Vienna Insurance Group

EANS-Adhoc: VIENNA INSURANCE GROUP 1st-3rd QUARTER 2015: - ALL MARKETS PROVIDE POSITIVE OPERATING RESULTS - PROFIT BEFORE TAXES BURDENED BY IMPAIRMENT OF IT SYSTEMS (with document)

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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  announcement.
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Financial Figures/Balance Sheet/Q1-Q3 2015
23.11.2015


- Premiums (excluding single-premium products) show solid increase of 2.5%
- Excellent combined ratio of 96.9%
- Operating profit of EUR 370.3 million
- Profit (before taxes) after impairment at EUR 175.3 million

Vienna Insurance Group continues to focus on developing profitable lines of
business. These mainly include property and casualty (+0.9 percent) and
regular-premium life insurance products, which recorded significant growth of
5.8 percent. The Group continues to exercise restraint in the single-premium
business due to the current interest rate environment. This led to a total
decline of 5.2 percent in life insurance. In the first nine months, Vienna
Insurance Group generated total premiums of EUR 6.9 billion (-1.8 percent).
Without single-premium products, this represents a solid increase of 2.5
percent.

Once again, all Vienna Insurance Group markets made positive contributions to
the result. The Vienna Insurance Group Remaining Markets region earned a record
result of EUR 48.6 million, an increase of 10.5 percent.

Vienna Insurance Group further reduced its combined ratio (after reinsurance) to
excellent 96.9 percent. 

Vienna Insurance Group held EUR 31.6 billion in investments (including cash and
cash equivalents) as at 30 September 2015. The Group financial result was EUR
797.3 million (-7.1 percent). 

Operating profit was EUR 370.3 million. The decline in the ordinary financial
result due to the ongoing low level of interest rates, which also made it
necessary to form a precaution for personnel provisions in Austria, as well as
the interest expense for the subordinated bond issued in March 2015 affected the
result.

Impairment of IT systems of EUR 195 million

Vienna Insurance Group continuously checks its existing IT systems' landscape in
the course of the regular evaluation of technical usability and in view of the
rapidly changing requirements of the insurance market as well as the
accelerating rate of technological change. This review was done with external
assistance.

The analysis now showed that there is a high probability that certain IT systems
respectively programme sections will no longer be able to satisfy future
technical and business requirements, or no longer fully satisfy these
requirements. The balance sheet items covering these programmes or programme
sections are therefore being written down by EUR 195 million.

This means that the profit (before taxes) after impairment is EUR 175.3 million.

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The complete release including tables is available under the following link:
http://resources.euroadhoc.com/us/bBELChiQ
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Attachments with Announcement:
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http://resources.euroadhoc.com/us/bBELChiQ
http://resources.euroadhoc.com/us/pFWhERgn

Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30

Alexander Jedlicka 
Leiter Public Relations, Konzernpressesprecher 
Tel.: +43 (0)50 350-21029 
Fax: +43 (0)50 350 99-21029 
E-Mail: alexander.jedlicka@vig.com

Nina Higatzberger
Leiterin Investor Relations
Tel.: +43 (0)50 350-21920
Fax: +43 (0)50 350 99-21920
E-Mail: nina.higatzberger@vig.com

end of announcement                               euro adhoc 
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Attachments with Announcement:
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http://resources.euroadhoc.com/us/bBELChiQ
http://resources.euroadhoc.com/us/pFWhERgn


issuer:      Vienna Insurance Group
             Schottenring 30
             A-1010 Wien
phone:       +43(0)50 390-21919
FAX:         +43(0)50 390 99-23303
mail:     investor.relations@vig.com 
WWW:      www.vig.com
sector:      Insurance
ISIN:        AT0000908504
indexes:     WBI, ATX Prime, ATX
stockmarkets: official market: Wien, stock market: Prague Stock Exchange 
language:   English
 

Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell

Weitere Meldungen: Vienna Insurance Group

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