Premium growth in Slovakia in 2007
In Slovakia in 2007, Vienna Insurance Group generated total written premiums of EUR 494.52 million (2006: EUR 387.68 million), representing an increase of 27.6%.
In the non-life insurance segment, premium volume in Slovakia totalled EUR 296.86 million in 2007 (2006: EUR 246.47 million). This amounted to a growth of 20.4% compared to the year before. In this area Kooperativa did well, above all by a premium growth rate of 22.1%. Komunalna too achieved a growth rate of 12.5%.
In 2007 in the life insurance area, premium revenues of the Slovakian companies of the Vienna Insurance Group were able to rise by 40.0%, to EUR 197.66 million (2006: EUR 141.22 million). It was, above all, the new, innovative product solutions of the Vienna Insurance Group which were responsible for this. Komunálna und Kontinuita managed to increase premiums in the area of life insurance by more than 50%.
Expenses for insurance claims
In Slovakia in 2007, expenses for claims amounted to EUR 279.59 million (2006: EUR 190.10 million). This represents an increase in claims expenses (excluding reinsurance) for the Slovakian portion of the Vienna Insurance Group of EUR 89.49 million, or 47.1%. The effects of Hurricane Kyrill were felt in Slovakia as well.
Operating expenses
In 2007, the Vienna Insurance Group had operating expenses of EUR 84.33 million (2006: EUR 70.07 million). These expenses include commissions and other acquisition costs less reinsurance commissions received, showing a 20.4% growth compared to the year before. Hence, the growth in operating expenses of Slovakian companies of the Vienna Insurance Group is less than the growth in premium volume in Slovakia.
Slovakian companies contributed
EUR 30.30 million to profit before taxes
In 2007 the three Slovakian companies of the Vienna Insurance Group generated a profit before taxes of EUR 30.30 million. Compared to 2006, this represents an increase of 9.5%. Hence it was possible to beat the prior year’s profit before taxes of EUR 27.66 million by EUR 2.64 million.
Combined Ratio at 92.9%
In Slovakia the combined ratio of the Vienna Insurance Group, as in previous years, was held at well below 100%. In 2007 the combined ratio was 92.9% (2006: 89.4%).
