VIG - Profits earned in all segments and markets in the 1st quarter of 2014
- Solid premium growth to EUR 2.7 billion (+1.0 %) - satisfying growth of +2.9 % after adjusting for exchange rate effects - in spite of further portfolio adjustments
- Robust profit (before taxes) of EUR 152 million (-4.7 %); +2.8 % after adjusting for special effects - all segments and markets made positive contributions to profits
- Combined ratio - improved to an excellent 96.4 % following 100.6 % at the end of 2013
Consolidated premiums written by Vienna Insurance Group reached EUR 2.7 billion in the first quarter of 2014, representing a year-on-year increase of 1.0 percent. When adjusted for exchange rate effects, the increase rises further to 2.9 percent.
Profit (before taxes) was EUR 152 million. Adjusted for exchange rate effects and the first interest payment on the subordinated debt issued in autumn 2013, profit (before taxes) rose by 2.8 percent. It is particularly satisfying to note that all Vienna Insurance Group segments and markets made positive contributions to profits.
The combined ratio improved strongly to an excellent 96.4 percent. This was half a percentage point lower than the same period in the previous year. Compared to the end of 2013, the level improved significantly by 4.2 percentage points.
The Group's financial result remained stable at around EUR 272 million. Vienna Insurance Group investments (including cash and cash equivalents) were just under EUR 30 billion (as of 31 March 2014).
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