ots Ad hoc-Service: ERGO Vers.gruppe AG ERGO raises net profit by 40% and wants to pay a dividend of DM 2

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    Duesseldorf (ots Ad hoc-Service) -      

    ERGO raises net profit by 40% and wants to pay a dividend of DM 2

    For the first time, ERGO Insurance Group will be reporting on the last business year with consolidated annual accounts on the basis of Interna- tional Accounting Standards rather than German Commercial Code. To facili- tate comparison with the preliminary 1999 figures, the 1998 figures have been converted according to IAS as well. After IAS, ERGO's premium income increased by 4.7% to DM 23.2 (22.2) billion. The Group's profit after taxes and minorities went up nearly 40% to more than DM 900 (650) million. "Our shareholders are to participate in the excellent business year with another substantial raise in dividend", says Dr Lothar Meyer, since 1 January 2000 ERGO's Chairman of the Board of Management. At the Annual General Meeting on 25 May 2000 it will be proposed to ERGO shareholders to strongly increase the 1999 dividend from DM 1.70 to 2.00 per share.

    The ERGO Insurance Group comprises the four brand-name insurers VICTORIA, Hamburg-Mannheimer, DKV, and D.A.S. The Group's shareholders' funds went up nearly 20% to more than DM 10.2 (8.5) billion. The 1999 result before taxes and minorities rose 8.7% to DM 1.6 (1.5) billion. The increase in net profit for the year to over DM 900 million is partly due to an ex- traordinary effect: The decrease in the corporate tax rate from 45% to 40% led to a re-valuation of parts of the deferred tax liabilities. This non- recurring effect amounts to approx. DM 170 million. Without this extraor- dinary effect, the net profit for the year increased by 12.3% and amounts to about DM 730 (650) million.

    The investments grew 11.0% over the previous year to DM 165 (149) billion. The net investment result improved approx. 11% to more than DM 10.4 (9.4) billion.

    ERGO Versicherungsgruppe AG     Board of Management

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