VIG.com: IR/Ad-hoc News

Preliminary development of Vienna Insurance Group in 2011*

Tue, 24 Jan 2012 08:10:00 +0100

Excellent corporate data despite a generally difficult economic situation

Premiums written: growing by 3.4 percent to EUR 9 billion

Best result in the corporate history – increase in Group profit (before taxes) by about 10 percent to nearly EUR 560 million

Managing Board considers increase in dividend

“With the preliminary data for 2011 Vienna Insurance Group demonstrates once more that it is operating successfully even against the background of difficult economic conditions. Pursuing our consistent strategy, we have achieved a sizeable growth, as expected. Despite partly significant fluctuations of important CEE currencies, we report a substantial increase in premiums of 3.4 percent and are again performing above the market average. The increase in profit before taxes by about 10 percent to nearly EUR 560 million underlines the long-term favourable development of our Group“, explains Günter Geyer, CEO of Vienna Insurance Group, and adds: “Our market entry in Bosnia and Herzegovina will allow us to take advantage of existing opportunities in this new market. Furthermore, we have strengthened our presence in interesting markets by acquiring Intersig in Albania as well as the life insurance company Polisa in Poland. Taking efficiency-boosting measures, we optimise the profitability of our Group on an ongoing basis. Our goal is to gain a clear competitive edge as the leading insurance Group in Central and Eastern Europe through the best customer service.“

I. OVERVIEW OF KEY GROUP DATA FOR THE YEAR 2011
In the financial year 2011 Vienna Insurance Group earned unconsolidated premiums written of EUR 9 billion; this corresponds to a plus of about 3.4 percent. In the non-life insurance segment Vienna Insurance Group increased premiums written by a remarkable 4.9 percent to EUR 5.1 billion. In the life insurance business the Group reported a total of EUR 3.9 billion, achieving a growth of 1.4 percent – despite the difficult economic setting.

Based on preliminary data, the forecast Group profit (before taxes, consolidated) for the year 2011 will amount to nearly EUR 560 million. This corresponds to an increase by approximately 10 percent.

The management of Vienna Insurance Group assumes that the combined ratio of the Group (net, after reinsurance) for 2011 will amount to the target value of about 97 percent.

II. DIVIDEND
The Managing Board of Vienna Insurance Group considers proposing an increase in dividend for the year 2011 to the corporate bodies. This would result in a dividend yield of about 3.6 percent.**

III. DEVELOPMENT OF THE KEY REGIONS IN THE YEAR 2011

Austria
Based on preliminary data, the Austrian Group companies earned premiums of EUR 4.0 billion; this result reflects a stable development as compared to the previous year.

In the non-life insurance segment (including health insurance) premiums increased substantially by 10.2 percent to a total of EUR 2.1 billion.
In the life insurance the Group reported premiums of EUR 1.9 billion in Austria. The decline in the life insurance business may be attributed to the changed legislation on the minimum lock-up period for single-premiums. In contrast, regular premiums were increasing.

Czech Republic
The premiums of the three Czech Group companies Kooperativa pojišťovna, a.s., Česká podnikatelská pojišťovna, a.s. and Pojišt’ovna České spořitelny, a.s. climbed by a highly welcomed 5.7 percent (compared to the previous year) to a total of EUR 1.9 billion. The Group companies of Vienna Insurance Group have a market share of about 30 percent in the overall Czech insurance market.

Growing by a significant 13.1 percent, the life insurance segment proved once more to be an important growth engine, reporting premiums of EUR 837.1 million. In the non-life insurance business the premium income remained at a stable level of EUR 1.1 billion.

Slovakia
The Slovak Group companies Kooperativa poisťovňa, a.s., Komunálna poisťovňa, a.s. as well as Poist’ovňa Slovenskej sporitel’ne, a.s. achieved a growth of 4.2 percent, earning premiums of a total of EUR 686.5 million. Vienna Insurance Group has continued strengthening its market leadership in Slovakia, holding a market share of about 32 percent.

The life insurance reported a growth of 6.7 percent, with premiums amounting to EUR 363.2 million. In the non-life insurance segment premiums rose by 1.5 percent to EUR 323.3 million.

Poland
The Polish Group companies of Vienna Insurance Group succeeded in achieving a growth clearly above the average of the local market. With premiums written totalling EUR 962.1 million, they reported a significant increase of 27.7 percent.

In the non-life insurance business the Group registered premiums of EUR 618.4 million, boasting a sizeable growth of 9.5 percent. In the life insurance segment premiums almost doubled to EUR 343.6 million – this is mainly due to the strong demand for single-premium contracts. Vienna Insurance Group is the number 3 in the non-life insurance segment in the Polish insurance market.

Romania
In Romania Vienna Insurance Group earned premiums of a total of EUR 510.9 million. In the wake of the income-oriented restructuring of the portfolio in the non-life insurance segment, a decline of 4.7 percent in total was reported.

In the life insurance segment the Group stepped up premiums by a gratifying 7.9 percent to EUR 100.9 million – this may be attributed in particular to using banks as a sales channel. The non-life segment earned premiums of EUR 410.0 million. With its Romanian Group companies, Vienna Insurance Group holds a market share of about 30 percent.

Remaining markets
The remaining markets of Vienna Insurance Group currently comprise the countries of Albania, Bulgaria, Bosnia-Herzegovina, Germany, Georgia, Croatia, Liechtenstein, Macedonia, Montenegro, Russia, Serbia, Turkey, Ukraine, Hungary, Belarus as well as the three Baltic states. The companies of Vienna Insurance Group earned a total of premiums written of EUR 887.1 million in these countries; this amount reflects a minor decline by 2.2 percent. A favourable development of premiums was observed in Ukraine and the Baltic states.

IV. OUTLOOK FOR THE FINANCIAL YEAR 2012
The Management of Vienna Insurance Group continues its efforts to keep volatilities affecting earnings as low as possible, taking into account the economic environment, and to promote the organic growth in premiums.

*THE BUSINESS FIGURES ARE BASED ON PRELIMINARY DATA AND ARE **UNCONSOLIDATED AND UNAUDITED. ALL FIGURES STATED ARE BASED ON EURO.

Vienna Insurance Group launches an Investor Relations App for iPads

Mon, 16 Jan 2012 11:00:00 +0100

In keeping with one of the hottest recent trends in corporate communications, the Vienna Insurance Group AG Wiener Versicherung Gruppe, one of the leading, stock market listed insurance groups in Austria and Central and Eastern Europe, has launched an iPad App. Increasing numbers of people are using mobile devices to call up information while on the move. According to a study carried out by investment bank Morgan Stanley, the number of users of mobile internet solutions is set to exceed the number using traditional PCs by 2014.

