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Wiener Städtische Allgemeine Versichererungs AG

euro adhoc: Wiener Städtische
Mergers - Acquisitions - Takeovers
Wiener Städtische acquires life insurance company in Poland

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
26.07.2005
Wiener Städtische will acquire the Polish life insurance company
Royal Polska Towarzystwo Ubezpieczén na Zycie S.A., thus further
utilizing the potential of the Polish insurance market, which
recorded an annual premium growth of approx. 10% in the past five
years.
Wiener Städtische will acquire a 95% stake in the life insurance
company Royal Polska Towarzystwo Ubezpieczén na Zycie S.A., founded
in 1996, from the Polish investment group TRIGON, with a purchase
option for the remaining 5% of the shares in Royal Polska.
The life insurance company is a small but nice business headquartered
in Warsaw. It has approx. 50 employees and achieved a total premium
volume of PLN 50 million (approx. EUR 12.5 million) in the fiscal
year 2004. Compared to the previous year, the company grew by approx.
40% in 2004.
Royal Polska is solidly positioned on the Polish insurance market
and, among other things, maintains a sales relationship with the
Polish BPH bank, a subsidiary of Bank Austria Creditanstalt (BA-CA)
in Poland.
The sales activities of Royal Polska are carried on by a separate
sales company with more than 300 agents operating throughout all of
Poland. Wiener Städtische will acquire 100% of that sales company.
The transactions were effected subject to the approval of the
Austrian and Polish authorities. The parties have agreed to keep the
purchase price confidential.
"With the acquisition of Royal Polska we are strengthening our
position on the particularly promising life insurance sector of the
Polish insurance market. With its well diversified sales channels,
Royal Polska is very safely positioned on the market for the future,"
says Günter Geyer, CEO of Wiener Städtische,
Wiener Städtische is doing business in Poland through the dynamically
growing Compensa non-life insurance and Compensa life insurance
companies; and for a short time (the acquisition was announced at the
end of June 2005 subject to the approval of the relevant authorities)
it has also been present with Benefia non-life insurance and Benefia
life insurance. With the planned acquisition of Royal Polska Wiener
Städtische Group will be able to further consolidate its top ten
position in Poland.
Wiener Städtische Allgemeine Versicherung AG
A-1010 Vienna, Schottenring 30
ISIN: AT0000908504
Our press releases can be found also under
http://www.wienerstaedtische.at
end of announcement                               euro adhoc 26.07.2005 08:18:35

Further inquiry note:

Wiener Städtische Presseabteilung
Mag. Barbara Hagen-Grötschnig
Tel.: (01) 531 39-1027
Fax: (01) 531 39-3134
E-Mail: b.hagen@staedtische.co.at

Branche: Insurance
ISIN: AT0000908504
WKN:
Börsen: Berliner Wertpapierbörse
Frankfurter Wertpapierbörse
Wiener Börse AG

Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell

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