EANS-Adhoc: Vienna Insurance Group
Excellent result of Vienna Insurance Group
in 2010[1]:
-------------------------------------------------------------------------------- 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. --------------------------------------------------------------------------------
Preliminary Premiums 2010
25.01.2011
Increase of premiums written by 6.1 percent to EUR 8.7 billion
Significant plus of Group profit for the year (before taxes) by almost 15 percent to about EUR 505 million
Planned increase of dividend to EUR 1 per share[2]
Excellent capitalisation of the Group
I. OVERVIEW OF KEY DATA FOR THE YEAR 2010
Based on preliminary data, Vienna Insurance Group reported unconsolidated premiums written of EUR 8.7 billion in the financial year 2010, corresponding to an increase of 6.1 percent. In the non-life insurance segment Vienna Insurance Group achieved premiums written of EUR 4.8 billion, i.e. a plus of 2.0 percent. After a strong increase of 11.7 percent, the Group´s premiums in the life insurance segment total EUR 3.9 billion.
According to preliminary figures, the Group profit (before taxes, consolidated) predicted for 2010 will amount to about EUR 505 million. This corresponds to an increase by almost 15 percent.
The management of Vienna Insurance Group assumes that the Group´s combined ratio (net, after reinsurance) will amount to about 98 percent in 2010 - despite the heavy burden caused by natural disasters.
II. DIVIDEND
The Managing Board plans to propose to the corporate bodies an increase of the dividend from EUR 0.90 to EUR 1.0 per share for the financial year 2010. This reflects the steady increase in the Group´s earnings and complies with its long-term dividend policy of distributing at least 30 percent of the Group profit (after taxes and minority interests).
III. Outlook for the financial year 2011
According to the latest revision of economic forecasts, Austria´s economic development will be slightly better than predicted only recently. These forecasts assume in particular that the economy in the Eastern European markets will gain momentum, with growth rates ranging between 2 and 4 percent. Therefore the economic dynamism in this region is expected to distinguish itself positively from the development in the EU-15 countries. It is indispensable to take into account budget consolidation measures, which are showing effects in some countries only now - in the wake of the economic crisis.
Against this background, the management expects a low percentage increase in premiums for the year 2011. Nevertheless, the company aims at increasing the profit before taxes by about ten percent. The prerequisite is, however, that the economic and legal framework will not deteriorate significantly and that there will be no drastic trend in damage caused by natural disasters.
[1] The figures are based on preliminary data, are unconsolidated and have not been audited. All data are stated in Euro. [2] Subject to the approval of the corporate bodies
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Alexander Jedlicka
Public Relations, Spokesperson
Tel.: +43 (0)50 350 21029
Fax: +43 (0)50 350 99 21029
E-Mail: alexander.jedlicka@vig.com
Thomas Schmee
Head of 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 of: Vienna Insurance Group, transmitted by news aktuell