"Recent studies have shown that information is increasingly being accessed by people on the move. Investors, analysts, journalists and executives travel frequently and therefore make increasing use of iPad functionality. It has become necessary to be able to access relevant corporate information from mobile devices and we are happy to be able to satisfy the increasing needs of our stakeholders in this respect with our VIG IR App," comments Peter Hagen, Deputy CEO of the Vienna Insurance Group, who is a frequent user of the iPad.

The free iPad Investor Relations App allows investors, journalists and analysts to keep up to date with the latest news and figures from the Vienna Insurance Group: it will be possible to check the share price and access ad hoc news and press releases, as well as important downloads such as annual reports and corporate fact sheet, at any time and from anywhere. The content of the VIG IR App is also accessible when offline. As a mobile source of information, the App therefore provides an excellent supplement to the Group's website www.vig.com.

Download and availability
The Vienna Insurance Group App can be found in the App Store by searching for „VIG IR“ or via the link http://itunes.apple.com/us/app/vienna-insurance-group-investor/id491321746.

Vienna Insurance Group in Romania: BCR Life named Insurance Company of the Year 2011

Wed, 21 Dec 2011 10:30:00 +0100

BCR Asigurari de Viata (BCR Life) took the title of Romania’s “Insurance Company of the Year 2011” at the recent “Piata Financiara Gala Awards” in Bucharest. BCR Life also secured first place in the life insurance category for the third year in succession. The jury singled out BCR’s coherent growth strategy, financial stability and rising premium volumes for special mention. Romanian business magazine Piata Financiara has been recognising the country’s top financial service providers for 16 years, and the awards are a key industry benchmark.

“This accolade for BCR Life is a clear indication of the increasing importance of life insurance in CEE, and testimony to the success of our regional strategy,” explained Günter Geyer, CEO of Vienna Insurance Group.

Market leader in Romania
The Vienna Insurance Group is Romania’s leading insurer, with a market share of around 30 percent in the first half of 2011. It is number one in the Romanian non-life segment, and the country’s second-largest life insurance group.

Vienna Insurance Group is represented on the Romanian market by non-life insurers OMNIASIG and ASIROM. In addition, with its Group companies BCR Non-Life and BCR Life, Vienna Insurance Group is intensely reaping the benefits of its sales agreement with Erste Group. In the first nine months of the current financial year, Vienna Insurance Group recorded premium income in Romania of about EUR 399 million.

Vienna Insurance Group: Bernhard Fauster appointed Head of Group Marketing

Wed, 30 Nov 2011 14:00:00 +0100

Bernhard Fauster, 52, will take over as Head of Group Marketing at Vienna Insurance Group AG Wiener Versicherung Gruppe with effect from 1 December 2011. He will mainly be responsible for internationally positioning the Vienna Insurance Group.

“By appointing Bernhard Fauster we have secured the services of a true expert for the Group’s international brand management activities,” said Günter Geyer, CEO of the Vienna Insurance Group. “Vienna Insurance Group’s multi-brand strategy presents its own particular challenges. His experience in finance, especially in the CEE region, will help to drive forward the Group’s cross-border marketing operations.”

In profile
Born in Tyrol, Bernhard Fauster worked in marketing and communications at Tiroler Sparkasse for ten years, and headed the department from 1997-2000. He then moved to Erste Bank in Vienna, where he was in charge of international and sector marketing. His responsibilities there included brand management and coordination of marketing activities at Erste’s newly acquired Czech and Hungarian subsidiaries. Fauster also oversaw the merger of the advertising and marketing operations of all Austrian Savings Banks with those of Erste Bank. In 2002 Bernhard Fauster was appointed head of Marketing at Erste’s Slovakian subsidiary, Slovenská sporiteľňa. He began working as an independent consultant specialising in business start-ups, management and financial planning in Slovakia in 2010.

Bernhard Fauster is a trained musician, with a degree in classical clarinet from the Mozarteum Innsbruck. Caption: Bernhard Fauster © Christian Singer

The Vienna Insurance Group in the Czech Republic: Kooperativa is one of the country's top 5 companies again

Wed, 30 Nov 2011 10:00:00 +0100

In the ranking of the "100 best Czech businesses", Kooperativa, the leading Vienna Insurance Group company in the Czech Republic achieved the excellent fourth place. In the "Financial Services" category the insurer came top, achieving first place, an outstanding result. This means Kooperativa is continuing to maintain the very good ratings achieved in recent years and is strengthening its position as a major player in the Czech economy.

The aim of the "Top 100" ranking is to create a national benchmark for economic success criteria. The panel of experts rated management and executives in the nominated companies, which hailed from a wide variety of sectors. Factors such as the management's experience, personal network and extraordinary results in recent years, were crucial in the rating process.

“Kooperativa is a prime example of our successful strategy in Central and Eastern Europe. Our Czech colleagues continually produce excellent results and receive awards for their work year after year. Kooperativa is also very heavily involved in social concerns. Voluntary work carried out by Kooperativa employees was recognised in the award for the most socially responsible Czech companies, with the company achieving first place", Günter Geyer, CEO of Vienna Insurance Group, was pleased to point out.

Top position in the Czech Republic
Kooperativa is number 2 in the Czech insurance market and, as a composite insurer, offers high-quality insurance solutions in the life and non-life segments. It is the largest Vienna Insurance Group company outside Austria and achieved premiums of around EUR 849 million in the first three quarters of 2011.

With its three group companies Kooperativa, PČS and ČPP Vienna Insurance Group has a very strong position in its core market Czech Republic. In the first nine months of 2011, the Group generated premiums written (consolidated) of EUR 1.4 billion in the Czech Republic, which represents a significant increase of 8.9 percent. At the same time, it was interesting to note that growth in the life insurance segment was 17.4 percent.

Vienna Insurance Group in Poland: Acquisition of the Polisa Life Insurance Company

Tue, 29 Nov 2011 09:30:00 +0100

The Vienna Insurance Group AG Wiener Versicherung Gruppe signed a contract in Warsaw for the acquisition of at least 75 percent plus one share in the life insurance company Towarzystwo Ubezpieczeń na Życie "POLISA-ŻYCIE" S.A. (in brief Polisa). The acquisition is subject to the necessary regulatory approvals.

