financial Statements
Generali: A successful start to 2004 (E)

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Generali Vienna Group reports premium income growth and reduced costs during the first quarter of 2004.

In the words of Generali Vienna Group CEO Dietrich Karner during the presentation of the group's Interim report for the first quarter of 2004, "We had a successful start to 2004." This financial services provider with its presence in Austria and seven countries in Central and Eastern Europe recorded impressive growth in premium income as well as another reduction in costs, "taking us another important step forward in our commitment to strict profit orientation." The Group's consolidated first-quarter premium income increased by 2.4 per cent to EUR 817.8 million.

Powerful trend towards classical life insurance variants One key motor of growth was classical recurring-premium life insurance business. First-quarter premium income in that segment increased by 6.7 per cent, underlining the growing demand for private pension insurance. Overall, first-quarter premium income from primary insurance business in the life insurance segment grew by 3.7 per cent to EUR 167.9 million. Central and Eastern Europe accounted for 22.2 per cent of that total. Sums insured within the life insurance portfolios of the nine members of the Generali Vienna Group operating in that segment totalled 23.1 billion on 31 March 2004, which was 6.3 per cent more than on the same day of 2003. The proportion accounted for by the group-members in Central and Eastern Europe increased to 35.6 per cent.

First-quarter premium income from primary property/casualty insurance business grew by 6.1 per cent to EUR 575.5 million. First-quarter premium income from primary health insurance business increased by 1.4 per cent to EUR 44.5 million. Non-life premium income in the Central and Eastern Europe grew by 23.6 per cent overall. It accounted for 24.4 per cent of the Group's aggregate premium income from primary non-life insurance business.

Significant fall in benefit payments in the property/casualty insurance segment The Generali Vienna Group paid out EUR 461.7 million during the first three months of 2004. Benefit payments in the property/casualty segment fell by 8.5 per cent. The reduction was the result of better weather conditions and the segment's consistent profit orientation. The volume of maturities in the life insurance segment remained high during the first quarter of 2004, resulting in a 19.9 per cent increase in benefit outpayments. However, benefits upon maturity have peaked, so outpayments should flatten off in coming quarters. The Group-members' total first-quarter costs exclusive of commission fell by 0.9 per cent to EUR 149.0 million.

The Group's consolidated investments grew by EUR 104.1 million or 1.3 per cent to EUR 8,380.6 million in the three months ended 31 March 2004.  The Generali Vienna Group's first-quarter current investment income (interest, rents, dividends, distributed fund earnings) came to EUR 107.1 million, which was 1.6 per cent more than in the same period of 2003.

Consolidated first-quarter net profit was up on the same period of 2003 at approximately EUR 10 million.

Looking forward to 2004 as a whole, Group CEO Dietrich Karner expects the Group to return a result "that will enable us make another allocation to our own funds and to distribute the same per-share outpayment to shareholders as for 2003."

end of announcement            euro adhoc 27.05.2004

Further inquiry note: Generali  Holding Vienna AG Josef Hlinka Tel.: (++43-1) 534 01-1375 Fax: (++43-1) 534 01-1593

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

Weitere Meldungen: Generali Holding Vienna AG

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