Vienna Insurance beats trend with H1 profits up 34%

The Vienna Insurance Group achieved a growth of 20.7% in the first half of 2008 compared to the previous year, with consolidated premiums written (without other insurance participation) at a total of EUR 4.22 bln.
Group profit (before taxes, consolidated) was also up by 33.9% from the p0rior year period to EUR 288.34 mln.
The combined ratio of the Group after reinsurance continues to show a positive trend, despite the damage incurred by the storms "Paula" and "Emma", and at 95.9% was kept stable compared to the 96% reported for the previous year.
The financial results were at EUR 618.69 mln in the first half of the current year and are thus up 11.8% from the same period of 2007.
The final consolidation of insurers BA-CA Versicherung and Unita, which are in the process of being sold, lead to their deduction from the balance sheet and, consequently, to a decrease of the investment volume of the Group compared to 31
December 2007 by 10.3% to EUR 20.84 bln.
Recently purchased companies are not included in the Group figures for the Vienna Insurance Group. Furthermore, the insurance companies of Erste Group in Austria and abroad are not included.