Business development in Slovakia in 2010

Premiums written Slovakia

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Premium development

The Vienna Insurance Group wrote group premiums in the amount of EUR 647.87 million in Slovakia in 2010 (2009: EUR 628.38 million), thereby achieving an increase of 3.1%. The volume of earned premiums was EUR 594.38 million, an increase of EUR 41.62 million, or 7.5%.

The non-life area generated premium volume of EUR 306.98 million in Slovakia in 2010 (2009: EUR 333.36 million). The decline in premium volume is explained by portfolio adjustment measures and more selective underwriting. Kooperativa contributed the majority of these premiums, EUR 255.09 million, equal to around 83% of total non-life premiums generated in Slovakia.

The life insurance premium income generated in 2010 by the Slovakian companies of the Vienna Insurance Group rose 15.5%, to EUR 340.89 (2009: EUR 295.02 million).

Expenses for claims and insurance expenses

Expenses for claims and insurance expenses (less reinsurance) were EUR 467.08 million in Slovakia in 2010. This is an increase of 6.7% over the previous year.

Operating expenses

In Slovakia, the Vienna Insurance Group recorded operating expenses, including acquisition expenses and less reinsurance commissions received, of EUR 92.20 million in 2010 (2009: EUR 91.63 million), representing a slight increase of 0.6%.

Profit before taxes once again significantly increased (+62.2%)

The three companies of the Vienna Insurance Group in Slovakia increased their profit before taxes from EUR 23.01 million to EUR 37.32 million in 2010. As in the year before, the companies achieved an above-average increase of 62.2%. This success was, inter alia, due to more selective underwriting.

Combined ratio of 92.8%

While, at 92.8%, the combined ratio of the Slovakian companies of the Group was slightly higher in 2010 than in the previous year (2009: 90.8%), it was still excellent.

Vienna Insurance Group in Slovakia*