Group-wide efficiency improvements and cost reductions

In order to limit the negative effects of the challenging macroeconomic conditions, measures were taken to further optimise earnings power in 2013.

Extensive package of measures in Romania

In view of the irrational price competition taking place, predominantly in the motor vehicle sector, and the difficult macroeconomic situation, effective measures to improve earnings were implemented in Romania in 2013. Motor liability insurance was reduced further and strict cost management was maintained. A goodwill impairment of EUR 75 million and trademark impairment of EUR 25 million were recognised due to the change in conditions.

Extensive restructuring in Italy

In order to overcome the negative effects of past developments, personnel changes were implemented in the Italian business of Donau Versicherung in 2013, along with extensive measures for portfolio reorganisation.