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Vienna Insurance Group in 2009 according to IFRS: Group premiums more than EUR 8 billion for the fir

31.03.2010 10:14:00 | RM-SYSTÉM, česká burza cenných papírů
Group premiums more than EUR 8 billion for the first time * Profit (before taxes): EUR 441.25 million – excellent result of 2007 exceeded * 90 cents dividend per share proposed * CEE premium share in non-life more than 60 percent * CEE premium share in life insurance just under 40 percent

"The result of the Group for 2009 confirms the accuracy of our strategic decisions for expansion of the business with simultaneous focus on earnings. In this way we succeeded, even despite the economic head wind, in increasing the premium volume to over EUR 8 billion", emphasizes Günter Geyer, CEO of Vienna Insurance Group. "In addition, our Group continues to show profitability with a profit of over EUR 441 million. This allows us to distribute a dividend of 90 cents per share for 2009 to our shareholders.*"

I. OVERVIEW OF KEY GROUP DATA FOR 2009

For the first time, Vienna Insurance Group achieved premiums written (consolidated) of EUR 8.02 billion overall in the business year 2009. This corresponds to an increase of 1.5 percent. The Group even achieved a plus of 4.0 Percent on a euro basis with the net earned premiums.

On a local currency basis, the Group premiums written showed a clear plus of 5.9 percent, and the net earned premiums were even increased by 8.5 percent.

The Group profit (before taxes, consolidated) amounted to EUR 441.25 million in 2009. With that the Group exceeded the result of the outstanding year of 2007.

The combined ratio of the Group after reinsurance (excluding income from investments) is 96.3 percent for 2009 and could thus be clearly kept under the 100 percent mark.
The financial results for 2009 with EUR 929.12 million were increased by 1.2 percent vis-à-vis 2008.

Proposal to the appropriate bodies

The investments of the Group amounted to EUR 25.89 billion as of December 31, 2009. This corresponds to a growth of 5.5 percent in comparison to the end of 2008.
It will be proposed to the appropriate bodies that a dividend of EUR 0.90 per share shall be distributed. July 5, 2010 is set as the dividend payment date.

II. DATA OF THE GROUP BY SEGMENTS 2009 (consolidated)

Property/casualty insurance

In the property/casualty insurance, premiums of EUR 4.21 billion overall were written (on a euro basis minus 1.7 percent). The Group attained a plus of 8.9 percent on the basis of net earned premiums on a local currency basis.

The Group attained on a local basis a growth of 13.4 percent on the CEE markets with net earned premiums. The Group companies in CEE achieved premiums written in the amount of EUR 2.57 billion (minus 2.7 percent) on a euro basis in this segment.

In the non-CEE countries the premiums written in this segment amounted to a stable EUR 1.64 billion. In Austria, the Group companies achieved a stable result with premiums of EUR 1.57 billion. In Germany, the premiums climbed by 2.9 percent to EUR 71.42 million.

Life insurance

With premiums of EUR 3.49 billion, the Group companies of Vienna Insurance Group achieved a plus of 5.6 percent in the life insurance on a euro basis. On a local basis, the net earned premiums were increased by a clear 8.8 percent.

On the markets in CEE in the life insurance segment, a growth in the premiums written of 6.3 percent overall to EUR 1.37 billion could be recorded. In the Czech Republic, the growth of Vienna Insurance Group in this segment even amounted to 43.7 percent and in Romania the Group companies recorded a growth of an outstanding 123.4 percent.

In the non-CEE markets the premiums written in the life segment amounted to EUR 2.13 billion. This corresponds to a plus of 5.2 percent.

Health insurance

In the health insurance segment, Vienna Insurance Group recorded an increase of 2.3 percent with premiums written of EUR 321.36 million. Health insurance products are only sold to a relevant extent by Wiener Städtische Versicherung in Austria. In the Czech Republic the health insurance business was started in 2009. The Donau Versicherung will start the distribution of health insurance in Austria in the first six months of 2010.

III. GROUP DATA BY REGIONS 2009 (consolidated)

Austria

In 2009 the Austrian Group companies of Vienna Insurance Group achieved premiums written overall of EUR 3.87 billion and a plus of 3.2 percent. In the non-life segment premiums of EUR 1.89 billion overall were recorded (plus 0.3 percent). In the life insurance segment premiums amounted to EUR 1.99 billion. This corresponds to an increase of 6.0 percent as compared to the previous year.

The profit (before taxes) amounted to EUR 247.49 million overall. Due to the sale of Unita and BA-CAV, comparison with the previous year is only possible to a limited extent.
The combined ratio amounted to 96.0 percent in 2009.

Czech Republic

In 2009, the three Czech Group companies Kooperativa pojišťovna, a.s., Česká podnikatelská pojišťovna, a.s. (ČPP) and Pojišt'ovna České spořitelny, a.s. (PČS) achieved on a euro basis a growth of 12.9 percent and with this increased the premiums to EUR 1.60 billion. With an increase of 43.7 percent to premiums of EUR 627.77 million, the growth in life insurance proved to be very robust. In the non-life segment, the Group achieved premiums of EUR 975.52 million in the Czech Republic (on a euro basis minus 0.7 percent).

