Premium growth
In 2007 in the Other CEE markets segment, the Vienna Insurance Group generated total premiums of EUR 383.77 million (2006: EUR 198.37 million). The member companies were thereby able to achieve growth of 93.5%. Earned premiums totalled EUR 300.32 million (2006: EUR 161.43 million), representing an 86.0% increase over 2006.
In the non-life area in 2007, Other CEE markets generated premium volumes of EUR 258.85 million (2006: EUR 117.69 million), representing an increase of 119.9% over the year before. It was above all the Bulgarian companies in the Vienna Insurance Group which contributed to this increase.
In life insurance in 2007, premium revenues generated by the companies belonging to the Other CEE markets segment of the Vienna Insurance Group were able to rise by 54.8%, to EUR 124.92 million (2006: EUR 80.68 million). Hungary and Serbia, with increases of 66.9% and 62.3% respectively, jointly contributed to this result.
Expenses for insurance claims
In 2007, claims expenses in Other CEE markets amounted to EUR 199.78 million (2006: EUR 103.03 million). This represents an increase in claims expenses (excluding reinsurance) of EUR 96.75 million, or 93.9%, for the Vienna Insurance Group in Bulgaria, Croatia, Serbia, Turkey, Ukraine and Hungary.
Operating expenses
In 2007 in the Other CEE markets segment, the Vienna Insurance Group had operating expenses of EUR 114.22 million (2006: EUR 64.20 million). These expenses, which include commissions and other acquisition costs less reinsurance commissions received, represent a year-to-year increase of 77.9%.
Financial result
The financial result of the companies belonging to the Other CEE markets segment of the Vienna Insurance Group, including earnings from shares of affiliated and associated companies, reached EUR 28.60 million. Hence, the financial result rose by 163.2%, up from EUR 10.87 million in the prior year.
Other CEE markets made a positive contribution
to profits
In the Other CEE markets segment in 2007, the companies of the Vienna Insurance Group generated profit before taxes of EUR 10.25 million, representing a 262.3% growth over the year before. It was thus possible to increase 2006 profit before taxes of EUR 2.83 million by EUR 7.42 million.
Combined ratio at 102.8%
In the Other CEE markets segment, the combined ratio of Vienna Insurance Group is currently still above 100%. The combined ratio in 2007 was 102.8% (2006: 102.3%).
