Vienna Insurance Group profit rises 50%

The Vienna Insurance Group's profit (before taxes, consolidated) was increased by EUR72m, to a total of EUR215.4m (£146.5m). This translates to an increase of 50.3% as compared to the same period of the previous year.

With consolidated premiums written (without other insurance participations) of EUR3.49bn (£2.4bn), the group achieved an increase of 15.3% in the 1st half of 2007 as compared to the same period of the previous year.

Günter Geyer, chief executive officer, commented: "In all CEE markets that we operate in, we post a sustained high level of premium growth. In the CEE countries above all, we have achieved growth rates in the upper double-digit range and are on a constant upward trend. The share of the CEE companies in the total premium volume of the Vienna Insurance Group has surpassed the 40 percent mark in all, and for the first time in a half-year period is at over 50 percent in the property/casualty segment. By this organic growth, the Vienna Insurance Group has clearly and unmistakably expanded its leadership among the domestic insurers operating in CEE even further. Our Group profit (before taxes), which has increased by half, compared to the first half of 2006, makes it possible to already announce an increase of the dividend for our shareholders to more than one euro per share."