Vienna Insurance Group H1 net profit down 13%

Fri. August 21, 2009; Posted: 09:38 AM

Aug 21, 2009 (Datamonitor via COMTEX) -- VNRGF | Quote | Chart | News | PowerRating -- Vienna Insurance Group has reported net profit after minorities of E179.83 million for the first six months of 2009, a decrease of 13.4% compared to E207.74 million for the same period of 2008.

Profit before taxes for the first half of 2009 was E230.25 million, a decrease of 20.1% compared to E288.34 million for the first half of 2008. Gross premiums written were E4.25 billion, compared to E4.21 billion for the same period of 2008.

In the life insurance segment, the group companies of Vienna Insurance Group have reported a total of premiums written of E1.74 billion. In the property and casualty segment, total premiums written were E2.35 billion in the first half of 2009.

Gunter Geyer, CEO of Vienna Insurance Group, said: "During the first six months, Vienna Insurance Group has successfully continued its stable development. From a local perspective, growth remains strong in many central and eastern European (CEE) markets, as expected by us. We strengthened our number one position in our core markets in CEE and clearly boosted our market share to 16%."

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