Premiums written Austria

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Premiums written Austria (bar chart)

Premium development

The Austrian VIG companies wrote gross premiums of EUR 4,042.22 million in 2011. This was approximately the same as the previous year. Wiener Städtische contributed EUR 2,279.22 million to this premium volume, Donau Versicherung EUR 903.86 million, and s Versicherung EUR 853.36 million. EUR 5.79 million was attributable to VIG Holding. Net earned premiums fell by 1.8% in 2011, from EUR 3,701.87 million to EUR 3,634.57 million.

EUR 1,763.94 million of the premiums, or 43.6%, were written in the property/casualty area. This was an increase of 12.6% compared to 2010, due to good business development in Italy in addition to the performance achieved in the Austrian market.

Life insurance generated EUR 1,940.76 million or 48.0% of the premium volume in 2011, with the Group recording a total decrease of 9.6% in this area in Austria due to the effects of a change in the statutory minimum lock-in period for single-premium policies.

Health insurance generated EUR 337.52 million in premiums. This was equivalent to an increase of 2.9% over 2010, when premium income from health insurance was EUR 328.06 million.

Expenses for claims and insurance benefits

Expenses for claims and insurance benefits fell compared to the previous year from EUR 3,593.51 million to EUR 3,291.10 million in 2011. This represents a decrease of 8.4% in expenses. This change was due to two factors. First, the amount that had to be transferred to the mathematical reserve decreased due to a drop in new single-premium life insurance policies. Second, expenses for natural catastrophes were significantly lower than the previous year.

Acquisition and administrative expenses

The Austrian Vienna Insurance Group companies had acquisition and administrative expenses of EUR 623.32 million in 2011, representing a decrease of 3.9% compared to 2010. This was mainly the result of higher reinsurance commissions due to favourable claims figures, and the positive effects of an earlier cost-cutting programme.

Profit before taxes of EUR 291.58 million

Vienna Insurance Group achieved a profit before taxes of EUR 291.58 million in Austria in 2011 (2010: EUR 250.89 million). This corresponds to an increase of 16.2% in profits compared to the previous year.

Combined ratio of 93.2%

The Group had a combined ratio (after reinsurance, not including investment income) of 93.2% (97.2.%) in Austria in 2011. The reduction was due to decreases in both the claim ratio and the expense ratio.

Vienna Insurance Group in Austria

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in EUR million




Premiums written












Profit before taxes




This information
was audited by PWC
GmbH, Vienna on
March 12, 2012.