Research (J&T BANKA)
Czech markets  |  August 22, 2012 09:24:06

VIG: 2Q12 Results above expectations due to faster growth in premiums


Vienna Insurance Group (VIG) today announced its consolidated financial results for the second quarter of this year. Net profit amounted to EUR 114 million (+7% y / y), beating market expectations (EUR 105 million). Surprisingly positive development was written premiums, which grew by 19% to EUR 2,534 million, mainly due to growth in the life insurance segment (+24% y / y in the first six months of the year). Higher premiums are then compared to estimates reflected in other income statement items. Regarding the outlook management only reiterated that he still expected to grow above the market and the continued efforts of the minimum volatility of results.

Overall, the published results positively. The economic slowdown in Europe has so far not characteristic in the development of the insurance market in Central and Eastern Europe and by the relatively conservative investment strategy, it is not insurance or significantly affected by risks arising from the debt crisis in Europe. The results of the conference call will be held from 15:00 (CET).

in EUR million

2Q12

r / r

2Q11

Estimation of J & T

Cons.

Gross premiums written

2,534

19%

2,126

2,243

2,247

Income from investments

304

1%

301

271

260

Expenses for insurance claims

2,106

23%

1,669

1,774

-

Operating costs

-446

1%

-440

-435

-

Profit before tax

150

8%

139

133

139

Net profit after minorities

114

7%

106

106

105

Source: VIG, projections of J & T Bank

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