Number 1 in the Czech Republic for the first time
As the leading insurance group in CEE*, the Vienna Insurance Group has achieved another milestone in the pursuit of its strategy for the region. Following the group's assumption of market leadership in Slovakia last year, the Vienna Insurance Group has now gained top position in another of its core markets:
In the Czech Republic, the group companies of the Vienna Insurance Group are the new number 1 in the insurance market with a market share of 32.5 percent in the first quarter of 2010. The Vienna Insurance Group is now market leader in both the non-life and life insurance segments in the Czech Republic. The group company Pojišt'ovna České spořitelny (PČS), which is mainly active in banking sales, has made a strong contribution in the life segment.
"The attainment of market leadership in the Czech Republic is an important milestone in the positioning of our company in this significant core market," comments Günter Geyer, CEO of the Vienna Insurance Group, before adding: "I would like to congratulate our colleagues in the Czech Republic on this achievement. Even during these very challenging economic times, they have been able to continue the exemplary development of the Group in this important CEE market by exploiting growth opportunities."
Ongoing strong development
The total premium volume of the companies of the Vienna Insurance Group based in the Czech Republic showed positive growth during the first quarter of 2010. On a local currency basis, the company achieved overall growth of 4.4 percent with unconsolidated written premiums of CZK 12.52 billion (approx. EUR 484.1 million). In the non-life segment, premiums of CZK 8.24 billion (approx. EUR 318.4 million) were achieved. And in the life insurance segment, the company increased premiums to CZK 4.29 billion (approx. EUR 165.7 million).
Ideally positioned in the Czech insurance market
The Czech Republic is the Vienna Insurance Group's largest CEE market and the Group is represented in the country by three companies: Kooperativa pojišťovna, Česká podnikatelská pojišťovna (ČPP) and Pojišťovna České spořitelny (PČS).
* CEE region defined as follows: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania, Serbia, Slovakia
Kooperativa poisťovňa has been operating in both the non-life and life insurance segments since its foundation in 1990. In the non-life segment, it is the clear number 1 in the market purely as an individual company.
The listed Vienna Insurance Group (VIG) is one of the leading insurance groups in CEE headquartered in Vienna. Outside of its home base in Austria, Vienna Insurance Group is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. It also has branches in Italy and Slovenia.
On the Austrian market, the Vienna Insurance Group (VIG) positions itself with Wiener Städtische Versicherung, Donau Versicherung and Sparkassen Versicherung.
VIENNA INSURANCE GROUP (V.I.G.) Investor Relations
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All news releases are also available at www.vig.com/ir > IR-News/Ad-hoc News
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