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Vienna Insurance Q1 profit up 24%

Vienna Insurance Group has reported that its group profit for the first quarter of 2008 increased 23.9% to a total of E124.85 million, compared to the same period of 2007.

In the first quarter of 2008, Vienna Insurance Group achieved a growth of 14.5% as against the comparable period in 2007, with consolidated premiums written at a total of E2.31 billion.

The combined ratio of the group after reinsurance decreased in comparison to the same period of 2007. It currently stands at 95.5% for the quarter, compared to 96.4% in 2007 comparable period, despite the damage incurred by the storms Paula and Emma.

Gunter Geyer, CEO of Vienna Insurance Group, said: We have seen a strong premium development in all our core markets, and are continuing on a growth path. Already in the first quarter one billion in premiums originated from the Central and Eastern European region.

This confirms our commitment to the Central Eastern Europe region, as we have already witnessed considerable growth rates in the life segment in these countries. Almost a third of total life premiums for the Vienna Insurance Group are now coming from this region.