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Vienna Insurance Group posts 221 million Euro profit in the first half of 2017

Vienna Insurance Group reached a profit before taxes of around 221 million Euro (9.6 percent increase) in the first half of 2017, with all figures showing improvement, a press release shows.

2017-08-22 11:07:49

"All of the key figures in our 2017 half-year report show an improvement compared to the same period last year," said Elisabeth Stadler, CEO of Vienna Insurance Group, summarising the result at the end of the first half of 2017. "This demonstrates our commitment to being a stable, reliable partner for our stakeholders. We are also working consistently and efficiently on our ‘Agenda 2020' management programme, which has made significant progress since the last quarter, particularly in the assistance area."

The group profit (before taxes) of 220.5 million Euro was higher than the previous year result of 201.3 million Euro. The increase in profit was primarily due to improvements in the combined ratio and financial result. Romania (+ 62.9 per cent) and Poland (+58.4 per cent) recorded particularly large profit increases. This was mainly due to the measures taken for long-term improvement in the motor insurance business in both countries.

The financial result was 488.4 million Euro, 8.7 per cent higher than in the previous year. This was primarily due to increased income from full consolidation of the non-profit housing societies and large profits realised from the sale of shares.



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