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Generali Holding Vienna AG

euro adhoc: Generali Holding Vienna AG
Annual Reports
Sharp rise in Generali Vienna's profits

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
22.04.2005
The Generali Vienna Group pushes its profit from ordinary activities
up to over EUR 130 million and net profit for the year to over EUR
100 million. The per-share earnings of listed parent Generali Holding
Vienna AG rise from EUR 0.40 to EUR 1.60.
The Generali Vienna Group achieved a sharp rise in profits in 2004.
This insurance group, which operates in Austria and in seven
countries in Central and Eastern Europe, was able to more than triple
its profit from ordinary activities to EUR 130.2 million. Net profit
four the year almost quadrupled up on the year to EUR 100.1 million.
As group CEO Karl Stoss stressed at the presentation of the annual
report in conformity with International Accounting Standards, "That
rapid growth has been the fruit of the strict focus on profit that we
have adopted. We kept a close eye on costs and severed persistently
unprofitable business relationships."
Nonetheless, the group's premium income grew by 3 per cent to EUR
2.65 billion, and including savings premiums in the unit-linked life
insurance segment, it rose by all of 6.7 per cent to EUR 2.83
billion. As Stoss commented, "We can be happy with that, although we
will of course continue to target rapid growth in the future and plan
to secure and increase our market shares."
The group's growth strategy will remain focused on Central and
Eastern Europe. Generali is the fourth-largest international
financial services provider in the region, where its premium income
grew by 16 per cent to EUR 702.5 million in 2004. As a result,
Central and Eastern Europe already accounts for 26.5 per cent of the
Generali Vienna Group's aggregate premium income. Its premium income
in Austria was 1.1 per cent down on the year at EUR 1.95 billion.
That was the result both of its caution in the property/casualty
insurance segment and growth in demand for its MAXX Invest
unit-linked life insurance plan; IAS namely does not recognize
savings premiums as premium income.
Claims and benefits fell by 0.9 per cent to EUR 1.77 billion,
reducing the group's gross combined ratio (claims and benefit
payments and costs as a percentage of premium income) to 93.7 per
cent. That compares with 114.7 per cent just two years ago.
Generali Holding Vienna AG, the listed company that acts as the
Generali Vienna Group's holding company and reinsurer, will be asking
the AGM on 25 May 2005 to declare an increase in distribution
(dividend plus bonus) from 25 to 42 cents per no-par share. That
would boost the distribution to shareholders by 68 per cent on the
year to EUR 26.9 million. Generali is proposing that sharp increase
so that its shareholders can also share in the benefits of the
group's excellent development both in Austria and in Central and
Eastern Europe. Its earnings per share rose from EUR 0.40 to EUR
1.60.
Group CEO Karl Stoss is looking confidently forward to 2005. "We want
to continue full steam ahead in 2005, although I am fully aware that
we must continue to look not just at premium growth but also at
profitability." Generali has already made a perceptible impact on
consumers in Austria with its new generation of life and motor
insurance products, and it also anticipates healthy premium growth in
2005 from its ongoing development work in Central and Eastern Europe.
"If we are spared major catastrophe claims in 2005, as we were in
2004, and if things develop similarly this year, we can as things
stand at the moment look forward to an increase in consolidated net
profit for the year."
The Interim Report to 31 March 2005 will be presented on 25 May 2005.
end of announcement                    euro adhoc 22.04.2005 07:30:00 

Further inquiry note:

Generali Holding Vienna AG
Josef Hlinka
Tel.: (++43-1) 534 01-1375
Fax: (++43-1) 534 01-1593
mailto:josef.hlinka@generali.at
http://www.generali-holding.at

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

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