Vienna Insurance Group recorded positive business development in the first three quarters of 2014
Premiums were around EUR 7.0 billion, remaining at the level of the previous year in spite of
significant negative exchange rate effects. When adjusted for these effects, premiums increased by
1.7 percent, the company announced. 2014-11-19 13:52:06
The performance by group companies is shown by the major increase of 36.4 per cent in profit (before taxes) to 430.8 million Euro. Net profit after minorities rose even more sharply by 50.7 percent to 327.7 million Euro and earnings per share even grew by 65.5 percent to 3.26 Euro.
The good performance is also shown in the combined ratio development, falling 3.5 percentage points
year-on-year to a very good 97.2 percent in the 3rd quarter of 2014. Vienna Insurance Group was able to achieve this major improvement in spite of the ongoing conservative reserving policy for Donau Versicherung′s Italian business and the resulting negative effects this brings.
The Group financial result was 844.1 million Euro, and Vienna Insurance Group investments (including cash and cash equivalents) were around 31.1 billion Euro (as of 30 September 2014). Profit (before taxes) rose 9.5 percent in CEE markets, and even 14.2 percent when adjusted for exchange rate effects. In total, Group companies in the CEE region generated 56.7 percent, again more than half of the Group′s profits. It was particularly gratifying that all of the markets in the region reported positive results (with the exception of Bosnia-Herzegovina, due to major natural disaster claims).
The Romanian market also showed a continuation of the cautious recovery achieved in previous quarters, reporting a profit (before taxes) of 2.6 million Euro. The Austrian segment also recorded satisfactory performance with a jump in profits of 10.6 percent following extraordinary charges in the previous year.
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