A strong development in a challenging environment
In the financial year 2012 Vienna Insurance Group earned direct, unconsolidated premiums written of about EUR 9.9 billion, corresponding to an increase by 9.5 percent. The upward trend of premiums continued in all segments. In the life insurance Vienna Insurance Group reported a sharp raise of 17.8 percent. Growth has been driven by the strong demand for single-premium products, which has been reported predominantly in Poland. Also, the Group succeeded in boosting premiums in the property/casualty (plus 2.5 percent) as well as in the health segments (plus 8.6 percent).
Growth on the basis of adjusted premiums (excluding special effects from the single premium business of Benefia Life) amounts to 2.2 percent. Adjusted for exchange rate effects, growth even exceeds 3 percent.
The projected Group profit (before taxes) is expected to amount to about EUR 585 million. This is approximately 5 percent above the prior-year level. Hence, adjusted premium growth is surpassed by more than the double.
Despite the heavy financial burden caused by severe weather conditions, the Group will record an excellent combined ratio of around 97 percent for the year 2012.
The dividend policy of the Group remains unchanged.
*The business figures are based on preliminary data; they are unconsolidated and unaudited. All information provided is based on euro.