The Vienna Insurance Group is on course for success
In 2007, the Vienna Insurance Group considerably strengthened its position as the leading insurance group in Austria and a top player in Central and Eastern Europe. By rigorously implementing its strategy of targeted acquisitions and organic growth, and identifying and reacting in timely fashion to current trends and developments in the CEE markets, the Group rose to become number 1 in the CEE region in the non-life insurance area. The goal is to become the overall number 1 in this region. The companies in the Vienna Insurance Group are recording a high rate of growth in premiums in all CEE markets that is significantly above the level of the market.
The Vienna Insurance Group increases its presence in the CEE
The Vienna Insurance Group further expanded its geo graphical presence in Central and Eastern Europe in 2007 by entering into the markets of Turkey, Albania, Macedonia, and the three Baltic states of Estonia, Latvia and Lithuania. The highly dynamic economies in these new markets open up further potential for growth. As one of the leading in surers in the CEE region, the Vienna Insurance Group has a great deal of integration and market know-how in this region. Selective follow-up acquisitions are possible in 2008. Existing market positions will be developed further through organic growth, and new distribution channels will be used to create a stimulus for additional growth.
Financial targets of the Vienna Insurance Group
The Vienna Insurance Group has ambitious plans for the coming years. By consistently adhering to its strategy, the Vienna Insurance Group aims to achieve a premium volume of EUR 10 billion in 2010. This corresponds to an annual increase of approximately 14% when compared to the current level. Profit before taxes is expected to grow at an average annual rate of approximately 21%, thereby continuing to surpass the rate of growth in premiums. Profit before taxes is expected to reach EUR 770 million by 2010.
