Consolidated income statement for the period from 1 January 2011 to 31 December 2011

in EUR '000

Premiums

28

Premiums written – gross

8,883,665

8,593,012

Premiums written – reinsurers' share

-738,644

-722,092

Premiums written – retention

8,145,021

7,870,920

Change in unearned premiums – gross

-32,959

-9,850

Change in unearned premiums – reinsurers' share

10,755

-704

Net earned premiums – retention

8,122,817

7,860,366

Financial result excluding at equity consolidated companies

29

Income from investments

1,676,144

1,704,332

Expenses for investments and interest expenses

-755,539

-592,909

Total financial result excluding at equity consolidated companies

920,605

1,111,423

Result from shares in at equity consolidated companies

30

11,004

5,013

Other income

31

115,360

93,839

Expenses for claims and insurance benefits

32

Expenses for claims and insurance benefits – gross

-6,920,004

-7,007,787

Expenses for claims and insurance benefits – reinsurers' share

384,039

466,439

Total expenses for claims and insurance benefits

-6,535,965

-6,541,348

Acquisition and administrative expenses

33

Acquisition expenses

-1,521,130

-1,509,051

Administrative expenses

-349,903

-359,190

Reinsurance commissions

118,381

108,364

Total acquisition and administrative expenses

-1,752,652

-1,759,877

Other expenses

34

-322,161

-261,627

Profit before taxes

559,008

507,789

Tax expense

35

-117,099

-94,539

Profit of the period

441,909

413,250

thereof attributable to Vienna Insurance Group shareholders

406,746

379,752

thereof non-controlling interests in net profit for the period

14

35,163

33,498

Earnings per share*

14

Undiluted = diluted earnings per share (in EUR)

2.87

2.65