Premiums written in Poland
Premium development
Vienna Insurance Group wrote total premiums of EUR 1,142.30 million in Poland in 2013 (2012: EUR 1,611.74 million). This was a decrease of 29.1% compared to the previous year. Net earned premiums were EUR 939.73 million in 2013, 29.0% higher than in 2012.
Non-life insurance generated a premium volume of EUR 560.07 million in 2013 (2012: EUR 586.76 million), representing a decrease of 4.5% compared to the previous year. Although falling new car sales led to a loss in the motor vehicle lines of business, underwriting guidelines were tightened at the same time to achieve lower price margins.
The life insurance premium income of the Vienna Insurance Group companies in Poland decreased from EUR 1,024.98 million in 2012 to EUR 582.23 million in 2013. The drop of 43.2% was due to the intentional reduction in short-term single-premium products. Products with regular premiums, on the other hand, rose by 35.3%.
Expenses for claims and insurance benefits
Vienna Insurance Group had expenses for claims and insurance benefits of EUR 709.91 million in Poland in 2013 (2012: EUR 1,126.50 million). This was a decrease of EUR 416.58 million or 37.0% in expenses for claims and insurance expenses (less reinsurance). This change was due to the large decrease in single-premium business in the life insurance segment.
Acquisition and administrative expenses
The Polish companies had acquisition and administrative expenses of EUR 222.54 million in 2013, 8.3% higher than the previous year's value of EUR 205.50 million. This increase was partly due to successful development of the SME business.
Profit before taxes
The Polish companies earned a profit before taxes of EUR 50.22 million in 2013.This corresponds to an increase of 20.8%, providing an impressive confirmation of the effectiveness of the Polish Group companies' focus on profitability.
Combined ratio
The combined ratio was improved again in Poland, falling to 96.2% in 2013 (2012: 97.6%).
Vienna Insurance Group in Poland
| XLS Download |
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2013 |
2012 |
2011 |
|
in EUR million |
|
|
|
|
Premiums written |
1,142.30 |
1,611.74 |
954.22 |
|
Life |
582.23 |
1,024.98 |
342.52 |
|
Non-life |
560.07 |
586.76 |
611.70 |
|
Profit before taxes |
50.22 |
41.57 |
36.41 |