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Vienna Insurance Group

EANS-Adhoc: Vienna Insurance Group reports stable development in the first half of 2009

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Results 6M 2009
20.08.2009
  • Group premiums significantly above EUR 4 billion
  • Profit (before taxes) of about EUR 230 million
  • Double-digit growth in numerous CEE markets
  • Cost measures lead to favorable operating result
  • Number 1 position in CEE core markets* further strengthened
OVERVIEW OF KEY GROUP DATA FOR THE 1st SIX MONTHS OF 2009 (in 
accordance with IFRS) **
In the first six months of 2009, Vienna Insurance Group achieved a 
total of premiums written (consolidated) of EUR 4.25 billion. Based 
on euros, this corresponds to an increase of 0.9 percent compared to 
the same period of the previous year. The net earned premiums rose by
4.1 percent (based on euros).
The Group companies of Vienna Insurance Group managed to stay on a 
growth path despite the currently difficult economic situation. Based
on local currencies Vienna Insurance Group registered a significant 
plus of 6.3 percent of premiums written, while the net earned 
premiums climbed by 9.7 percent.
The Group profit (before taxes, consolidated) amounted to EUR 230.25 
million in the first six months of 2009 which is compared to the 
international industry a very good result. The difficult situation in
the capital markets as well as the one-off effects of the sale of 
BA-CAV and Unita last year led to a year-on-year decline (minus 20.1 
percent). Compared to the first half of 2007, Vienna Insurance Group 
even succeeded in increasing the result by EUR 15 million; this 
corresponds to a plus of 7 percent.
The adverse effects arising from storm damages - predominantly in 
Austria and the Czech Republic - were more than compensated for by 
the cost-cutting restructuring measures implemented by the 
management.
The combined ratio of the Group after reinsurance (excluding income 
from investments) stood at 95.5 percent during the first six months 
of the current year; this is a slight improvement - contrary to the 
market trends. The loss ratio increased by about EUR 20 million net 
or 1.6 percentage points (which was mainly due to storm damages), 
while the Group´s expense ratio dropped by 2.1 percentage points, 
corresponding to an amount of EUR 36 million.
The financial result for the first six months of 2009 amounted to EUR
471.58 million. The minus of 23.8 percent reflects the continuing 
difficult situation in the capital markets. A comparison with 
prior-year data is possible only to a limited extent due to the 
non-recurring effects of the sale of BA-CAV and Unita last year (EUR 
325 million).
As of 30 June 2009, the investments of the Group amounted to EUR 
25.08 billion. This is a 2.2 percent increase from the level of 31 
December 2008.
The shareholders´ equity of the Group increased by 8.5 percent to a 
total of EUR 4.49 billion.
* Definition CEE: Czech Republic, Slovakia, Poland, Romania, 
Bulgaria, Croatia, Serbia and Hungary ** All statements for the first
six months of 2009 include figures from s Versicherung Group and the 
BCR insurance companies. BA-CAV and Unita are included only in 
comparisons to the first six months of 2008.
end of announcement                               euro adhoc

Further inquiry note:

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

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

Mag. 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
Wien / official market

Plus de actualités: Vienna Insurance Group
Plus de actualités: Vienna Insurance Group