S&P RatingsDirect (328 KB)
Excerpt from the Rating Rationale
Business Risk Profile: "Strong"
- Leading market position in Austria and Central and Eastern Europe (CEE).
- Sound geographic and business line diversification, with a well-established multichannel distribution strategy, including exclusive distribution with Austrian bank Erste Group.
- Recovery in net income in 2016 to €320 million, after unexpected impairments on intangible assets in 2015, and our expectation it will exceed €300 million in 2017-2018.