Business development in Poland in 2010

Premiums written Poland

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Premiums increase by an outstanding 36.4%

In 2010 the Vienna Insurance Group wrote group premiums totalling EUR 747.69 million in Poland (2009: EUR 548.26 million). This represents an increase of 36.4% compared to the year before. The increase is the result of both the initial consolidation of PZM and market share gains in the property and casualty insurance area. Earned premiums came to EUR 682.88 million in 2010, which was 37.6% higher than in 2009.

The non-life area generated premium volume of EUR 559.44 million in 2010 (2009: EUR 384.07 million) corresponding to an increase of 45.7% over the prior year.

In the life insurance area, the Polish companies of the Vienna Insurance Group increased premium income from EUR 164.19 million in 2009 to EUR 188.25 million in 2010.

Expenses for claims and insurance expenses

In 2010 the Vienna Insurance Group recorded expenses for claims and insurance expenses in Poland in the amount of EUR 454.85 million (2009: EUR 282.28 million). This represents an increase in expenses for claims and insurance expenses (less reinsurance) of EUR 172.57 million. The significant increase results mainly from the impact of natural disasters which affected the Polish companies very strongly in 2010.

Operating expenses

The Polish companies recorded operating expenses of EUR 254.13 million in 2010. These expenses are calculated including acquisition expenses and less reinsurance commissions received. Thus, operating expenses increased by 17.1% compared with the previous year, in which they were EUR 217.00 million.

Profit before taxes: EUR 24.18 million

The Polish companies earned a profit before taxes of EUR 24.18 million in 2010.

Combined Ratio over 100%

In Poland the combined ratio, in particular due to claims from natural disasters, was 105.0% (2009: 100.5%).

Vienna Insurance Group in Poland*