“The purchase of Polisa opens up an interesting opportunity for the Vienna Insurance Group to intensify its life insurance business in Poland”, explains Günter Geyer, CEO of the Vienna Insurance Group, with regard to the strategic aspects of the acquisition. “Poland is seeing positive development in spite of economically challenging times. In particular in the life insurance market there are good opportunities for growth.”

The life insurance company Polisa, based in Warsaw, was founded in 1995. The focus of its product portfolio is group insurance and it thus rounds off the portfolio of the Vienna Insurance Group. Polisa, with more than 120 employees, generated a premium volume of about EUR 21 million in 2010. The diversified distribution channels of the company comprise a network of brokers throughout the country, 16 regional offices and 30 representative offices.

With about 38 million inhabitants, Poland is one of the largest markets in Central and Eastern Europe and a core market for the Vienna Insurance Group. In relation to the total market, the Vienna Insurance Group achieved an excellent fourth place in the market ranking in Poland in the first half year of 2011. The purchase of Polisa has no significant influence on this market share.

Vienna Insurance Group: "The future is based on strong foundations" - Ten years of success in Central and Eastern Europe

Wed, 23 Nov 2011 16:00:00 +0100

The Board of the Vienna Insurance Group AG Wiener Versicherung Gruppe invited numerous guests from the worlds of politics and business, as well as business partners, major clients and the media, to an event at the Vienna Hofburg to mark the occasion of next year's planned change to the Group's Management Board.

"The future is based on strong foundations" – this was the motto used in the presentation on the fascinating development of Wiener Städtische from a leading Austrian insurer to the Vienna Insurance Group, the leading insurance group in Central and Eastern Europe.

Ten years of successful expansion in Central and Eastern Europe
In the last ten years, the Vienna Insurance Group has engaged in significant expansion measures. Since 2000, the volume of premiums has tripled from around EUR 2.6 billion to a total of EUR 8.6 billion. The profit (before taxes) is 25 times higher, having increased from EUR 20 million to EUR 508 million at the last count. Similarly, the number of employees in the 25 countries where the Group now operates has grown from more than 10,000 to a total of around 25,000. These impressive figures clearly illustrate the Vienna Insurance Group's successful expansion strategy. The Group's equity capitalisation also increased significantly from EUR 500 million to EUR 5 billion today.

Focus on continuity – the future Management Board team
At the same time, CEO Günter Geyer introduced the future Management Board team which, under the leadership of Peter Hagen, will manage the Group from 1 June 2012. This strategic direction will ensure the Vienna Insurance Group's further continued development to meet the challenges of the future.

Prominent guests at the event
Günter Geyer and Peter Hagen welcomed the numerous invited guests of honour. In particular the President of Austria Heinz Fischer and his wife Margit Fischer, Federal Minister Doris Bures, State Secretary Josef Ostermayer, the City Councilman Michael Ludwig as well as members of the Vienna Regional Government.

Erste Group CEO, Andreas Treichl, emphasised in his speech the exceptional nature and constructive intensity of the partnership between Erste Group and Vienna Insurance Group. Treichl stressed that, particularly in such volatile economic times in the financial services sector, it is invaluable to have such a successful and reliable partner as the Vienna Insurance Group. By selling s Versicherung to Vienna Insurance Group at that time, Erste Bank and the Austrian Savings Banks were able to give the greatly expanding banking insurance market a significance that was not necessarily in line with the market definition of the time, said Treichl, who "is looking forward to many more joint activities with his friend Günter Geyer over the next few years.“

In his speech, CEO Günter Geyer stressed: "I am optimistic about the future of the Vienna Insurance Group, even in economically challenging times. The future Management Board team is composed of successful managers associated with the company, who have many years of experience. Peter Hagen will lead a performance-oriented, committed team, who are very familiar with the Group's thinking and traditions and will, therefore, continue with its constant development."

"A success story in the heart of Europe – From Wiener Städtische to the Vienna Insurance Group"
On occasion of the event, a book was published telling the company's success story and describing how the Austrian Wiener Städtische went on to become the international Vienna Insurance Group. The story starts with the beginnings of the Austrian insurance industry almost 200 years ago and continues through the difficult years of reconstruction after 1945 to the building of the Ringturm, which was revolutionary for Vienna at the time.

The role of the first pioneers from the western insurance industry to move into Central and Eastern Europe after the fall of the Iron Curtain is key to the extraordinary expansion of the Vienna Insurance Group.

In addition to the successful capital increases and the excellent partnership with the Erste Group, there is – beyond premiums and policies – also information on the Vienna Insurance Group's cross-border social and cultural commitment.

The book illustrates the events of the last 20 years and includes some remarkable anecdotes. In addition to CEO Günter Geyer and his colleagues from the Managing Board, numerous friends, associates and business partners also had their say.

