Key figures for Vienna Insurance Group and employees

Key figures for Vienna Insurance Group

Earnings per share

Earnings per share is a key figure equal to consolidated net income (less non-controlling interests and interest on hybrid capital) divided by the average number of shares outstanding. Earnings per share were EUR 2.87 in 2011.

RoE (Return on Equity)

RoE is the ratio of consolidated profits to total average equity of Vienna Insurance Group. The Group generated a return on equity (RoE) of 11.1% in 2011 (2010: 10.5%).

Combined ratio significantly below 100%

The Group had a combined ratio (after reinsurance, not including investment income) of 96.8% in 2011. This means that Vienna Insurance Group not only held its combined ratio below the 100% mark, it even achieved a significant reduction of 1.6 percentage points compared to the previous year, as planned. The combined ratio was still at 98.4% in 2010.

This was made possible by efforts to optimise back-office functions, and the sharp drop in claims from natural catastrophes in 2011. The underwriting business became more profitable in most regions in 2011, with the exception of Romania. The segment reporting by region provides a detailed discussion of the reasons for these developments.

The combined ratio is calculated as the sum of all underwriting expenses and income, and net payments for claims and insurance benefits, including the net change in underwriting provisions, divided by net earned premiums in the property/casualty segment.

Employees

Vienna Insurance Group had an average of 24,902 employees in 2011, a decrease of 0.4% compared to the previous year. The Romanian companies had approximately 8.9% or 392 employees fewer in 2011 than the year before. This reduction was primarily due to the recently introduced cost-cutting programme, which provides for increased use of shared resources, particularly in the back-office area.

Employees by region