Vienna Insurance Group: Net Income to Fall

Published: November 27, 2013; 18:50 · (Vindobona)

The biggest Austrian insurance group is anticipated to post lower profits.

Vienna Insurance Group: Net Income to Fall / Picture: © Vienna Insurance Group / Robert Newald

Tomorrow, the Vienna-listed insurer will publish the results of the first three quarters of 2013. According to analysts, VIG´s quarterly net income is expected to reach € 214m. Compared to the third quarter of 2012, this is a decrease by 37%. In the reference period of 2012, net income reached € 341.4m. VIG´s premium intake is expected to decrease slightly from € 7.43bn to € 7.25bn.

The fall in profits is mainly due to the losses made in Italy and Romania, analysts say. While the whole Romanian insurance sector is making substantial losses, VIG´s car insurance company Donau Versicherung is recording massive write-downs in Italy.