The Vienna Insurance Group (Wiener Staedtishe), the second largest Austrian insurance company, reported on Tuesday a 50.3 percent increase in profit for the first half of 2007, largely influenced by continued strong growth in the markets of Central and Eastern Europe. The company recorded a pre-tax profit increase of 50.3 percent, reaching 215.40 million euros, compared to the same period last year.
Such results are largely due to the strong performance achieved in the markets of Central and Eastern European countries, where the group recorded a 32.8 percent increase in premiums. This segment now accounts for 40 percent of Vienna Insurance’s total premiums. The group further reported that it continues to expand its presence in the region. “In all the markets of Central and Eastern Europe where we are present, we are experiencing a continuous high level of premium growth,” said the group’s CEO Guenter Geyer. Given the continuation of positive forecasts, Vienna Insurance expects to exceed the anticipated profit for 2007 of 410 million euros and plans to increase its dividends per share for 2007 by at least 25 percent, to over one euro per share. (Hina)