Vienna Insurance Group in the 1st to 3rd Quarter of 2011

Tue, 15 Nov 2011 08:00:00 +0100

Group premiums increased by 4.0 percent to more than EUR 6.8 billion

Continuing upward trend in the life insurance business in the CEE core markets

Strong growth in property insurance

Profit (before taxes) went up by about 10 percent to EUR 414.1 million

“Vienna Insurance Group continues its sustainable development even in a difficult environment. This fact is reflected in the A+ rating with a stable outlook by Standard & Poor´s. To proceed on this path successfully, we have already taken the next steps”, stated Günter Geyer, CEO of Vienna Insurance Group. “By entering the market of Bosnia and Herzegovina and making another acquisition in Albania, we have rounded off our portfolio of markets and insurance companies."
I. OVERVIEW OF KEY GROUP DATA FOR THE FIRST THREE QUARTERS OF 2011 (in accordance with IFRS) In the first three quarters of the current year Vienna Insurance Group increased its premiums written (consolidated) by 4.0 percent to a total of EUR 6.8 billion, compared to the same period of the previous year. The Group profit (before taxes, consolidated) went up by 9.6 percent to a total of EUR 414.1 million, compared to the first three quarters of 2010. The combined ratio of the Group after reinsurance (excluding investment income) amounted to 97.2 percent – after 98.2 percent in the respective period of the previous year. The investments of the Group rose by about EUR 370 million including liquid funds, totalling approximately EUR 29 billion as of 30 September 2011. The financial result amounted to EUR 798.6 million. This figure reflects, inter alia, the impact of the write-down to a value of 50 percent on the portfolio of Greek government bonds. Moreover, the portfolio of Italian government bonds was written down by ten percent.
II. GROUP DATA BY SEGMENTS FOR THE FIRST THREE QUARTERS OF 2011 (consolidated) Property/casualty insurance In the property/casualty insurance segment the Group companies of Vienna Insurance Group reported a total of premiums written of EUR 3.6 billion; this corresponds to an increase by 7.5 percent compared to the same period of the previous year. Life insurance In the life insurance segment the Group companies of Vienna Insurance Group earned premiums of about EUR 2.9 billion (minus 0.4 percent). Regular direct premiums increased by 4.2 percent, while single-premiums (direct premiums) declined by 6.1 percent, which was mainly due to a change in legislation concerning the minimum lock-up period in Austria. Health insurance With premiums written of EUR 269.9 million, Vienna Insurance Group achieved an increase of 9.8 percent in the health insurance segment, which may be attributed predominantly to the consolidation of the Georgian Group companies. III. GROUP DATA BY REGIONS FOR THE FIRST THREE QUARTERS OF 2011 (consolidated) Austria In the first three quarters of 2011 the Group companies of Vienna Insurance Group in Austria reported premiums written of EUR 3.1 billion (minus 2.2 percent). In the property/casualty insurance premiums written rose by 10.2 percent to a total of more than EUR 1.4 billion. In the life insurance segment premiums dropped by 12.4 percent to about EUR 1.5 billion – as a consequence of changed legislation on the minimum lock-up period for single-premiums. In the health insurance segment the Group earned premiums written of EUR 252.5 million, corresponding to a plus of 2.7 percent. Growing sharply by 14.8 percent, profit (before taxes) amounted to EUR 207.3 million in the first three quarters of 2011. The combined ratio reached a very good level of 94.6 percent, improving by 2.3 percentage points compared to the same period of the previous year. Czech Republic In the first three quarters of 2011 the Group companies in the Czech Republic earned a total of premiums written of EUR 1.4 billion following an increase by 8.9 percent. In the non-life insurance segment premiums written went up by 2.9 percent to EUR 781.6 million. In the life insurance segment premiums written increased very significantly by an excellent 17.4 percent to a total amount of EUR 623.4 million. Profit (before taxes) rose steeply by 34.5 percent to EUR 139.5 million (compared to the corresponding prior-year period). The combined ratio stood at an excellent 92.5 percent, dropping by 2.6 percentage points from the level of the same period of the previous year. Slovakia The Group companies in Slovakia succeeded in increasing premiums written by 4.2 percent to EUR 498.7 million. Based on a plus of 3.3 percent, premiums written in the non-life insurance segment amounted to EUR 239.7 million. The life-insurance segment reported a strong growth of 5.1 percent in premiums written to a total volume of EUR 259.0 million. The Vienna Insurance Group companies achieved in the first three quarters of 2011 a market share of 31.9 percent and thus consolidated their position as the number 1 in the Slovak insurance market. Profit (before taxes) amounted to EUR 42.6 million; this corresponds to a significant growth by 46.8 percent compared to the same period of the previous year. The combined ratio was 93.9 percent. Poland Thanks to a strong increase by 39.0 percent, the Group companies of Vienna Insurance Group in Poland achieved a total volume of premiums written of EUR 742.8 million. In the non-life insurance segment premiums written went up by 15.1 percent to EUR 473.0 million. Increasing sharply by 118.1 percent, the life insurance segment earned premiums written of EUR 269.8 million. Profit (before taxes) rose by 76.0 percent to a total of EUR 31.2 million (compared to the same period of 2010). The combined ratio was successfully decreased by more than 4 percentage points to approximately 100 percent. Romania The economic situation in Romania has been under the impact of the government’s austerity measures and the consequently subdued cyclical development. This affected also the insurance sector, in particular the motor leasing business. The only small increase of premiums by 0.6 percent to a total of EUR 398.9 million as well as the loss of EUR 8.8 million – resulting from a write-down on premiums receivable, the downward trend in the motor leasing business and the unfavourable trend of claims in the motor insurance business – must also be seen against this background. The non-life insurance segment reported a slight decline (minus 1.3 percent) of premiums written to EUR 322.3 million, which was also due to the downward trend of the motor leasing business. The increase of premiums written by 9.3 percent to EUR 76.7 million was a welcomed development in the life insurance segment.

The combined ratio exceeded 100 percent. Remaining markets The segment remaining markets comprises the countries Albania, Bulgaria, Germany, Estonia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Serbia, Turkey, Ukraine, Hungary and Georgia. In this segment the Group companies of Vienna Insurance Group earned premiums written of EUR 634.2 million. In the non-life insurance segment premiums written grew sharply by 14.8 percent to EUR 396.8 million, while the life insurance segment recorded a decline to EUR 237.4 million – which has been mainly due to the development of single-premiums in Liechtenstein. In the first three quarters of 2011 an operating result of EUR 29.8 million was reported in this segment. In accordance with the very prudent policy of Vienna Insurance Group, insurance portfolios are being amortised in this segment. By taking into account this effect, the result (before taxes) amounts to EUR 2.2 million. The combined ratio narrowly surpassed 100 percent.
IV. OUTLOOK The Management of Vienna Insurance Group has been striving for many years to avoid volatilities of premiums and of the profit as well as to ensure the sound capitalisation of the Group. This will remain a key objective of the Group in the near future, particularly in view of the current global economic environment as well as the European economic and currency situation.

Vienna Insurance Group: Nina Higatzberger the new Head of Investor Relations

Wed, 02 Nov 2011 10:30:00 +0100

Nina Higatzberger (38) takes over the position of the Head of Investor Relations at the Vienna Insurance Group with effect from 1 January 2012 and succeeds Thomas Schmee who as of 1 January 2012 will head the Group Controlling Department of the Vienna Insurance Group. "Nina Higatzberger has already in her recent position as Deputy Head of Investor Relations substantially supported the capital market communications of the Vienna Insurance Group. In her future role she will be responsible for further developing the IR activities of the Vienna Insurance Group and will ensure, together with her team, continuous support of our investors and analysts", says Günter Geyer, CEO of the Vienna Insurance Group. About Nina Higatzberger
Nina Higatzberger has worked as Investor Relations Manager at the Vienna Insurance Group since April 2005 and thus contributed to two capital increases in 2005 and 2008. Previously, in her ten-year career with the Erste Group she had had the opportunity to gain extensive experience in international payments, treasury, investor relations and in private customer service. Nina Higatzberger completed part-time study at the University of Applied Sciences bfi Vienna where she earned a master’s degree in Banking and Finance.

