VIG: 2011 written premiums up 3.4%

24 January 2012 — Vlad BOLDIJAR
VIG: 2011 written premiums up 3.4%
vig2According to the preliminary results, in the financial year 2011 VIENNA INSURANCE Group earned premiums written of EUR 9 billion, representing an increase of 3.4% compared to 2010. In the non-life insurance segment VIG increased premiums written by 4.9% to EUR 5.1 billion. Despite the difficult economic environment, in the life insurance business the Austrian Group reported a total of EUR 3.9 billion, achieving a growth of 1.4%.

"With the preliminary data for 2011 Vienna Insurance Group demonstrates once more that it is operating successfully even against the background of difficult economic conditions. Pursuing our consistent strategy, we have achieved a sizeable growth, as expected. Despite partly significant fluctuations of important CEE currencies, we report a substantial increase in premiums of 3.4% and are again performing above the market average", explains Gunter GEYER, CEO of VIENNA INSURANCE Group.

At the same time, based on preliminary data, the forecast Group profit before taxes, for the year 2011 will amount to nearly EUR 560 million (increase by 10%), while the combined ratio for the same period will amount to the target value of about 97%.

"The increase in profit before taxes by about 10 percent to nearly EUR 560 million underlines the long-term favorable development of our Group", said Mr. GEYER.

2011 was a good year for the Austrian group by entering new markets as Bosnia and Herzegovina insurance market in October (by acquiring 92% of JAHORINA Osiguranje), a new takeover in Poland (Towarzystwo Ubezpieczen na Zycie "POLIS Zycie" SA) in November, respectively the acquiring of the majority share in the Albanian insurance company INTERSIG in August.

"Our market entry in Bosnia and Herzegovina will allow us to take advantage of existing opportunities in this new market. Furthermore, we have strengthened our presence in interesting markets by acquiring INTERSIG in Albania as well as the life insurance company POLISA in Poland. Taking efficiency-boosting measures, we optimize the profitability of our Group on an ongoing basis. Our goal is to gain a clear competitive edge as the leading insurance Group in Central and Eastern Europe through the best customer service", declared Gunter GEYER


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