23.05.2017,
5849 Zeichen
Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
Financial Figures/Balance Sheet
Wien -
* * Premiums rise to EUR 2.72 billion * Combined Ratio improved to 96.9 percent
* Profit (before taxes) increased to around EUR 110 million * Solvency II
ratio grew to around 206 percent
Following the favourable results achieved in the financial year 2016, Vienna
Insurance Group (VIG) can now also report very positive figures for the 1st
quarter of 2017. "All our key performance indicators are showing a clear
improvement compared to the 1st quarter of the previous year and are thus fully
in line with our plans. The good economic outlook for both Austria and our
Central and Eastern European markets makes us highly confident that we are on
course for continued success in 2017," stated
Elisabeth Stadler, Chairwoman of
the Managing Board of Vienna Insurance Group, summarising the initial positive
interim results for the year.
Premiums increased Total premium volume reached around EUR 2.72 billion in the
first three months of 2017, corresponding to an increase of +0.5 percent
compared to the 1st quarter of 2016. Single premium life insurance business
continued to decline (-22.1 percent). Excluding single premium products,
premiums increased by +4.2 percent year-on-year. Health insurance, one of the
growth segments identified in the "Agenda 2020" management programme, recorded
the largest increase, with premiums rising by +12.5 percent to EUR 150.7
million. In motor vehicle insurance, the own-damage line of business recorded
strong premium growth of 10.7 percent (EUR 284.4 million), while premiums for
third party liability insurance declined slightly by -0.6 percent (EUR 368.5
million). Other property and casualty insurance recorded a strong increase of
+6.8 percent (EUR 1.3 billion), and regular premium life insurance rose by 1.5
percent (EUR 666.6 million). "We continue to follow a restrictive underwriting
policy for traditional single premium life products in most markets. We also
place profitability before growth in motor third-party liability insurance,
where we face massive price competition in some countries, and have tightened
our underwriting policy accordingly. We achieved very satisfactory growth in
all other lines of business and continue with our stable performance,"
explained Elisabeth Stadler. Highly positive premium development was recorded
in the neighbouring countries of Hungary (+46.5 percent), Slovakia (+10
percent) and the Czech Republic (+5.1 percent). In the Remaining CEE segment,
consisting of Albania, Bosnia- Herzegovina, Croatia, Macedonia, Moldova, Serbia
and Ukraine, premiums rose by +12.4 percent, with Serbia and Bosnia-Herzegovina
being the fastest-growing markets. The Turkey/Georgia segment also recorded
double-digit premium growth of +17.7 percent. Except for Slovakia and Serbia,
where growth was driven by life insurance (unit-linked single premium life
insurance), the increases were mainly due to property and casualty insurance.
The large percentage premium increase of +122.8 percent in the Baltic States
resulted from the first-time consolidation of BTA Baltic, which was acquired in
the previous year. The premium decreases in Austria (-4.2 percent) were due to
the ongoing decline in single premium business. In Romania, the regulatory cap
the government placed on motor third party liability premiums had a negative
effect on overall premium development (-7.5 percent).
Combined ratio significantly improved The combined ratio improved significantly
by almost one percentage point to 96.9 percent, compared to 97.8 percent in the
1st quarter 2016. While the loss ratio remained almost the same year-on-year,
the cost ratio was clearly reduced. The combined ratio consequently improved in
many of our countries, particularly Austria.
Profit (before taxes) +22.4 percent higher Profit (before taxes) was around EUR
110 million, corresponding to an increase of +22.4 percent compared to the 1st
quarter of 2016. The companies in the Czech Republic made the largest
contribution to Group profit, namely 38 percent, followed by Austria (35
percent) and Slovakia (10 percent). VIG generated a financial result of EUR
247.7 million in the 1st quarter of
2017. This year-on-year increase of +10.6 percent was primarily due to higher
current income resulting from full consolidation of the non-profit
housing societies. The Solvency II ratio at the level of the listed VIG
Group rose to around 206 percent for the 1st quarter of 2017. Group
investments including cash and cash equivalents were EUR 36.2 billion
as of 31 March of the current year.
Implementation of "Agenda 2020" Concrete steps were taken in the 1st quarter of
2017 with respect to optimising the business model under "Agenda 2020".
Introduction of the model for reducing insurance fraud was concluded for the
entire motor business in the Polish non-life companies and roll-out was
commenced in the property and casualty business. In Romania, the implementation
of the model is under way in the motor segment, and a pilot phase is currently
under way in Bulgaria. The first projects in cooperation with the Insurance
Innovation Lab Leipzig began as part of VIG's digitisation initiative. These
projects include the development of specific products, as well as digitisation
of the operating model.
end of announcement euro adhoc
issuer: Vienna Insurance Group Wiener Versicherung Gruppe
Schottenring 30
A-1010 Wien
phone: +43(0)50 390-21919
FAX: +43(0)50 390 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
ISIN: AT0000908504
indexes: WBI, ATX
stockmarkets: Prague Stock Exchange, Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/7674/aom
BSN Podcasts
Christian Drastil: Wiener Börse Plausch
Wiener Börse Party #637: Egalite Addiko und Marinomed, AT&S nach 2 Monaten zurück, 19 Jahre RBI an der Börse, Strabag top
VIG
Akt. Indikation: 29.15 / 29.30
Uhrzeit: 16:34:16
Veränderung zu letztem SK: -1.10%
Letzter SK: 29.55 ( -0.17%)
Bildnachweis
1.
"Know-How und Entwicklungen sollen innerhalb des Konzerns zirkulieren." Nina Higatzberger-Schwarz, Leiterin Investor Relations VIG
, (© photaq.com/Börse Social Magazine) >> Öffnen auf photaq.com
Aktien auf dem Radar:Addiko Bank, Immofinanz, Marinomed Biotech, Flughafen Wien, Warimpex, EuroTeleSites AG, ATX Prime, ams-Osram, AT&S, Palfinger, RBI, Strabag, Pierer Mobility, UBM, CA Immo, Frequentis, Lenzing, SW Umwelttechnik, Oberbank AG Stamm, Wolford, Agrana, Amag, Erste Group, EVN, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG, Wienerberger.
Porr
Die Porr ist eines der größten Bauunternehmen in Österreich und gehört zu den führenden Anbietern in Europa. Als Full-Service-Provider bietet das Unternehmen alle Leistungen im Hoch-, Tief- und Infrastrukturbau entlang der gesamten Wertschöpfungskette Bau.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Mehr aktuelle OTS-Meldungen HIER