Image text: Nina Higatzberger © Christian Singer

Vienna Insurance Group in Bosnia-Herzegovina

Thu, 20 Oct 2011 13:30:00 +0200

Acquisition of Jahorina closed

VIG now active in 25 markets

The Vienna Insurance Group AG Wiener Versicherung Gruppe is the new majority shareholder in the Jahorina Osiguranje AD Pale (Jahorina) insurance company in the Republic of Bosnia and Herzegovina. The Vienna Insurance Group has acquired approximately 91.7 percent of the company's overall capital and approximately 96.6 percent of the voting shares in the company, which results in the entry of the Vienna Insurance Group into its 25th market. The Vienna Insurance Group will subsequently issue a takeover bid to all remaining voting shareholders of the company in accordance with local legislation.

About Jahorina

Jahorina was established in 1992 as a non-life insurer in Pale (autonomous region Republika Srpska) and currently employs approximately 215 staff. Since the first quarter of 2010, the company has also offered life insurance. In the first half of 2011, Jahorina registered premiums of approx. EUR 5.7 million. Of this amount, approx. 98 percent was in the non-life sector, especially motor insurance; 82 percent of the premium revenues are generated in the Republika Srpska. In recent years, Jahorina has achieved very high growth rates and is the market leader in the Republika Srpska, with a market share of 13.6 percent. In terms of the overall market in Bosnia-Herzegovina, the company ranks 9th with a market share of 4.5 percent.

Current market data illustrates the potential in the Bosnian insurance market: The insurance penetration (annual premiums per capita) was approximately EUR 63 in Bosnia-Herzegovina in 2010 as compared to approximately EUR 75 in Serbia und more than EUR 2,500 in the EU-15 countries.

Vienna Insurance Group in Slovakia: New Board Member of Kooperativa

Thu, 06 Oct 2011 13:30:00 +0200

At its today's meeting, the Supervisory Board of Kooperativa poisťovňa, a.s. Vienna Insurance Group appointed Erik Nikmon to the Managing Board with effect from 1 November 2011 to be responsible for the non-life segment.

"The Kooperativa has undergone a fascinating development in Slovakia. As the leading insurance company of our Group in Slovakia, it is strongly positioned in the market and is growing even in a challenging market environment. This makes it necessary to strengthen the management capacity at the top level. With the appointment of Erik Nikmon we have a proven professional whose experience will help to actively shape the future of Kooperativa", explains Günter Geyer, CEO of the Vienna Insurance Group and Chairman of the Supervisory Board of Kooperativa.

About Erik Nikmon
Erik Nikmon, born in 1979 in Bratislava, studied law in Prague and earned also a degree in European law. He has been working in the insurance industry since 2003. First, he headed the legal department of D.A.S. in Bratislava and since 2007 worked in the non-life insurance segment of Wüstenrot Slovakia which he headed from 2008 onwards.

As from 1 November 2011, the Managing Board of Kooperativa will therefore comprise the following members:

Juraj Lelkes, CEO and Chairman of the Managing Board

Kurt Ebner, Deputy CEO, Board Member

Zdeno Gossányi, Board Member

Erik Nikmon, Board Member

Klaudia Volnerová, Board Member

The Vienna Insurance Group in the Czech Republic: Personnel changes in the Managing Board of Kooperativa

Wed, 05 Oct 2011 16:00:00 +0200

At its meeting today, and at the suggestion of its Chairman, Günter Geyer, the Supervisory Board of Kooperativa pojišťovna, a.s., Vienna Insurance Group appointed Hana Machačová Deputy CEO with effect from 1 April 2012. She succeeds Konštantín Alexejenko, who is retiring on 31 March 2012. Jiři Sýkora will be appointed to the Managing Board as of 1 January 2012.

“Hana Machačová has extensive experience in the insurance industry and her expertise will significantly contribute to the further successful development of the Group in the Czech Republic. With the appointment of Hana Machačová is yet another woman at the top management level in one of our core markets in Central and Eastern Europe. She is familiar with the structures of the largest Group company outside Austria and will, through her experience, substantially contribute to the achievement of the company's goals”, comments Günter Geyer, CEO of the Vienna Insurance Group and Chairman of the Supervisory Board of Kooperativa, with regard to the appointment of Hana Machačová.

As from 1 April 2012, the Managing Board of Kooperativa will therefore comprise the following members:

CEO Martin Diviš, MBA

Deputy CEO Hana Machačová

Gerhard Lahner

Milan Nidl, MBA

Petr Zapletal, MBA

Jiři Sýkora

Vienna Insurance Group in Bulgaria: Merger of Bulstrad and Bulgarski Imoti

Wed, 05 Oct 2011 09:30:00 +0200

The Vienna Insurance Group will strengthen its market presence in Bulgaria and consequently make better use of synergies. The plan is to merge the two non-life insurance companies Bulstrad and Bulgarski Imoti into a powerful company. In future, the Vienna Insurance Group will offer its services under the Bulstrad brand as the leading non-life insurance company in Bulgaria – subject to official approval being granted. The merger is expected to be completed during the first half of 2012.

"By merging the two property insurance companies, the Vienna Insurance Group will achieve a integrated and clear presence in the Bulgarian market. This will increase our efficiency and make use of earnings-based synergies. The leading position will also be further strengthened by pooling sales functions. In this process, efforts will be focused on providing the best possible service for our customers," commented Günter Geyer, CEO of the Vienna Insurance Group.

The Vienna Insurance Group in Bulgaria

Bulgaria is one of the Vienna Insurance Group's strategic core markets in Central and Eastern Europe. The Vienna Insurance Group with its Group companies is number one in the Bulgarian insurance market with a 15.4 percent market share in the first half of 2011.

In the non-life insurance sector the two companies, combined, are at the top of this market segment with a market share of 16.3 percent. During the first half of 2011, Bulstrad achieved premiums of around EUR 43.3 million, Bulgarski Imoti achieved premiums of more than EUR 14.1 million.

The Group is also active on the life insurance market with Bulstrad Life and occupies 4th position in the market with a share of 10.5 percent.

Donau Versicherung AG Vienna Insurance Group: Johanna Stefan to take over from Franz Kosyna on 1 Juni 2012

Thu, 15 Sep 2011 17:00:00 +0200

In today's meeting, the Supervisory Board of Donau Versicherung AG Vienna Insurance Group appointed Johanna Stefan to the positions of Chairwoman of the Managing Board and General Manager, with effect from 1 June 2012.

