The VIENNA Insurance
Group reported a stable development in the first six months of this
year, the volume of gross written premiums
amounting to EUR 4.25 billion, up 0.9% compared to same period in
2008.
Overall, 46.5% of the total underwritings of the Austrian group
(EUR 1.98 billion) came from Central and Eastern European states.
Business of VIG member companies in the Czech Republic recorded underwritings
of EUR 776.6 million (18.3% of the total), while in Slovakia - about
EUR 324.4 million (7.6%). ASIROM, OMNIASIG, BCR Asigurari, BCR Asigurari
de Viata and OMNIASIG Viata have generated for the Austrian group,
during the analyzed period, underwritings of EUR 313 million (7.4%
of total underwritings), while insurance companies in Poland - about
EUR 263 million. Also, in Bulgaria, Croatia, Serbia, Turkey, Ukraine,
Hungary and the Baltic States, VIG realized a total volume of underwritings
of EUR 300.7 million.
Moreover, the group reported a gross profit of EUR 230 million, being
placed on the first place in the top of the companies present in
the space of Central and Eastern Europe. The combined ratio of VIG
during January-July 2009 was maintained at 95.5%, excluding the profits
of investment activity.
"During the first months of this
year, VIENNA Insurance Group has continued its development. From
a local perspective, the growth
remains strong in most markets in the CEE space, as we have expected.
We have strengthened our position in the region, while the company's
shares rose by 16%", said Gunter GEYER, CEO, VIENNA Insurance
Group.
"Economic situation differs from state to state, so
the diversity of the countries in which we are present offers stability
for the
company,in difficult times. Due to distribution channels, our company
offers many possibilities to customers, who are attracted by our
products, regardless of the economic climate. Furthermore, cost-cutting
measures begin to take effect", added GEYER.
Regarding the investments
level, it increased by 2.2% compared to the volume recorded at the
end of 2009, up to EUR 25.08 billion.
