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Joint Ventures/Cooperation/Collaboration / Vienna Insurance Group and ARAG Group: Joint development of new legal protection markets • Discussions on cooperation in decisive phase • Joint business model for Austria ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
20.01.2009
Vienna Insurance Group (VIG) and ARAG Allgemeine 
Rechtsschutz-Versicherungs-AG have signed a letter of intent 
regarding cooperation in the legal protection business, with the 
objective of developing a joint business model for the Austrian 
market as well as for those CEE countries in which Vienna Insurance 
Group is represented. It is expected that the discussions will be 
concluded by summer 2009.
"This announcement regarding the signing of a letter of intent 
underscores the cordial and trusting atmosphere in which both 
companies are discussing this issue", emphasise the two CEOs of the 
respective groups, Günter Geyer (VIG) and Paul-Otto Faßbender (ARAG).
Vienna Insurance Group and ARAG have agreed in principle that ARAG 
Österreich will be developed into the leading provider of legal 
protection insurance in Austria. For this purpose, VIG will enter 
into a joint venture with ARAG in Austria, whereby Vienna Insurance 
Group's entire legal protection business in-force will be integrated 
into the joint company ARAG Österreich.
Günter Geyer sums up the advantages of the partnership as follows: 
"This will create a new market leader in this business line for 
Austria - a company with strong product know-how and an excellent 
sales network."
At the same time, the new ARAG Österreich will form the basis for the
development of legal protection products for dynamic CEE markets. 
"For us the Vienna Insurance Group is the ideal partner for 
positioning the relatively new subject of legal protection in this 
region", elaborates Paul Otto Faßbender on the advantage of this 
cooperation for ARAG, "since it recognised the development 
opportunities of these markets already at an early stage and 
possesses excellent know-how for the development and management of 
the CEE region."
Vienna Insurance Group's Austrian legal protection business in-force,
which is to be integrated into the new ARAG Österreich, is over EUR 
40 million. As a result, the new ARAG Österreich will manage total 
premium volumes of approximately EUR 84 million and become Austria's 
leader in legal protection insurance. Along with the successive 
development of new CEE markets, the premium goal envisioned for these
insurance products could rise to over EUR 500 million.
The two groups ideally complement each other. Based on the new 
business model, ARAG will gain additional growth impulses as part of 
the sustained globalisation of the group. ARAG possesses decades of 
experience in developing and successfully implementing business 
models for different international insurance markets. Vienna 
Insurance Group stands for sound knowledge of central and eastern 
European markets and the successful development of insurance 
companies in this region.
CEOs Paul-Otto Faßbender and Günter Geyer are convinced that both 
groups have the necessary competence, financial strength and 
reputation to add considerable value for consumers in this region.
Vienna Insurance Group
A-1010 Wien, Schottenring 30
ISIN: AT0000908504
end of announcement                               euro adhoc

Further inquiry note:

VIENNA INSURANCE GROUP (V.I.G.)
1010 Wien, Schottenring 30

Barbara Hagen-Grötschnig
Public Relations
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: barbara.hagen@vig.com

Thomas Schmee
Investor Relations
Tel.: +43 (0)50 350-21900
Fax: +43 (0)50 350 99-21900
E-Mail: thomas.schmee@vig.com

Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market

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