Premium growth
The Vienna Insurance Group wrote a total of EUR 605.60 million in premiums in Slovakia in 2008 (2007: EUR 494.52 million), representing an increase of 22.5%. Kooperativa, Komunálna and Kontinuita were included in consolidation, as was the new acquisition, Poisťovňa Slovenskej sporiteľne, as of 1st October 2008.,
The non-life business generated premium volume of EUR 330.52 million in Slovakia in 2008 (2007: EUR 296.86 million), corresponding to an increase of 11.3% over the prior year. Kooperativa contributed the majority of these premiums, EUR 278.08 million, equal to around 85% of total non-life premiums generated in Slovakia.
The life insurance premium income generated by the Slovakian companies of the Vienna Insurance Group rose by 39.2%, to EUR 275.08 million, in 2008 (2007: EUR 197.66 million). Komunálna’s premiums in the life insurance segment grew an impressive 74.4%. The strong growth in premiums is due to good business in single-premium products.
Expenses for claims and insurance benefits
Expenses for insurance claims (less reinsurance) were EUR 388.40 million in Slovakia in 2008 (2007: EUR 279.59 million). This represented an increase of EUR 108.81 million or 38.9%. These expenses were affected by the formation of a special reserve for previous losses in connection with the former government monopoly insurer.
Operating expenses
The Vienna Insurance Group had operating expenses, calculated including acquisition costs and less reinsurance commissions received, of EUR 96.72 million in Slovakia in 2008 (2007: EUR 84.33 million) This corresponds to an increase of 14.7% over the previous year, which is thus less than the increase in premium volume generated by Vienna Insurance Group companies in Slovakia.
Slovakian companies contribute profit before taxes of EUR 4.99 million
The four Slovakian Vienna Insurance Group companies earned a profit before taxes of EUR 4.99 million in 2008. This represents a decrease of 83.5% compared to 2007. The profit before taxes of the Vienna Insurance Group companies in Slovakia was significantly affected by the difficult capital market situation and a transfer to a reserve for previous losses in connection with the former government monopoly insurer.
Combined ratio of 93.3%
The combined ratio was 93.3% in 2008 (2007: 92.9%).
Compare to 2007