30.08.2005 – 08:12
euro adhoc: Wiener Städtische
Financial Figures/Balance Sheet
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
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
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 Groups 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 GROUPS FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF 2005 AT A GLANCE:
The Group was able to achieve a strong increase in consolidated earned premiums by 18.9 percent to EUR 2.44 billion. (The extended Groups 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 Groups 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 Groups financial result posted an increase of about 20 percent to EUR 305.49 million.
In the first half of the current year, the Groups 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 Groups 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
Our press releases can be found also under http://www.wienerstaedtische.at
end of announcement euro adhoc 30.08.2005 07:39:07
Further inquiry note:
Wiener Städtische Presseabteilung
Mag. Barbara Hagen-Grötschnig
Tel.: (01) 531 39-1027
Fax: (01) 531 39-3134
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