Business development in the Remaining markets segment in 2010

Written premiums Remaining markets

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The companies in Russia and Belarus have not yet been included within the scope of consolidation of the Vienna Insurance Group.

In 2010, the Georgian companies were first included within the scope of consolidation of the Vienna Insurance Group.

Premium development

The Vienna Insurance Group wrote total group premiums of EUR 871.72 million in the Remaining markets segment in 2010 (2009: EUR 758.54 million). Thus, taking into account effects from initial consolidations occurring during the fiscal year, an increase of 14.9% was achieved. Net earned premiums came to EUR 785.04 million (2009: EUR 672.19 million), thus representing an increase of 16.8% over 2009.

In the non-life insurance area, the premium volume generated in Remaining markets increased to EUR 488.10 million (2009: EUR 427.02 million), representing an increase of 14.3% over the year before.

The life insurance premium income generated by Vienna Insurance Group companies in the Remaining markets segment increased 15.7%, to EUR 383.62 million, in 2010 (2009: EUR 331.52 million).

Expenses for claims and insurance expenses

Expenses for claims and insurance expenses in 2010 amounted to EUR 577.24 million (2009: EUR 497.63 million). Compared with the previous year, this equals an increase in expenses for claims and insurance expenses (less reinsurance) of 16.0%.

Operating expenses

In the Remaining markets segment in 2010, the Vienna Insurance Group recorded an increase in operating expenses from EUR 203.79 million to EUR 217.14 million. These expenses are calculated inclusive of acquisition expenses and exclusive of reinsurance commissions received.

Profit before taxes

The Vienna Insurance Group companies in the Remaining markets segment sustained a loss of EUR 0.44 million in 2010.

Combined ratio of 107.2%

In the Remaining markets segment, the combined ratio of the Vienna Insurance Group was over 100%. More precisely, the combined ratio was 107.2% (2009: 105.9%).

Vienna Insurance Group in the Remaining markets segment*