Tous Actualités
Suivre
Abonner Generali Holding Vienna AG

Generali Holding Vienna AG

euro adhoc: Generali Holding Vienna AG
Quarterly or Semiannual Financial Statements
Generali Vienna Group: Powerful growth in the CEECs (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
H1 2003:  Growth in premium income, reduced burden of claims and
costs.  Expansion driven by Central and Eastern European markets. 
Life insurance portfolios grow by 27 per cent.  Same dividend
expected as for 2002.
The Generali Vienna Group, which operates in Austria, Hungary, the
Czech Republic, Slovakia, Poland, Slovenia, Croatia and Romania,
continued to grow during the first half of 2003.  The group’s premium
income from primary insurance business (preliminary figures) grew by
2.2 per cent to a total of EUR 1,319.4 million.  Premium growth was
above all driven by Central and Eastern Europe (the CEECs), where
premium income increased by an impressive 13.1 per cent to EUR 297.3
million despite relatively rapid depreciation of virtually all the
CEEC currencies.  Including reinsurance business, the Generali Vienna
Group recorded first-half premium income of EUR 1,400.7 million.
Group CEO Dietrich Karner summed up developments as follows:  "Our
group’s growth during the first half was above all driven by our
subsidiaries in Central and Eastern Europe, where more dynamic
economic growth generated pleasing increases in premium income."  The
CEECs now accounted for 22.5 per cent of the group’s aggregate
premium income from primary insurance business.  Karner expects the
group’s consolidated full-year premium income to increase to EUR 2.6
billion in 2003.
In the absence of any significant change in the state of the capital
markets in the period up to the end of this year, Generali expects
its Austrian insurance subsidiaries to post significantly improved
results.  Results in Central and Eastern Europe should be as
expected.  The group’s projected consolidated profit for the year
should permit the same distribution to shareholders for 2003 as for
last year.
Powerful growth in non-life insurance lines
The Generali Vienna Group achieved powerful growth in the non-life
insurance segment:  First-half premium income from primary insurance
business in the property/casualty segment increased by 6.8 per cent
to EUR 929.2 million, and premium income from health insurance
business grew by 3.3 per cent to EUR 84.8 million.  In the life
insurance segment, the Generali Vienna Group concentrated on regular
premium business.  Because of growing awareness of the need for
private pension insurance and willing acceptance of Austria’s new
state-subsidized pension and savings format, it proved possible to
achieve growth of 8.9 per cent in premium income in that sector,
which totalled EUR 258.0 million.  Premium income from primary
insurance business in the life insurance segment as a whole (Austria
and the CEECs) fell by 9.9 per cent to EUR 305.4 million as the
cutback in profit shares dented single-premium business.
Notable growth in life insurance portfolios 
On 30 June 2003, the ten companies in the Generali Holding Vienna
Group that provide life insurance services had total capital insured
of EUR 21,838.2 million. That translates into an increase of 27.1 per
cent compared with the previous year.  The CEECs in particular gained
considerably in importance, among other things because of portfolios
taken over in Poland (Zurich Financial Services) and in Slovenia and
Slovakia.  Their share of total capital insured increased from nearly
17 per cent to 32.5 per cent (EUR 7,115.5 million).
Falling burden of claims and costs
Claims and benefit outpayments during the first six months of 2003
totalled EUR 882 million.  A temporary 21.6 per cent fall-off in
benefit outpayments in the life insurance segment led to an 8.5 per
cent reduction in the overall burden of claims and benefits.  The
group was able to sustain the same non-life claims record as in the
first half of 2002.
At the same time, it proved possible to cut the group-members’
aggregate first-half costs by 3.1 per cent to EUR 291.8 million.
Investments grew by EUR 120 million
The group’s consolidated investments grew by EUR 119.8 million or 1.5
per cent to EUR 8.4 billion during the first half of 2003.  Current
investment income (interest, rents, dividends, distributed fund
earnings) was virtually static on the year at EUR 220.4 million. 
Here too, the unusually hefty depreciation of the CEECs currencies,
including in particular the currencies of Hungary, Poland and the
Czech Republic, had a significant impact.
Outlook:  Success as a profit-orientated financial services provider 
During the second half of 2003, Generali will continue to focus
closely on improving its underwriting results.  Karner:  "We are
striving for underwriting profits and are therefore concentrating on
our core insurance segment, which is being supplemented by alliances
with members of the banking industry and the activities of our own
Generali Bank."
Since July 2003, Generali Bank has been meeting all its customers’
needs with a full range of banking services in the current account,
saving, investment, securities and loan segments.  The bank offers
excellent value for money.  Karner:  "Generali Bank is giving another
powerful boost to our strong position in the market as a
profit-orientated provider of a comprehensive line of financial
services."
end of announcement        euro adhoc 29.08.2003

Further inquiry note:

Generali Holding Vienna AG
Mag. Christine Rohrer
Tel.: (++43-1) 534 01-2446
Fax: (++43-1) 534 01-1593
mailto:christine.rohrer@generali.at
http://www.generali-holding.at

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

Plus de actualités: Generali Holding Vienna AG
Plus de actualités: Generali Holding Vienna AG