Vienna Insurance Group in the FIRST HALF-YEAR of 2013
- Operating result increases sharply to EUR 330.7 million (+9.5 percent)
- Profit before taxes amounts to EUR 205.7 million (-31.9 percent) due to precautions and impairments
- Premiums of more than EUR 5 billion
- Severe weather claims: compensation paid to customers triples to approx. EUR 230 million
- Despite precautions and severe weather claims, the combined ratio remains below 100 percent
Key Group data for the first half-year of 2013
In a challenging market environment Vienna Insurance Group achieved a sound premium development. Consolidated premiums written amounted to EUR 5.0 billion (-4.8 percent). The premium income was influenced by the restraint in the short-term single-premium business in Poland. Without this special effect, premiums grew by 2.2 percent.
Despite tough competition in the property/casualty insurance, the premium volume remained at a stable level of EUR 2.6 billion.
The life segment was impacted by the restraint in the short-term single-premium business in Poland. In this segment the Group earned premiums of EUR 2.2 billion (-10.3 percent). Adjusted for the Polish effect, a significant growth of 5.4 percent was achieved. Regular premiums in life increased by 1.2 percent.
Premiums in health continued to grow steadily to EUR 199.1 million (+2.5 percent).
The operating result rose by 9.5 percent to EUR 330.7 million. In line with the conservative accounting policy of Vienna Insurance Group, goodwill impairment amounting to EUR 75 million and precautionary measures of EUR 15 million have been made in Romania. Additional precautions of EUR 35 million were recognised for the insurance business of Donau Versicherung in Italy. Hence, the profit (before taxes) of the Group amounted to EUR 205.7 million.
The financial result of the Group for the first half-year of 2013 totalled EUR 593.0 million, growing by 1.9 percent. The investments of the Group - including cash and cash equivalents - amounted to EUR 29.4 billion as of 30 June 2013.
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VIG Half Year Results 2013 ENG
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