14.11.2007 – 08:00
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
or semiannual financial statement
Vienna Insurance Group:
Record result for Quarters 1 - 3 of 2007:
At EUR 324 million, profit (before taxes) is already up from the full
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Please note: this is a translation; only the German version of this release is legally binding.
KEY GROUP DATA FOR QUARTERS 1 - 3/2007
With consolidated premiums written (without other insurance participations) of EUR 5.03 billion in the aggregate, the Vienna Insurance Group in the first three quarters of 2007 achieved an increase of 16.5 percent as compared to the same period of the previous year. Thus, the five billion euro mark was surpassed for the first time at the end of the third quarter.
The Group's profit (before taxes, consolidated) was increased by a remarkable 40.5 percent to EUR 324.21 million in the first three quarters of the current year. Thus, the overall result of the year 2006 was surpassed already after only nine months.
At 95.9 percent, the combined ratio of the Group after reinsurance (not considering investment income) was improved as compared to the previous year's figure (97.0 percent) in spite of the storm damage suffered in the current year.
The financial result was EUR 743.08 million in the first nine months of the current year and was up by a remarkable 38.0 percent from the same period of the previous year. This positive financial result underscores the rightness of the conservative investment policy pursued by the Vienna Insurance Group. The Vienna Insurance Group did not make investments in the US subprime market and did not get involved with companies whose portfolios include such investments. Thus for the Group, no negative effects are expected now or in the future.
The expenses for claims incurred in the property/casualty segment amounted to EUR 1.31 billion. Despite storm damage the expenses rose sub-proportionally relative to the premiums, namely by 15.3 percent. The expenses for claims and insurance benefits from the life segment amounted to EUR 2.06 billion (up 23.1 percent).
The total investments of the Vienna Insurance Group increased from EUR 19.60 billion as of 31 December 2006 to EUR 22.10 billion as of 30 September 2007. This translates to a 12.7 percent increase.
INCREASE OF THE DIVIDEND FOR 2007 PLANNED
The systematic implementation of the Group's policy as well as the increase in income and profit and the ensuing improvement of the positions on the most important markets in the first nine months of the current year make it possible to raise the dividend for the year 2007 from EUR 0.82 to EUR 1.10 per share - subject to the approval of the competent corporate bodies.
MANAGEMENT SETS AMBITIOUS TARGETS UNTIL 2010
Profit (before taxes) 2007: approx. EUR 435 million
Profit (before taxes) 2008: approx. EUR 530 million
Profit (before taxes) 2010: approx. EUR 770 million (currently over USD 1.1 billion) and moreover a premium volume in the amount of approx. EUR 10 billion (currently approx. USD 15 billion).
You will also find this press release on http://www.wienerstaedtische.at under Ad-hoc News
end of announcement euro adhoc 14.11.2007 07:29:00
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
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
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell