Litigation
Wiener Städtische AG and its affiliated companies are involved in a number of legal disputes arising from the normal course of business. Taking into account the provisions formed for these legal actions, the management of Wiener Städtische AG is of the opinion that they will have no significant effect on the business or consolidated financial position of the Vienna Insurance Group.
Coverage-related proceedings
In its capacity as an insurance company, the Vienna Insurance Group and its affiliated companies are involved as a defendant in a number of court proceedings or have been threatened with legal actions. In addition, there are proceedings to which the companies of the Vienna Insurance Group are not a party, but whose outcome could have an effect on them due to agreements with other insurers concerning participation in losses. In the opinion of the Vienna Insurance Group, adequate provisions have been formed to all claims of the Austrian Group companies, based on the amount in dispute.
Off-balance sheet commitments
The following table shows the off-balance sheet commitments as at 31 December 2008, 2007 and 2006.
The liabilities and assumed liabilities, as well as the letters of comfort for the individual financial years were primarily related to loans from holding companies.
No off-balance sheet financing structures via special purpose vehicles (SPVs) or other similar corporate structures exist.
Compare to 2007