Research (Česká spořitelna)
Czech markets  |  January 24, 2013 10:12:57

VIG: strong premium growth continues


VIG presented good preliminary (non-consolidated) results including premium growth of 9.5%. Premium amounted to € 9.9 billion, beating our estimate (€ 9.65 billion) and market consensus (€ 9.61 billion). Again with solid results were positive developments in Poland. It is expected that profit before tax reached € 585 million, which is exactly in line with our estimate and slightly below consensus (593 million €). The combined ratio was about 97%.

The company said that the dividend policy remains unchanged, so the payout ratio remains around 30% of net profit. Our estimate of the expected dividend payments from profit last year of € 1.20 per share. VIG not provide outlook for this year.Thanks to the superior results that are broadly in line with our estimates, we leave on a positive view of the company shares.

Christoph Schultes

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