Premium percentage by lines of business andEnlarge image
region(figures for 2011 in parentheses)
A brief presentation of the premium development is included under item 28 (Net earned premiums) of the notes to the consolidated financial statements (see PDF, pages 184-187).
VIG earned EUR 9,685.67 million in premiums in 2012, representing an increase of 9.0% over the previous year. Vienna Insurance Group retained EUR 8,975.86 million of the gross premiums written, and ceded EUR 709.81 million to reinsurers. Strong premium development in Poland (+68.9%) made a major contribution to this increase. Premium income also recorded a two digit increase in the Remaining Markets segment (+13.8%).
Overall, the Group generated 57.3% of its premiums outside Austria in 2012. For property and casualty insurance, the share contributed by companies outside Austria was 59.3%. In life insurance, 59.2% of premiums were generated outside of Austria, and in health insurance the Georgian companies contributed 11.2% of the premium volume outside of Austria.
Net earned premiums rose 10.8%, from EUR 8,122.82 million in 2011 to EUR 8,996.81 million in 2012. Reinsurance cessions were EUR 683.90 million.
Expenses for claims and insurance benefits
A brief presentation of expenses for claims and benefits is included under item 32 (Expenses for claims and insurance benefits) of the notes to the consolidated financial statements (see PDF, pages 196-197).
Expenses for claims and insurance benefits were EUR 7,590.36 million in 2012 after deducting the share attributable to reinsurance (EUR 221.28 million). This was an increase of 16.1% over the previous year, and was due to an increase in storm events in 2012, and growth in the life insurance business.
Acquisition and administrative expenses
A brief presentation of acquisition and administrative expenses is included under item 33 (Acquisition and administrative expenses) of the notes to the consolidated financial statements (see PDF, pages 197-198).
Acquisition and administrative expenses were EUR 1,814.89 million for all consolidated VIG companies in 2012, representing an increase of 3.6% compared to the previous year. Acquisition expenses were EUR 1,586.25 million in 2012, an increase of 4.3% over the previous year.