euro adhoc: Vienna Insurance Group
Financial Figures/Balance Sheet
Vienna
Insurance Group distinctly opposing the trend:
Profit target for 2008 more than confirmed:
Profit (before taxes) boosted by 34 percent to EUR 288 million in the first hal
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
6-month report
21.08.2008
Please note: this is a translation; only the German version of this release is legally binding.
OVERVIEW OF KEY GROUP DATA FOR THE 1st HALF OF 2008 (IFRS*) In the first half of 2008, the Vienna Insurance Group achieved an excellent growth of 20.7 percent compared to the previous year, with consolidated premiums written (without other insurance participation) at a total of EUR 4.22 billion.
Group profit (before taxes, consolidated) was also increased by a significant 33.9 percent to a total of EUR 288.34 million, which is up from the prior year by approx. EUR 73 million.
The combined ratio of the Group after reinsurance (without taking into account investment income) continues to show a positive trend, despite the damage incurred by the storms "Paula" and "Emma", and at 95.9 percent was kept stable compared to the 96 percent reported for the previous year.
The financial results were at EUR 618.69 million in the first half of the current year and are thus up 11.8 percent from the same period of 2007.
The final consolidation of insurers BA-CA Versicherung and Unita, which are in the process of being sold, lead to their deduction from the balance sheet and, consequently, to a decrease of the investment volume of the Group compared to 31 December 2007 by 10.3 percent to EUR 20.84 billion.
* Recently purchased companies are not included in the Group figures for the Vienna Insurance Group. Furthermore, the insurance companies of Erste Group in Austria and abroad are not included
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell