Business development in Slovakia in 2011

Premiums written Slovakia

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Premium growth

Vienna Insurance Group wrote EUR 678.84 million in premiums in Slovakia in 2011 (2010: EUR 647.87 million), representing an increase of 4.8%. Net earned premiums were EUR 617.38 million, which represented an increase of 3.9%.

The non-life sector generated a premium volume of EUR 319.08 million in 2011 (2010: EUR 306.98 million). Kooperativa contributed the largest share of premiums, EUR 259.78 million, or approximately 81.4% of total VIG non-life premiums in Slovakia.

In the life insurance sector, the Slovakian VIG companies increased their premium income by 5.5% to EUR 359.76 million (2010: EUR 340.89 million). Growth was particularly high in the single-premium life insurance segment.

Expenses for claims and insurance benefits

Expenses for claims and insurance benefits (less reinsurance) were EUR 478.93 million in 2011. This was an increase of 2.5% over the previous year.

Acquisition and administrative expenses

VIG recorded EUR 97.11 million in acquisition and administrative expenses in Slovakia in 2011 (2010: EUR 92.20 million).

Another significant increase in profit before taxes (+53.4%)

The Slovakian Group companies raised their profit before taxes from EUR 37.32 million in 2010 to EUR 57.23 million in 2011. This further above-average increase of 53.4% resulted from optimisation of administrative and distribution structures.

Combined ratio of 92.5%

Vienna Insurance Group had a combined ratio of 92.5% in Slovakia in 2011, insignificantly lower than the combined ratio of 92.8% in the previous year.

Vienna Insurance Group in Slovakia