Business development in Poland in 2009

Premium growth

The Vienna Insurance Group wrote total premiums of EUR 548.26 million in Poland in 2009 (2008: EUR 795.14 million). The volume of earned premiums was EUR 496.18 million in 2009.

The non-life area generated a premium volume of EUR 384.07 million in 2009 (2008: EUR 413.45 million), corresponding to an increase of 14.5% over the previous year based on the local currency.

In the life area, the Polish companies in the Vienna Insurance Group generated premium income of EUR 164.19 million in 2009 (2008: EUR 381.68 million).

Expenses for claims and insurance benefits

The Vienna Insurance Group had expenses for claims and insurance benefits of EUR 282.28 million in Poland in 2009 (2008: EUR 456.39 million). This represented a sharp decrease of EUR 174.11 million, or 38.1%, in Vienna Insurance Group expenses for claims and insurance benefits (less reinsurance) in Poland.

Operating expenses

The Polish companies had operating expenses of EUR 217.00 million in 2009 (2008: EUR 255.40 million). These expenses are calculated including acquisition costs and less reinsurance commissions received. This represented a decrease of 15.0% compared to the previous year.

Poland increases profit before taxes to EUR 27.42 million

The Polish companies earned a profit before taxes of EUR 27.42 million in 2009. This was an increase in profit before tax of EUR 1.31 million, or 5.0%, compared to 2008.

Combined ratio of 100.5%

The combined ratio is 100.5% in Poland (2008: 98.7%).