For the first three months of 2014, the Austrian VIENNA Insurance Group reported gross written premiums of EUR 2.7 billion, 1% more y-o-y. "When adjusted for exchange rate effects, the increase rises further to 2.9%", VIG noted in a statement.

Profit (before taxes) was EUR 152 million or 4.7% less y-o-y, the combined ratio improved to 96.4% (100.6% in 1Q2013), the Group's financial result remained at around EUR 272 million, while investments (including cash and cash equivalents) were just under EUR 30 billion. "Adjusted for exchange rate effects and the first interest payment on the subordinated debt issued in autumn 2013, profit (before taxes) rose by 2.8%".

"VIENNA Insurance Group has made a strong start in 2014. Premiums recorded solid growth. A substantial reduction of more than 4 percentage points in the combined ratio confirms that the measures taken in the second half of 2013 were correct", said Peter HAGEN, CEO VIENNA Insurance Group.

Read the 1Q2014 Interim Report published by VIG here.