Business development in Poland in 2012

Premiums written Poland

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Outstanding premium growth of 68.9%

Vienna Insurance Group wrote total premiums of EUR 1,611.74 million in Poland in 2012 (2011: EUR 954.22 million). This represents an increase of 68.9% over the previous year. Net earned premiums were EUR 1,323.15 million in 2012, 74.0% higher than in 2011.

Non-life insurance generated a premium volume of EUR 586.76 million in 2012 (2011: EUR 611.70 million). This decrease of 4.1% compared to the previous year was primarily due to profitability measures.

Vienna Insurance Group companies in Poland increased their life insurance premium income from EUR 342.52 million in 2011 to EUR 1,024.98 million in 2012. This outstanding growth was driven by a strong demand for life insurance, particularly in the single-premium area.

Expenses for claims and insurance benefits

Vienna Insurance Group had expenses for claims and insurance benefits of EUR 1,126.50 million in Poland in 2012 (2011: EUR 552.07 million). This was an increase of EUR 574.43 million in expenses for claims and insurance expenses (less reinsurance). The increase was due to the strong growth recorded in the life insurance segment.

Acquisition and administrative expenses

The Polish companies had acquisition and administrative expenses of EUR 205.50 million in 2012, 2.6% below the previous year value of EUR 211.00 million. This decrease was partly due to higher reinsurance commissions resulting from an improvement in claims processing.

Profit before taxes of EUR 41.57 million

The Polish companies earned a profit before taxes of EUR 41.57 million in 2012. This corresponds to an outstanding increase of 14.2%.

Combined ratio reduced to 97.6%

The combined ratio of 97.6% in Poland was significantly below the important 100% mark. The Polish companies still had a combined ratio of 101.4% in 2011.

Vienna Insurance Group in Poland