Premium growth
On the Polish market in 2007, the Vienna Insurance Group generated total written premiums of EUR 543.14 million (2006: EUR 335.06 million), representing an increase of 62.1%. In 2007, net earned premiums totalled EUR 483.90 million, a year-on-year increase of 84.1%.
In 2007, the non-life insurance segment generated premium volume of EUR 324.34 million (2006: EUR 215.72 million). That represents growth of 50.4% as compared to the previous year. In particular, InterRisk provided considerable premium contribution of EUR 160.75 million, an increase of 72.2% in this area.
In the life insurance area in 2007, premium revenues of the Polish companies of the Vienna Insurance Group were able to rise 83.3%, to EUR 218.80 million (2006: EUR 119.34 million). Royal Polska was responsible for generating almost the half of the life insurance premiums.
Expenses for insurance claims
In Poland in 2007, claims expenses came out to EUR 269.57 million (2006: EUR 134.50 million). This represents a rise in expenses for claims (excluding reinsurance) for the Vienna Insurance Group in Poland of EUR 135.07 million, or 100.4%.
Operating expenses
In 2007, the Polish companies had operating expenses of EUR 207.04 million (2006: 135.78 million). These expenses include commissions and other acquisition costs less reinsurance commissions received. Operating expenses rose by 52.5% from the prior year.
Financial result
The financial result of the Vienna Insurance Group in Poland went up from EUR 18.08 million to EUR 22.10 million, corresponding to an increase of 22.2%.
Polish companies contributed EUR 18.78 million
to profit before taxes
In 2007, the seven companies in Poland generated a profit before taxes of EUR 18.78 million. Compared to 2006, this represents growth in profit before taxes of 143,0%, or an increase of EUR 11.05 million.
Combined ratio at 99.2%
The combined ratio in Poland amounted to 99.2% (2006: 103.1%) and it was possible for this to be held significantly below 100% this year.
