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Vienna Insurance Group in the 1st to 3rd Quarter of 2011
Group premiums increased by 4.0 percent to more than EUR 6.8 billion
Group premiums increased by 4.0 percent to more than EUR 6.8 billion
Continuing upward trend in the life insurance business in the CEE core markets
Strong growth in property insurance
Profit (before taxes) went up by about 10 percent to EUR 414.1 million
“Vienna Insurance Group continues its sustainable development even in a difficult environment. This fact is reflected in the A+ rating with a stable outlook by Standard & Poor´s. To proceed on this path successfully, we have already taken the next steps”, stated Günter Geyer, CEO of Vienna Insurance Group. “By entering the market of Bosnia and Herzegovina and making another acquisition in Albania, we have rounded off our portfolio of markets and insurance companies.“
I. OVERVIEW OF KEY GROUP DATA FOR THE FIRST THREE QUARTERS OF 2011 (in accordance with IFRS)
In the first three quarters of the current year Vienna Insurance Group increased its premiums written (consolidated) by 4.0 percent to a total of EUR 6.8 billion, compared to the same period of the previous year.
The Group profit (before taxes, consolidated) went up by 9.6 percent to a total of EUR 414.1 million, compared to the first three quarters of 2010.
The combined ratio of the Group after reinsurance (excluding investment income) amounted to 97.2 percent – after 98.2 percent in the respective period of the previous year.
The investments of the Group rose by about EUR 370 million including liquid funds, totalling approximately EUR 29 billion as of 30 September 2011. The financial result amounted to EUR 798.6 million. This figure reflects, inter alia, the impact of the write-down to a value of 50 percent on the portfolio of Greek government bonds. Moreover, the portfolio of Italian government bonds was written down by ten percent.
(You can download the press release VIG)
No. 27/2011
15 November 2011
Vienna Insurance Group in the 1st to 3rd Quarter of 2011Group premiums increased by 4.0 percent to more than EUR 6.8 billion
Continuing upward trend in the life insurance business in the CEE core markets
Strong growth in property insurance
Profit (before taxes) went up by about 10 percent to EUR 414.1 million
“Vienna Insurance Group continues its sustainable development even in a difficult environment. This fact is reflected in the A+ rating with a stable outlook by Standard & Poor´s. To proceed on this path successfully, we have already taken the next steps”, stated Günter Geyer, CEO of Vienna Insurance Group. “By entering the market of Bosnia and Herzegovina and making another acquisition in Albania, we have rounded off our portfolio of markets and insurance companies.“
I. OVERVIEW OF KEY GROUP DATA FOR THE FIRST THREE QUARTERS OF 2011 (in accordance with IFRS)
In the first three quarters of the current year Vienna Insurance Group increased its premiums written (consolidated) by 4.0 percent to a total of EUR 6.8 billion, compared to the same period of the previous year.
The Group profit (before taxes, consolidated) went up by 9.6 percent to a total of EUR 414.1 million, compared to the first three quarters of 2010.
The combined ratio of the Group after reinsurance (excluding investment income) amounted to 97.2 percent – after 98.2 percent in the respective period of the previous year.
The investments of the Group rose by about EUR 370 million including liquid funds, totalling approximately EUR 29 billion as of 30 September 2011. The financial result amounted to EUR 798.6 million. This figure reflects, inter alia, the impact of the write-down to a value of 50 percent on the portfolio of Greek government bonds. Moreover, the portfolio of Italian government bonds was written down by ten percent.
(You can download the press release VIG)
