Business development in Slovakia in 2012

Premiums written in Slovakia

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Premium development

Vienna Insurance Group wrote EUR 704.11 million in premiums in Slovakia in 2012 (2011: EUR 684.26 million), thereby achieving an increase of 2.9%. Net earned premiums were EUR 581.88 million, which represented an increase of 3.9%.

The non-life sector generated a premium volume of EUR 324.16 million in 2012, approximately the same level as the previous year. The greatest increase was recorded by motor vehicle liability insurance, with slower growth in the fire and natural perils line of business due to selective underwriting. Premium volume in the other lines of business was close to the level of the previous year. Kooperativa contributed the largest share of premiums, EUR 261.17 million, or approximately 80.6% of total VIG non-life premiums in Slovakia.

In the life insurance sector, the Slovakian VIG companies increased their premium income by 5.6% to EUR 379.95 million (2011: EUR 359.76 million). Bank distribution via the local Erste Group subsidiary showed particularly good growth of 19.8%.

Expenses for claims and insurance benefits

Expenses for claims and insurance benefits (less reinsurance) were EUR 459.49 million in 2012. This was an increase of 5.2% over the previous year.

Acquisition and administrative expenses

VIG recorded EUR 90.07 million in acquisition and administrative expenses in Slovakia in 2012 (2011: EUR 83.97 million).

Another increase in profit before taxes

The Slovakian Group companies raised their profit before taxes from EUR 54.12 million in 2011 to EUR 56.89 million in 2012, i.e. by 5.1%, thereby achieving another significant increase in the profit earned in Slovakia.

Combined ratio of 91.6%

The Vienna Insurance Group combined ratio of 91.6% achieved in Slovakia in 2012 was at the same level as the previous year.

Vienna Insurance Group in Slovakia