A brief presentation of the financial result (excluding at equity consolidated companies) is included in note 29 (Financial result) of the notes to the consolidated financial statements (see PDF, pages 187-194).
Vienna Insurance Group generated a financial result of EUR 1,240.52 million in 2012. In spite of a slight decrease in income, the result rose by 33.2% due to the rise in stock markets. Smaller impairment losses than 2011 and selective realisation of increases in market value also contributed to the rise.
Profit before taxes
Vienna Insurance Group achieved a profit before taxes of EUR 587.41 million in 2012, corresponding to an increase of EUR 28.40 million or 5.1% compared to 2011. Profit increased in the Austria, Czech Republic, Slovakia and Poland regions, and in the Remaining Markets segment.
The increase of 9.7% in profit after taxes and minority interests was even larger and even exceeded the growth in premiums.
Cash flow from operating activities was EUR 1,591.21 million in 2012, compared to EUR 1,538.26 million in 2011. Cash flow from investing activities was EUR -1,179.67 million (2011: EUR -1,132.11 million). VIG financing activities produced a cash flow of EUR -170.14 million in 2012 (2011: EUR -244.00 million). This improvement was due to a spin-off of four non-profit housing societies to Wiener Städtische Versicherungsverein and the associated reduction in financing. The Group had cash and cash equivalents of EUR 772.24 million at the end of 2012. Vienna Insurance Group received a total of EUR 1,017.15 million in interests and dividends in 2012.