She will therefore take over from current General Manager Franz Kosyna, who from that point onwards will concentrate exclusively on his role as Deputy General Manager and member of the Managing Board of the listed Vienna Insurance Group. Peter Höfinger will focus – in his role as a member of the Managing Board of Vienna Insurance Group – on the expansion of the Group's business in future.

As of 1 June 2012 the Managing Board at Donau Versicherung AG Vienna Insurance Group will therefore be composed as follows:

General Manager Johanna Stefan, Chairwoman of the Managing Board

Roland Gröll, Member of the Managing Board

Robert Haider, Member of the Managing Board

Vienna Insurance Group: Market entry in Bosnia-Herzegovina through the acquisition of Jahorina

Tue, 13 Sep 2011 17:00:00 +0200

The Vienna Insurance Group AG Wiener Versicherung Gruppe has signed a contract to acquire a majority stake in the insurer Jahorina Osiguranje AD Pale (Jahorina) in the Republic of Bosnia-Herzegovina after successfully concluding due diligence. After the closing of this transaction, the leading insurance group in Central and Eastern Europe will be represented in 25 markets in the region. The Vienna Insurance Group acquires approximately 88.5 percent of the capital respectively approximately 92 percent of the voting shares. The acquisition is subject to regulatory approvals.

"Bosnia-Herzegovina is an upcoming market which, after a period of political and economic uncertainty, now has great potential to catch up. The long-term prospects point towards a strong increase in demand and thus suggest strong future growth in the insurance sector," explains Günter Geyer, CEO of the Vienna Insurance Group. "With entry into the Bosnian market, we have expanded the Vienna Insurance Group's network to 25 countries and have moved into another white spot on our map of Central and Eastern Europe."

Facts about Jahorina

Jahorina was established in 1992 as a property insurer in Pale (autonomous region Republika Srpska) and has about 215 employees by now. Since the first quarter of 2010, the company has also offered life insurance. In the first half of 2011, Jahorina registered premiums of approximately EUR 5.7 million. Of this amount, about 98 percent are in the non-life sector, especially motor insurance; 82 percent of the premium income is generated in the Republika Srpska. In recent years, Jahorina has achieved very high growth rates and is the market leader in the Republika Srpska, with a market share of 13.6 percent. Based on the overall market in Bosnia-Herzegovina, the company ranks 9th with a market share of 4.5 percent. Jahorina is listed on the Banja Luka stock exchange.

Bosnia-Herzegovina

The Republic of Bosnia-Herzegovina consists of the two autonomous regions, the Republika Srpska and the Federation of Bosnia-Herzegovina, and has a total population of approximately 4.6 million. In recent years, the political and economic stability of the country has improved significantly and today provides a sound environment for promising development of the Bosnian insurance market. The current market data illustrate this potential: The insurance penetration (annual premiums per capita) was approximately EUR 63 in Bosnia-Herzegovina in 2010 as compared to about EUR 75 in Serbia und more than EUR 2,500 in the EU-15 countries.

Vienna Insurance Group in Poland: Increased efficiency resulting from the planned merger between InterRisk and PZM

Wed, 31 Aug 2011 15:18:00 +0200

The Vienna Insurance Group is planning to concentrate its resources in the Polish non-life insurance market by merging the companies InterRisk and PZM. The plan is that in the future the two companies will market their products together throughout the country using the InterRisk brand. It is expected that the merger - which is still awaiting formal legal and regulatory approval - will be completed during the first half of 2012.

During the first half year 2011, InterRisk registered strong growth in premiums of 11.2 percent. Following very strong growth in previous years, PZM continues to focus on increasing profitability and growth in the non-motor insurance division and increased its premiums by 7.5 percent. The two companies, InterRisk and PZM, achieved total premiums of EUR 162.5 million during the first six months of 2011. The sales power of the two companies will be combined as a result of the merger and their market presence will be strengthened by using a common brand throughout the country.

"In general, the Vienna Insurance Group is continuing with its very successful multiple-brand strategy, but we are constantly reviewing the efficiency of our local sales structures. If we identify potential synergies, as is the case here in Poland, mergers are the logical result. The merging of the two companies in Poland provides us with a more compact market presence in one of our key geographical markets," explains Günter Geyer, CEO of the Vienna Insurance Group, before adding: "By developing and expanding an effective sales structure over the last few years, we have been able to grow our business disproportionately in comparison to the market in general."

Excellent financial results for the first half-year 2011

During the first six months of 2011, the Polish companies of the Vienna Insurance Group recorded total premiums of EUR 498.1 million, an increase of 43.7 percent compared to the same period in the previous year. The profit (before taxes) during the same period was EUR 24.6 million.

In the non-life insurance business, the Vienna Insurance Group achieved volumes of 323.3 million euros, representing an increase of 19.4 percent in comparison to the previous year. In the life insurance segment, the Polish group companies recorded premiums of EUR 174.8 million, thereby achieving strong growth of 131.0 percent.

The Vienna Insurance Group in Poland

With a population of approximately 38 million, Poland is one of the largest markets in Central and Eastern Europe and is a core market for the Vienna Insurance Group. In 2010, the Polish market had an insurance penetration ratio (premiums as a percentage of GDP) of approximately 3.8 percent (EU15: 8.7 percent) and an insurance density (per capita premiums) of EUR 356 (EU15: approx. EUR 2,500).

The Vienna Insurance Group has been active in the Polish insurance market since 1998. Following the merger, the group will be represented by five companies and three different brands. These are Compensa life and non-life, Benefia life and non-life as well as InterRisk.

Strong market position of the Vienna Insurance Group

The Vienna Insurance Group was the 3rd largest insurer in Poland during the first quarter of 2011 in terms of the overall market as well as in the non-life insurance segment.

The Vienna Insurance Group is represented nationwide by approximately 170 branches and around 2,000 employees, who are responsible for providing excellent customer service.

VIG Re: Changes to the personnel of the Managing Board and Supervisory Board

Wed, 31 Aug 2011 10:30:00 +0200

With effect from 1 September 2011, the following changes to the Managing Board and Supervisory Board of the company were decided upon by the relevant committees, pending official authorisation:

Peter Hagen, CEO of VIG Re, is resigning from the company's Managing Board on 31 August 2011, in view of his future responsibilities at the head of the Vienna Insurance Group.

Karl Fink, as CEO, will assume chairmanship of the Managing Board as of 1 September 2011 for the next five years. At the same time, the other members of the Managing Board – Dušan Bogdanović, Denis Pehar as well as Claudia Stránský – were also re-elected for another five years.

