Premiums written Remaining markets segment
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The companies in Belarus, Bosnia-Herzegovina, Montenegro and Russia were not included in the Vienna Insurance Group consolidated financial statements.
Premium development
Vienna Insurance Group wrote a total of EUR 856.81 million in premiums in the Remaining Markets segment in 2011 (2010: EUR 871.72 million). This is a decrease of 1.7%. Net earned premiums were EUR 768.38 million (2010: EUR 785.04 million), a decrease of 2.1% compared to 2010.
The Remaining Markets segment generated EUR 506.09 million in non-life insurance premiums in 2011 (2010: EUR 488.10 million). This increase of 3.7% over the previous year resulted to a large extent from consolidation of UIG and the Georgian Group companies.
In the life insurance sector, the premium income of the Vienna Insurance Group companies in the Remaining Markets segment decreased by 8.6% to EUR 350.72 million in 2011 (2010: EUR 383.62 million). This decline was primarily due to poor single-premium business in Liechtenstein.
Expenses for claims and insurance benefits
Expenses for claims and insurance benefits were EUR 539.24 million in 2011 (2010: EUR 577.24 million). This corresponds to a decrease of 6.6% in expenses for claims and insurance benefits (less reinsurance) compared to the previous year.
Acquisition and administrative expenses
Vienna Insurance Group recorded a slight increase from EUR 217.14 million to EUR 221.97 million in acquisition and administrative expenses in the Remaining Markets segment in 2011.
Profit before taxes
The Vienna Insurance Group companies in the Remaining Markets segment recorded a loss of EUR 4.47 million in 2011. This was primarily due to write-downs of customer bases and insurance portfolios in the amount of EUR 38.49 million.
Combined ratio of 105.5%
Vienna Insurance Group had a combined ratio of 105.5% in the Remaining Markets segment (2010: 107.2%).
Vienna Insurance Group in the Remaining markets segment*
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2011 |
2010 |
2009 | ||
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in EUR million |
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Premiums written |
856.81 |
871.72 |
758.54 | ||
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Life |
350.72 |
383.62 |
331.52 | ||
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Non-life |
506.09 |
488.10 |
427.02 | ||
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Profit before taxes |
–4.47 |
–0.44 |
–3.77 | ||
