VIENNA Insurance Group has achieved best 1st quarter in the corporate history
In the first quarter of 2010, VIENNA Insurance Group (VIG) reported total written premiums (consolidated) of EUR 2.53 billion; an increase by 7.9 % compared to the same period of the previous year, according to VIG's press release. At the same time, the Group achieved an increase of 13.8 percent in net earned premiums. The business figures for the first quarter of 2010 confirm our forecast for the result of the current financial year", stated Gunter GEYER, CEO, VIG.
VIG's profit (before taxes, consolidated) for the reported period amounted to EUR 133.44 million, corresponding to a total growth of 10.4 percent. This is the best first-quarter result ever achieved in the company's corporate history. The investments of the Group amounted to EUR 26.85 billion as at 31 March 2010; this is an increase by 3.7 percent compared to 31 December 2009. Also, the combined ratio of the Group after reinsurance (without taking into account investment income) stood at 97.5 percent in the first quarter of the current year.
In the CEE markets, Vienna- based insurer earned premiums written on property/casualty insurance of a total of EUR 749.52 million, corresponding to a plus of 1.6 percent. The Group succeeded in increasing the net earned premiums in this segment by 8.3 percent. On the life insurance segment, this region totalized premiums of EUR 362.11 million, an increase by 12.8 percent.
Due to the business development in the first quarter of 2010, the management of VIG expects growth in the profit (before taxes) by more than ten percent and a single-digit increase in premiums.