Franz Kosyna, will take over as Chairman of the Supervisory Board, as determined by the general meeting held on 31 August 2011.

As of 1 September 2011 the Managing Board of VIG Re will be composed of the following members:

Karl Fink, CEO

Dušan Bogdanović

Denis Pehar

Claudia Stránský

As of 1 September 2011 the Supervisory Board of VIG Re will be composed of the following members:

Franz Kosyna, Chairman

Peter Höfinger, Deputy Chairman

Martin Diviš

Wolfgang Eilers

Roland Gröll

Juraj Lelkes

VIG Re – The reinsurer with CEE expertise
Based on its excellent capital resources and highly skilled expertise, as well as its A+ rating by Standard & Poor's, Prague-based VIG Re is positioning itself as a specialist reinsurer for the CEE region.

Success in the first half of 2011
The first half of 2011 ended with very positive results for VIG Re. Profits (pre-tax) rose by 47.1 percent to EUR 10.8 million. The premium volume increased by 25.0 percent, in comparison to the same period in the previous year, to a total of EUR173.3 million. Around 77 percent of the premiums originated from the property/casualty sector, 15 percent from health insurance, and 8 percent from life insurance. By the first half of 2011 the combined ratio stood at 94.9 percent. VIG Re currently has over 100 insurance companies from the CEE region among its clients.

Outlook for 2011
In 2011, VIG Re will remain focused on continuing growth and has set itself the goal of exceeding the EUR 300 million premium threshold.

Vienna Insurance Group in Albania: Expanding involvement through acquisition of Intersig

Wed, 24 Aug 2011 10:40:00 +0200

The Vienna Insurance Group AG Wiener Versicherung Gruppe signed an agreement in Tirana on 24 August, 2011 to acquire a majority share in the Albanian insurance company Intersig Sh.a. As a result of this transaction, subject to official approval, Vienna Insurance Group will acquire 75 percent of the shares plus one share of the company from private ownership. The parties have agreed not to disclose the purchase price.

CEO Günter Geyer explained the purchase: “This acquisition will enable the Group to broaden its base in Albania considerably. Our positive experience with the business development of our existing Albanian Group companies has encouraged us to decide to strengthen our presence further. The catch-up process in the Albanian market means we are expecting increased demand for insurance products in the coming years. The country’s stable economic development over the past few years has created a good foundation for this.”

Facts about Intersig Sh.a

Intersig was founded in 2001 as a joint-stock company and operates in the general insurance market. The largest proportion of premiums is generated in the motor insurance sector. With a total market share of around 9 percent in 2010, Intersig ranks sixth overall in the market. In the 2010 financial year, premium volume was around EUR 5.3 million. Intersig has its headquarters in Tirana and is represented in all 12 regions of the country. The company operates 140 sales outlets and around 90 percent of its products are distributed through its own sales force.

Vienna Insurance Group in Albania

In 2007, the company entered the Albanian insurance market with the acquisition of Sigma. Most recently, Vienna Insurance Group’s involvement was considerably extended through the acquisition of Interalbanian in 2010. With the acquisition of Intersig Vienna Insurance Group’s market share raises to about 30 percent and an estimated premium volume of about EUR 20 million. The Group ranks – subject to official approval of the transaction – second on the Albanian insurance market and is the market leader in the motor insurance segment.

Albanian insurance market

Albania has 3.2 million inhabitants and almost a quarter of the population lives in the metropolitan area of Tirana. The economy grew by 3.5 percent in 2010 and is forecast to grow 3.4 percent in 2011. In 2010, an overall premium volume of just under EUR 60 million was generated. Motor insurance is the dominant line of business with around a 60 percent share of total premium volume.

At present there are ten companies operating in the Albanian insurance market. Seven of these only operate in the non-life sector, two companies are purely involved in life insurance and one insurance company is active in both segments. Insurance density (per capita annual premiums) in Albania stood at around EUR 18 in 2010. In the same year, this figure came to around EUR 75 in Serbia and around EUR 2,500 in the EU-15 countries. Insurance penetration (premiums as a proportion of GDP) was around 0.67 percent in Albania, compared with 1.8 percent in Serbia and 8.7 percent in the EU-15 countries.

Sustainable increase in earnings: Vienna Insurance Group in the first half-year of 2011

Thu, 18 Aug 2011 08:00:00 +0200

Group premiums up 3.1 percent at over EUR 4.7 billion

Continuing upward trend in life insurance in CEE core markets

Strong growth in property/casualty insurance

Profit (before taxes) up 10.4 percent at EUR 282.2 million

CEE markets account for more than 50 percent of premiums
and profit

VIG is already number 3 insurer in Poland

“Vienna Insurance Group continued to show a strong, highly stable development in the first half-year of 2011. Premiums grew by 3.1 percent, a rate slightly higher than the first quarter. Profit before taxes rose by 10.4 percent to EUR 282.2 million, showing that we are well on our way to achieving our target of a 10 percent increase. The success of our CEE strategy is shown by the fact that the profit contribution from these markets already exceeds that from Austria”, stated Günter Geyer, CEO of Vienna Insurance Group. “Life insurance posted a small drop in Austria, while the Czech Republic showed strong growth. Non-life premium income rose sharply by 7.6 percent, with particularly pleasing results in Poland, where growth was 19.4 percent,” stated Günter Geyer with respect to premium growth. “In my view, we can be very proud that these results position the Group among the top performers in the European competitive environment.”

I. OVERVIEW OF KEY GROUP DATA FOR THE FIRST SIX MONTHS OF 2011 (in accordance with IFRS)

The Vienna Insurance Group earned a total of EUR 4.7 billion premiums written (consolidated) in the first half-year 2011, up 3.1 percent compared to first half-year 2010.

The Group profit (before taxes, consolidated) amounted to EUR 282.2 million in the first half-year 2011. This represented a sharp 10.4 percent increase compared to first half-year 2010.

The Group combined ratio after reinsurance (excluding investment income) came in at 97.1 percent for the first half-year of 2011, following 98.3 percent for first half-year 2010.

The Vienna Insurance Group held investments of approximately EUR 29.0 billion (incl. bank balances) as at 30 June 2011, and posted a financial result of EUR 554.2 million.

II. GROUP DATA BY SEGMENTS FOR THE FIRST SIX MONTHS OF 2011 (consolidated)

Property/casualty

EUR 2.6 billion in premiums were written in property/casualty, up 7.6 percent.

