As of 31 December 2008, the Vienna Insurance Group’s real estate portfolio had a book value of EUR 3,090.4 million (market value: EUR 3,471.5 million) and a book value of EUR 2,868.7 million as of 31 December 2007 (market value: EUR 3,200.8 million). The real estate portfolio is used primarily to create highly inflation-resistant long-term positions for the insurance business, and to create silent reserves. The real estate portfolio represents approximately 13% of the total investment portfolio of the Vienna Insurance Group. To date, real estate has not represented a strategic asset class for companies in the CEE countries.
The following table shows Vienna Insurance Group real estate investments as of 31 December 2008 and 31 December 2007, broken down by location and type of use of the respective properties:
Compare to 2007