InterRisk in Germany achieves outstanding combined ratio of 74.0%.

Premiums written, Other markets (bar chart)

Premium growth

The Vienna Insurance Group wrote total gross premiums of EUR 218.11 million in the Other markets segment in 2008 (2007: EUR 251.17 million). This represented a decline of 13.2% for the German and Liechtenstein companies. EUR 185.00 million in earned premiums was generated (2007: EUR 220.34 million), which was a decrease of 16.0% compared to 2007.

InterRisk in Germany is the only company in the Other markets segment operating in the non-life segment. This company generated EUR 69.40 million in premiums in 2008 (2007: EUR 65.95 million), representing an increase of 5.2% over the previous year.

The life insurance premium income generated by the Vienna Insurance Group in Germany and Liechtenstein fell 19.7%, to EUR 148.71 million, in 2008 (2007: EUR 185.22 million). This decrease was due to the Vienna Life company in Liechtenstein, which posted a significant decline in single-premium business this year. The InterRisk company operating in the life insurance segment increased its premium volume by 1.3% to EUR 56.69 million in 2008.

Expenses for claims and insurance benefits

The Other markets segment incurred EUR 140.07 million in expenses for insurance claims in 2008. This corresponds to a decrease of 24.1% compared to the EUR 184.45 million in expenses for insurance claims (less reinsurance) incurred in 2007.

Operating expenses

The Vienna Insurance Group had operating expenses of EUR 21.16 million in the Other Markets segment in 2008 (2007: EUR 28.79 million). These expenses include are acquisition costs, and less reinsurance premiums received. This represented a 26.5% drop in operating expenses compared to the year before.

Profit before taxes increases 16.2% in Other markets segment

The Vienna Insurance Group companies in the Other markets segment earned a profit before taxes of EUR 14.87 million in 2008. This corresponds to an increase of 16.2%, or EUR 2.07 million, over the previous year. InterRisk non-life’s outstanding underwriting result had a positive effect on the profit before taxes.

Vienna Insurance Group in Other markets (table)

Combined ratio of 74.0%

InterRisk had an outstanding combined ratio of 74.0% in 2008, once again below 100% as it was in the previous year (2007: 88.4%). The company was particularly successful in the property and casualty segment in 2008, enabling it to lower its combined ratio by 14.5 percentage points.

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