Vienna Insurance Group includes around 50 insurance companies that are in the property/casualty and life insurance business and, in some countries, in the health insurance business as well. These three insurance segments are discussed in the Group reports, which are broken down by lines of business.
In order to show the geographical business development of the Group, the 25 countries where the Group operates are divided into the following six geographical segments: Austria, Czech Republic, Slovakia, Poland, Romania and Remaining Markets. The Russian and Belarus markets were not included in the VIG consolidated financial statements in 2011 due to immateriality. Neither the start of business operations in Montenegro, nor the entry into the Bosnia-Herzegovina market occured until 2011. The notes to the financial statements provide detailed information on changes in the scopte of consolidated companies starting on page 114 (see PDF).
To improve readability, company names have been shortened below. A list of full company names is provided in the List of abbreviations.
In order to avoid duplicate information, reference will be made below to appropriate information in the notes. The segment reporting in the notes also presents changes in significant balance sheet and income statement items. Additional disclosures in the management report below are intended to explain these data in more detail.
Key figures from the consolidated income statement
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2011 |
2010 |
YoY % |
|
in EUR million |
|
|
|
|
Premiums written – gross |
8,883.67 |
8,593.01 |
3.4% |
|
Net earned premiums |
8,122.82 |
7,860.37 |
3.3% |
|
Expenses for claims and insurance benefits |
–6,535.97 |
–6,541.35 |
–0.1% |
|
Acquisition and administrative expenses |
–1,752.65 |
–1,759.88 |
–0.4% |
|
Financial result excl. at equity consolidated companies |
920.61 |
1,111.42 |
–17.2% |
|
Result from shares in at equity consolidated companies |
11.00 |
5.01 |
119.5% |
|
Other income and expenses |
–206.80 |
–167.79 |
23.3% |
|
Profit before taxes |
559.01 |
507.79 |
10.1% |
