Vienna Insurance Group in first half 2015: TOP RATING A+ WITH STABLE OUTLOOK CONFIRMED
In the current environment, Vienna Insurance Group is focusing on profitable lines of business in property and casualty and on regular premium products in life insurance, which grew well with an increase of 6.3 percent. The restraint out of earnings aspects in offering single premium life insurance led to a decrease in this area of 15.7 percent. Overall, Vienna Insurance Group wrote EUR 4.9 billion in consolidated premiums in the first six months of 2015 (minus 1.5 percent), without single premium policies a solid increase of 2.2 percent compared to the previous year.
"We have reason to be satisfied with the course of business so far this financial year: VIG has taken steps to expand in the promising markets of the Baltic region. Proof of our stability was provided by another confirmation of our excellent rating, and the improvement of an important key performance indicator -the combined ratio - shows that the Group's underwriting is highly profitable. This is particularly important in a low interest rate environment." Peter Hagen, CEO Vienna Insurance Group
All countries and segments once again made positive contributions to earnings. The Remaining Markets region made a particularly large contribution, with a record profit of EUR 30.9 million (increase of 11.5 percent). The CEE share of Group profit (before taxes) rose once again in the first half of 2015 to 67 percent.
The achieved profit (before taxes) of EUR 250.5 million was within the expected range and was strongly affected by declining financial results. This was due to the historically low level of interest rates, which also made it necessary to form personnel provisions in Austria.
Vienna Insurance Group reduced its combined ratio (after reinsurance) by 1.2 percentage points. The excellent level of 95.9 percent was the best value achieved in the last five comparison periods.
Vienna Insurance Group held EUR 31.3 billion in investments (including cash and cash equivalents) as at 30 June 2015. The Group financial result was EUR 524.5 million. The decrease of 7.2 percent was due to the low level of interest rates.
RM-SYSTÉM, česká burza cenných papírů a.s.
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