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30.08.2005 – 08:12

Wiener Städtische Allgemeine Versichererungs AG

euro adhoc: Wiener Städtische
Financial Figures/Balance Sheet
Wiener Städtische Group in the First Half of 2005: Strong Increase in Group Profit - Forecast for the Financial Year 2005 Significantly Raised. Upsurge in Premiums Due to Life Insurance

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With this half-year interim report, for the first time a consolidated presentation of the Group has been produced in accordance with the valuation guidelines set forth by the International Financial Reporting Standard (IFRS). Up to now, reports on Wiener Städtische Group’s results were prepared on the basis of accounting rules of the Austrian Commercial Code (HGB). The conversion to IFRS means that the results of the entire Wiener Städtische Group are reported in accordance with international standards.


The Group was able to achieve a strong increase in consolidated earned premiums by 18.9 percent to EUR 2.44 billion. (The extended Group’s non-consolidated gross premiums written which, aside from the Group companies also comprise other participations in insurance companies, rose by 19.1 percent to EUR 2.81 billion.)

The Group’s consolidated profit on ordinary activities - for the first time on an IFRS basis - amounted to EUR 125.26 million. Thus, a significant increase of close to EUR 80  million was achieved compared to the reporting period of the previous year.

The Group’s financial result posted an increase of about 20 percent to EUR 305.49 million.

In the first half of the current year, the Group’s combined ratio after reinsurance (not including investment income) continued to stand at about 97 percent.

"Over the first six months of the current year, we charted a highly successful course and in terms of premium volume and the Group’s profit on ordinary activities on an IFRS basis we are ahead of our plan right now," commented Karl Fink, Deputy CEO of Wiener Städtische. "In view of this excellent development, we expect Group profit for the financial year 2005, which was previously forecast at roughly EUR 175 million, to rise significantly to about EUR 200 million."

Expansion steps undertaken by the Group in 2005 in the Czech Republic (Ceska podnikatelska), Poland (Benefia Non-Life, Benefia Life, Royal Polska, takeover of the majority stake in Compensa Non-Life), Romania (Omniasig Group), Croatia (Cosmopolitan Life) and Ukraine (Globus, Kniazha) have not been included in Group consolidation as of yet.

* in principle, without deferral of acquisition costs

Wiener Städtische Allgemeine Versicherung AG A-1010 Vienna, Schottenring 30 ISIN: AT0000908504

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end of announcement                                                 euro adhoc 30.08.2005 07:39:07

ots Originaltext: Wiener Städtische Allgemeine Versichererungs AG
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Further inquiry note:
Wiener Städtische Presseabteilung
Mag. Barbara Hagen-Grötschnig
Tel.: (01) 531 39-1027
Fax: (01) 531 39-3134

Branche: Insurance
ISIN:      AT0000908504
Index:    ATX Prime
Börsen:  Berliner Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade
              Wiener Börse AG / official market

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

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