Life insurance

The Group companies of Vienna Insurance Group wrote approximately EUR 2.0 billion (down 2.7 percent) in life insurance premiums. Direct regular premiums increased by 3.9 percent, while single-premiums (direct premiums) declined 10.8 percent, mainly due to a statutory change in the minimum lock-up period in Austria.

Health insurance

In the health insurance segment the Vienna Insurance Group achieved premiums written of EUR 180.7 million. This represented an increase of 9.6 percent, which was largely due to the first-time consolidation of the Group companies in Georgia in the second half of 2010.

III. GROUP DATA BY REGIONS FOR THE FIRST SIX MONTHS OF 2011 (consolidated)

Austria

The Vienna Insurance Group companies in Austria wrote EUR 2.2 billion in premiums (down 3.8 percent) in the first half-year of 2011. Premiums written in property/casualty grew 7.7 percent to more than EUR 1.0 billion. Life insurance premiums dropped by 14.0 percent to approximately EUR 1.0 billion due to a statutory change in the minimum lock-up period for single-premium policies. The Group wrote premiums of EUR 169.3 million in the health insurance segment, representing an increase of 2.6 percent.

First half-year profit (before taxes) increased 1.4 percent to EUR 140.0 million.
The combined ratio improved to reach an excellent level of 94.4 percent.

Czech Republic

Group companies in the Czech Republic increased premiums written by 12.0 percent to reach EUR 973.7 million.

Non-life premiums written rose by 4.4 percent to EUR 542.3 million. In life insurance, premiums written soared 23.3 percent to EUR 431.5 million. The Vienna Insurance Group companies in the Czech Republic achieved a market share of 30.3 percent in the first half-year of 2011, making them number 1 in the insurance market.

Profit (before taxes) rose notably by 35.0 percent compared to first half-year 2010 to EUR 91.3 million.

The combined ratio was an excellent 93.6 percent, 2 percentage points below the level for first half-year 2010.

Slovakia

The Vienna Insurance Group companies in Slovakia increased premiums written by 3.9 percent to EUR 339.0 million.

Non-life premiums written rose 2.4 percent to EUR 171.3 million, while life insurance achieved strong growth of 5.4 percent in premiums written to reach EUR 167.7 million.

Group companies increased market share to 32.2 percent in the first half-year of 2011, thereby consolidating their position as number 1 in the Slovakian insurance market.

Profit (before taxes) amounted to EUR 28.6 million, representing a 121.6 percent jump compared to first half-year 2010.

The combined ratio stood at 95.3 percent.

Poland

The Group companies in Poland surged 43.7 percent in premiums written to EUR 498.1 million.

Non-life premiums written rose by 19.4 percent to EUR 323.3 million, and life insurance premiums written soared 131.0 percent to EUR 174.8 million.
Profit (before taxes) rose 140.3 percent compared to first half-year 2010 to EUR 24.6 million.

The combined ratio fell by more than 5 percentage points to 100 percent.

Romania

The economy in Romania is currently affected by government austerity measures which consequently dampen economic growth. This also affects the insurance market, in particular the motor leasing business.

In light of this, first half-year 2011 premiums rose slightly by 0.6 percent to a total of EUR 275.8 million and EUR 1.6 million profit before taxes.

Due to premium write-offs in the motor leasing business, non-life premiums written edged down to EUR 225.2 million. In life insurance, however, premiums written rose by 4.6 percent to EUR 50.5 million.

Due to first consequences of the restructuring measures the combined ratio fell approximately 4 percentage points to 105.9 percent despite an increase in the claims reserve compared to first quarter 2011.

“The planned merger of the two non-life insurance companies Omniasig and BCR will streamline and strengthen our market presence. The resulting synergies are supposed to boost our earnings power in this market. The first steps needed to implement this merger were initiated at the beginning of August”, commented Günter Geyer with respect to the restructuring that has begun in Romania.

Remaining markets

The remaining markets segment includes Albania, Bulgaria, Estonia, Croatia, Georgia, Germany, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Serbia, Turkey and Ukraine.

Group companies in this segment wrote EUR 410.3 million in premiums. Non-life premiums written surged by 16.5 percent to EUR 270.4 million, while life insurance premiums declined to EUR 139.9 million principally due to a drop in single premium business in Liechtenstein.

This segment reported an operating profit of EUR 17.1 million in the first half-year of 2011. As a result of the highly conservative policy being followed by the Vienna Insurance Group, insurance portfolios are being amortised in this segment. When this effect is taken into account, the segment shows a loss (before taxes) of EUR 3.9 million.

The combined ratio fell 1 percentage point to just 100 percent.

IV. OUTLOOK

For many years, the management of Vienna Insurance Group has aspired to minimise volatility in premiums and profit while ensuring a strong capital base for the Group. Continuing this successful and durable strategy, Vienna Insurance Group expects an increase in profit (before taxes) of about 10 percent and a low percentage growth of premium. Moreover, the Group has set itself the target of holding the combined ratio at about 97 percent. The prerequisite is, however, that the economic and legal framework will not deteriorate significantly and that damage caused by natural disasters will not develop dramatically.

Vienna Insurance Group: Christoph Rath appointed new member of the Management Board in Bulgaria

Tue, 19 Jul 2011 10:30:00 +0200

Christoph Rath (34) has been appointed to the Board of Bulstrad Non-Life and Bulgarski Imoti Non-Life as of July 2011. In this role his duties will include overseeing international clients as well as international cooperations of the Bulgarian Group companies.

“I am very pleased that, in Mr. Rath, we are able to present a young but also very experienced executive for the activities in our core market Bulgaria. He has already demonstrated his skills and expertise successfully over the course of many years with the Vienna Insurance Group, during which time he has acquired extensive knowledge of our Group. With his many years of experience in international management, Christoph Rath will be able to make a significant contribution to achieving the corporate goals of the Vienna Insurance Group in Bulgaria,” comments Günter Geyer, CEO of the Vienna Insurance Group.

About Christoph Rath
Christoph Rath studied Banking and Finance at the Vienna University of Applied Sciences and Economics at the University of Sydney. Born in Lower Austria, he began his professional career in the world of banking, working for prestigious Austrian and German banks. He joined the Vienna Insurance Group in 2004 as an Assistant to the Board and was additionally responsible, as Country Manager, for the Serbian and German markets. He joined the Management Board of the Serbian Group company, Wiener Städtische osiguranje, in 2007, where he was responsible for reinsurance, life insurance, holdings and investments, as well as human resources, logistics and administration.