Vienna Insurance Group

EANS-Adhoc: Vienna Insurance Group in 2009 according to IFRS: - Group premiums more than EUR 8 billion for the first time

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  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.
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31.03.2010

- Profit (before taxes): EUR 441.25 million - excellent result of 2007 exceeded

- 90 cents dividend per share proposed*

- CEE premium share in non-life more than 60 percent

- CEE premium share in life insurance just under 40 percent

OVERVIEW OF KEY GROUP DATA FOR 2009

For the first time, Vienna Insurance Group achieved premiums written (consolidated) of EUR 8.02 billion overall in the business year 2009. This corresponds to an increase of 1.5 percent. The Group even achieved a plus of 4.0 Percent on a euro basis with the net earned premiums.

On a local currency basis, the Group premiums written showed a clear plus of 5.9 percent, and the net earned premiums were even increased by 8.5 percent.

The Group profit (before taxes, consolidated) amounted to EUR 441.25 million in 2009. With that the Group exceeded the result of the outstanding year of 2007.

The combined ratio of the Group after reinsurance (excluding income from investments) is 96.3 percent for 2009 and could thus be clearly kept under the 100 percent mark.

The financial results for 2009 with EUR 929.12 million were increased by 1.2 percent vis-à-vis 2008.

The investments of the Group amounted to EUR 25.89 billion as of December 31, 2009. This corresponds to a growth of 5.5 percent in comparison to the end of 2008.

It will be proposed to the appropriate bodies that a dividend of EUR 0.90 per share shall be distributed. July 5, 2010 is set as the dividend payment date.

GROUP EMBEDDED VALUE INCREASED

The embedded value calculated according to international guidelines represents the value of the in-force insurance business and is composed of the net asset value for life, health and property/casualty insurance as well as the present value of future earnings from the in-force business in the life and health insurance.

The sustainability of the insurance business of Vienna Insurance Group is reflected in the fact that the Group embedded value (after taxes) as of the effective date of December 31, 2009 was increased by 7.5 percent to EUR 4.59 billion (2008 adjusted value: EUR 4.26 billion). The growth of the embedded value by 15.9 percent to EUR 2.83 billion in Central and Eastern Europe is even more marked and impressively confirms the potential for value appreciation in this region.

The growth in embedded value, including dividend payments made, yields a return on Group embedded value of 15.4 percent.

The profitability of the new business represents a clear indication of the earnings power of the CEE countries, which was increased from 40.0 percent to 41.7 percent of the new business premiums. However, there was also an increase from 24.2 percent to 25.0 percent recorded in the region of Austria/Germany. The Group-wide efficiency programme implemented last year had a direct impact.

B & W Deloitte GmbH, Köln has fully confirmed the Group embedded value of Vienna Insurance Group.

FORECAST

The management of Vienna Insurance Group confirms the forecast already made in January and expects a growth in profit (before taxes) of at least ten percent and an increase of premiums in the single-digit percentage area.

* Proposal to the appropriate bodies

end of announcement                               euro adhoc
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Further inquiry note:

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

Mag. Alexander Jedlicka
Unternehmenskommunikation
Tel.: +43 (0)50 350-21029
Fax: +43 (0)50 350 99-21029
E-Mail: alexander.jedlicka@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
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell

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