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28.11.2018 – 07:59

Vienna Insurance Group AG Wiener Versicherung Gruppe

EANS-News: Vienna Insurance Group continued its upward trend in the third quarter of 2018
All key figures improved in the first nine months, 2018 targets confirmed - ATTACHMENT

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Financial Figures/Balance Sheet

Vienna -

* Premiums up by +2.9 percent to around EUR 7.4 billion
* Result (before taxes) increased by +6.4 percent to EUR 352.3 million
* Combined ratio improved significantly to 96.3 percent
  (Q1-3 2017: 97.3 percent)



Vienna Insurance Group (VIG) continued its stable upward trend in the first
three quarters of 2018, achieving a further improvement in key figures. "This
positive business development makes us highly confident about achieving our
targets for 2018. We continue to aim for a premium volume of EUR 9.5 billion and
a result before taxes in the range of EUR 450 to 470 million in 2018. Our steady
upward trend and broad risk diversification across countries also give us the
financial foundation needed to remain fit for the future. This is also
demonstrated by the A+ rating with stable outlook that was confirmed by Standard
& Poor's again in the third quarter of 2018 for our solid financial position and
high capital strength", stated Elisabeth Stadler, General Manager of Vienna
Insurance Group.

Premium volumes up
Group premiums written increased by +2.9 percent to around EUR 7.4 billion in
the first three quarters of 2018. When adjusted for single premium products
premiums were up by +5.4 percent. With the exception of single premium life
insurance products, significant gains were once again recorded in all lines of
business. The Czech Republic, Baltic states and Hungary were the main sources of
the increase in premiums. VIG recorded double-digit growth in all lines of
business in the Baltic states, where total premium volume grew by +16.5 percent.
Hungary also recorded double-digit growth (+11.2 percent).

Increase in result (before taxes)
The Group result (before taxes) increased by +6.4 percent to EUR 352.3 million
in the first to third quarter of 2018. Significant year-on-year increases in
profits were recorded in Austria, the Czech Republic and the Remaining CEE
segment, which includes, among others, Croatia, Serbia, Macedonia and Ukraine.
Hungary's increase of +34.9 percent made a large contribution to the Group
result (before taxes) and was primarily due to the absence of the write-down of
Vienna Life insurance portfolios in the previous year. The increase of +21.7
percent by the Bulgarian VIG Group companies also made an important contribution
to the increase in the Group result. The Czech Republic and Baltic states also
recorded a positive development in results. Romania is the only market where
performance in the motor business was less favourable, and we are carefully
monitoring the market situation there. A loss of EUR 72.2 million was reported
in the first three quarters of 2018. This was primarily due to a goodwill
impairment of EUR 50.1 million carried out in the second quarter of 2018,
building a provision for an ongoing market-wide anti-trust procedure and a
reserve strengthening in the motor lines of business in the third quarter of
2018.


Combined ratio and other key figures clearly improved
VIG's combined ratio was at an excellent 96.3 percent in the first to third
quarters of 2018, one percentage point lower than last year (Q1-3 2017: 97.3
percent). This was due to a decrease in losses from natural catastrophies, which
resulted in a lower claims ratio compared to the same period last year. The
significant decrease in the combined ratio was primarily due to Austria, the
Czech Republic, the Baltic states, Remaining CEE and Poland.

Group investments including cash and cash equivalents were EUR 37.5 billion as
of 30 September 2018, at a slightly higher level than at the end of last year
(31 December 2017: EUR 37.4 billion).

The financial result was EUR 795.9 million for the first three quarters of 2018.
The +8.7 percent year-on-year increase was primarily due to investment gains,
both from the sale of interest in S IMMO AG and from real estate.

VIG further expands its Global Assistance
As part of "Agenda 2020", VIG continues to expand assistance services provided
by its own service companies. After successfully setting up the most modern
motor assistance centre in the Polish market, a separate Global Assistance
company was set-up in Poland in August 2018. Established in 2017, the company
"Global Assistance Romania", has been operating in the motor area since 1
October 2018. In future, "Global Assistance" will provide support for all
assistance services in the motor, travel, household and health lines of business
in each country. VIG is operating its own assistance companies in five
countries. Following success of the "one-stop shop" model in the Czech Republic,
Slovakia, Bulgaria, Romania and Poland, VIG plans to expand assistance services
to other CEE countries.

Market position strengthened
Vienna Insurance Group strengthened its market position in the third quarter of
2018. The acquisition of Seesam Insurance, which is domiciled in Estonia but
operates across the Baltics, was completed at the beginning of September 2018.
The company has been operating in this region since the end of October 2018
after a new redesign. VIG's market share of 20.4 percent makes it number 1 in
the Baltic states. Merkur Osiguranje was acquired in Bosnia-Herzegovina at the
beginning of 2018 and has been operating under a new Vienna Osiguranje brand
since the end of October 2018. VIG's acquisition of this company almost doubled
its market share to 8.5 percent in Bosnia-Herzegovina. The bank insurance
company s Versicherung and Wiener Städtische Versicherung were successfully
merged in Austria in the third quarter, making VIG the largest life insurer in
Austria with a market share of around 24 percent. The remaining merger of the
Czech bank insurance company PCS and Kooperativa is planned for the end of the
year.




Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Vienna, Schottenring 30

Wolfgang Haas 
Head of Group Communications & Marketing, Spokesperson of the Group
Phone: +43(0)50 390-21029
Fax: +43 (0)50 390 99-21029
E-Mail: wolfgang.haas@vig.com

Nina Higatzberger-Schwarz
Head of Investor Relations
Phone: +43 (0)50 390-21920
Fax: +43 (0)50 390 99-21920
E-Mail: nina.higatzberger@vig.com


end of announcement                         euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/59/5/10237811/1/181128_-_IR_News_VIG_Results_9M_2018__IR_.pdf


issuer:       Vienna Insurance Group AG Wiener Versicherung Gruppe
              Schottenring 30
              A-1010 Wien
phone:        +43(0)50 390-22000
FAX:          +43(0)50 390 99-22000
mail:      investor.relations@vig.com 
WWW:       www.vig.com
ISIN:         AT0000908504
indexes:      ATX, WBI, VÖNIX
stockmarkets: Prague Stock Exchange, Wien
language:     English