Business development in Austria in 2010

Premiums written Austria

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Premium development

In 2010, the Austrian companies of the Vienna Insurance Group wrote gross premiums written in the amount of EUR 4,041.14 million. This is equivalent to an increase of 4.3% compared to the previous year. Of this premium volume, Wiener Städtische Versicherung accounted for EUR 2,418.86 million, Donau Versicherung EUR 710.69 million and s Versicherung EUR 901.08 million. VIG Holding was responsible for EUR 10.51 million. Net earned premiums rose by 4.9% in 2010, from EUR 3,529.64 million to EUR 3,701.87 million.

EUR 1,566.38 million, or 38.8%, of the premiums were written in the property and casualty area, which represents a minimal decline of 0.1% compared to 2009.

Life insurance contributed EUR 2,146.70 million (53.1%) to premium volume; overall the Group recorded strong gains of 8.1% in Austria in 2010. This increase is primarily due to strong development of the single-premium business.

Premiums in the amount of EUR 328.06 million originated from the health insurance area. This is equivalent to an increase of 2.1% compared with 2009, when the premium income of the health insurance business was EUR 321.36 million.

Expenses for claims and insurance expenses

In 2010 expenses for claims and insurance expenses rose from EUR 3,274.60 million to EUR 3,593.51 million over the previous year. This corresponds to an increase in expenses of 9.7%.

Operating expenses

The Austrian companies of the Vienna Insurance Group had operating expenses of EUR 648.77 million in 2010, including acquisition expenses and less reinsurance commissions received, which represents an increase of 7.0% over the previous year 2009.

Profit before taxes: EUR 250.89 million

In 2010 the Vienna Insurance Group in Austria realised a profit before taxes of EUR 250.89 million (2009: EUR 247.49 million). Compared to the previous year, the result was thus up by 1.4%.

Combined ratio of 97.2%

The combined ratio in Austria (after reinsurance but not including investment income) was 97.2% in 2010 (2009: 96.0%).

Vienna Insurance Group in Austria*