On a local currency basis, an even more robust growth of 19.5 percent was attained with premiums written. In the area of non-life insurance the premium volume was increased on a local basis by 5.0 percent and in the area of life insurance there was a clear growth of 52.1 percent.

The Czech Group companies of Vienna Insurance Group took over - powered by the strong development in life insurance - the market leadership for the first time in this segment with a market share of 27.4 percent.

The profit (before taxes) amounted to EUR 122.91 million and was increased by 14.4 percent.
The combined ratio for 2009 was 91.2 percent and was decreased by close to one percentage point.

Slovakia

The three Slovakian Group companies Kooperativa poisťovňa, a.s., Komunálna poisťovňa, a.s. and Poist'ovňa Slovenskej sporitel'ne, a.s. achieved premiums of EUR 628.38 million overall in 2009 and thus an increase of 3.8 percent. The net earned premiums increased in comparison to the previous year by 5.6 percent. In the non-life segment the Group achieved premiums of EUR 333.36 million with an increase of 0.9 percent, while in life insurance a growth of 7.2 percent was attained with premiums in the amount of EUR 295.02 million.
Vienna Insurance Group is the number one in the insurance market in Slovakia. The Group is also the market leader in the life insurance as well as the motor vehicle insurance.
The profit (before taxes) was more than tripled to overall EUR 23.01 million.

The combined ratio was decreased by just under 2.5 percentage points and amounted to 90.8 percent for 2009.

Poland

In Poland, Vienna Insurance Group achieved premiums of EUR 548.26 million. In the non-life segment, premiums of EUR 384.07 million were attained. This means an increase of 14.5 percent on a local basis for the premiums written. In life insurance a decrease of 57.0 percent to EUR 164.19 million was recorded, which is to be traced back exclusively to the strongly declining development in the single-premium business as a result of the economic situation.

In 2009 the profit (before taxes) amounted to EUR 27.43 million and consequently grew by 5.0 percent. On a local currency basis the group achieved an increase in the profit (before taxes) of 29.4 percent.

The combined ratio amounted to around 100 percent.

Romania

In Romania the Group companies of Vienna Insurance Group achieved premiums of EUR 606.66 million overall. On a local basis, this means an increase of 14.8 percent in premiums written. The increase in the net earned premiums amounted to 20.0 percent for the Group in Romania. The premiums written in the non-life insurance segment amounted to EUR 519.42 million. On a local basis, this means a growth in this segment of 5.1 percent. In life insurancethe Group achieved premiums of EUR 87.23 million (plus 123.4 percent).

In Romania the Vienna Insurance Group is the market leader and also the number one in non-life insurance. In life insurance the companies of Vienna Insurance Group rank second.
The profit (before taxes) amounted to EUR 24.19 million, whereby a comparison with the previous year's value - due to the final consolidation of Unita at that time - is not conclusive.

The combined ratio for 2009 amounted to 99.3 percent and was decreased by more than 5 percentage points.

Other CEE markets

In the other CEE markets segment Vienna Insurance Group achieved premiums of EUR 546.56 million and with this an increase of 10.1 percent. Noteworthy are the double-digit growth rates in Bulgaria (38.8 percent) and Croatia (11.7 percent) in 2009.

Other markets

In Germany and Liechtenstein the Group companies of Vienna Insurance Group achieved premiums of EUR 211.98 million (minus 2.8 percent).
The profit (before taxes) amounted to EUR 19.98 million.

IV. GROUP EMBEDDED VALUE INCREASED

The embedded value calculated according to international guidelines represents the value of the in-force insurance business and is composed of the net asset value for life, health and property/casualty insurance as well as the present value of future earnings from the in-force business in the life and health insurance.

The sustainability of the insurance business of Vienna Insurance Group is reflected in the fact that the Group embedded value (after taxes) as of the effective date of December 31, 2009 was increased by 7.5 percent to EUR 4.59 billion (2008 adjusted value: EUR 4.26 billion). The growth of the embedded value by 15.9 percent to EUR 2.83 billion in Central and Eastern Europe is even more marked and impressively confirms the potential for value appreciation in this region.

The growth in embedded value, including dividend payments made, yields a return on Group embedded value of 15.4 percent.

The profitability of the new business represents a clear indication of the earnings power of the CEE countries, which was increased from 40.0 percent to 41.7 percent of the new business premiums. However, there was also an increase from 24.2 percent to 25.0 percent recorded in the region of Austria/Germany. The Group-wide efficiency programme implemented last year had a direct impact.

B & W Deloitte GmbH, Köln has fully confirmed the Group embedded value of Vienna Insurance Group.

V. FORECAST

The management of Vienna Insurance Group confirms the forecast already made in January and expects a growth in profit (before taxes) of at least ten percent and an increase of premiums in the single-digit percentage area.

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.

Contact: VIENNA INSURANCE GROUP (V.I.G.) Investor Relations

1010 Vienna, Schottenring 30

Fax: +43 50 350 99 - 23303

Thomas Schmee

Tel.: +43 50 350-21900

E-Mail: thomas.schmee@vig.com

 

Nina Higatzberger

Tel.: +43 50 350-21920

E-Mail: nina.higatzberger@vig.com

 

Nicolas Mucherl

Tel.: +43 50 350-21930

E-Mail: nicolas.mucherl@vig.com

All news releases are also available at www.vig.com/ir > IR News.

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