Consolidated income statement for the period from 1 January 2010 to 31 December 2010

Premiums

28

Premiums written - gross

8,593,012

8,019,281

Premiums written - reinsurers´ share

-722,092

-731,418

Premiums written - retention

7,870,920

7,287,863

Change in unearned premiums - gross

-9,850

2,362

Change in unearned premiums - reinsurers' share

-704

-47,946

Net earned premiums - retention

7,860,366

7,242,279

Financial result excluding at equity consolidated companies

29

Income from investments

1,704,332

1,787,914

Expenses for investments and interest expenses

-592,909

-857,949

Total financial result excluding at equity consolidated companies

1,111,423

929,965

Result from shares in at equity consolidated companies

30

5,013

-843

Other income

31

93,839

124,986

Expenses for claims and insurance benefits

32

Expenses for claims and insurance benefits - gross

-7,007,787

-6,338,424

Expenses for claims and insurance benefits - reinsurers' share

466,439

461,266

Total expenses for claims and insurance benefits

-6,541,348

-5,877,158

Operating expenses

33

Acquisition expenses

-1,509,051

-1,389,458

Other administrative expenses

-359,190

-370,177

Reinsurance commissions

108,364

110,212

Total operating expenses

-1,759,877

-1,649,423

Other expenses

34

-261,627

-328,560

Profit before taxes

507,789

441,246

Tax expense

35

-94,539

-77,533

Profit of the period

413,250

363,713

thereof attributable to VIENNA INSURANCE GROUP shareholders

379,752

340,486

thereof minority interests in net profit of the period

14

33,498

23,227

Earnings per share

14

Undiluted = diluted earnings per share (in EUR)

2.97

2.66