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Vienna International Insurance Industry News

Warta Sale: VIG Unsuccessful

The sale of the Polish insurance group Warta is closed. The German Talanx takes over Warta, Vienna Insurance Group had no chance.

January 20, 2012

Uniqa: Strong Growth in Premium Income

The Austrian insurance company announced to have achieved 20% growth in Bulgaria.

January 16, 2012

Polish Warta: Decision Expected this Week

Vienna Insurance Group and Zurich fight for Polish Warta. The seller, Belgian KBC, will decide this week.

January 12, 2012

VIG Has „No Problems in Hungary“

“We are an insurance group and not a bank.”, said the management of Vienna Insurance Group. Nevertheless, the developments are observed thoroughly.

January 11, 2012

Uniqa´s Czech Subsidiary Beats Market Growth

The Czech subsidiary of the Austrian insurance group achieved an 11% premium income growth, which is significantly beyond the market growth (1.8%).

January 3, 2012

Hypo Group Sells Insurance Segment

The nationalized Austrian Hypo Group Alpe Adria sold its insurance subsidiary, Hypo Alpe Adria Insurance Services (HIS).

January 2, 2012

Insurance Industry Records Decline in Premiums

Total premiums written dropped by 0.41% in the period from July to September. The life insurance business was down 7.93%.

December 29, 2011

VBAG Sells Insurance Segment

The Austrian Volksbanken AG sells its stake in Victoria Volksbanken to Ergo Austria.

December 20, 2011

Oberösterreichische Versicherung Raises Premium Income

The Upper Austrian regional insurance company expects to record results slightly below the previous year´s level.

December 19, 2011

Uniqa Grows Quickly in Bosnia and Herzegovina

The insurance company’s premium volume increased by 14% in the first three quarters of the year.

December 16, 2011

VIG and Zurich Fight for Polish Warta

According to the Polish newspaper Rzeczpospolita, the Swiss Zurich and the Austrian Vienna Insurance Group are the favorites for the acquisition of Warta.

December 14, 2011

S&P Cuts Uniqa´s Rating

Standard & Poors today lowered the long-term financial rating of the Austrian insurance group Uniqa from “A-“ to “BBB+”.

December 13, 2011

S Immo Announces Changes in Shareholding Structure

The Austrian real estate company S Immo clarifies that the two core shareholders still remain in S Immo and hold a threshold beyond 9% each.

December 3, 2011

VIG Acquires Polish Life Insurance Company Polisa

The Austrian insurance group rounds off its product portfolio in Poland. Polisa generated a premium volume of € 21m in 2010.

November 29, 2011

Uniqa Reports Positive Development in Core Business

One-off effects of the “write-down of Greece” and the new focus of the Austrian insurance company significantly influence results for the third quarter of the year.

November 24, 2011

Uniqa Plans Sale of German Subsidiary Mannheimer

The Austrian insurance group’s new strategy brings increased concentration on Eastern European growth markets.

November 24, 2011

Uniqa Group Strengthens Market Position in SEE Region

The Austrian insurance company expands its market leadership in Albania and is ranked on number two in Kosovo.

November 21, 2011

VIG Raises Equity Base in Croatia

The local authority claimed for a capital increase for the Croatian subsidiary of Vienna Insurance Group. Now, € 15m were transferred.

November 16, 2011

Vienna Insurance Group Reports Moderate Rise in Profits

Profit (before taxes) went up by about 10 percent to € 414.1m. Group premiums rose by 4.0 percent to € 6.8bn.

November 15, 2011

S&P Reviews Uniqa’s Rating

The Austrian insurance company was set to CreditWatch negative due to its weakened capital adequacy. A downgrade by one notch is possible.

November 10, 2011

VIG Officially Bids for Polish Warta

Potential buyers of the Polish Warta insurance had to publish their offers by the end of October. Vienna Insurance Group participates.

November 7, 2011

Uniqa Expects Loss of € 300m

The Austrian insurance group is writing down all of its Greek government bonds at fair value in the third quarter and will therefore not break even in profit on ordinary activities as originally anticipated.

November 3, 2011

Weak Development for Austrian Private Insurers

After a substantial growth in 2010, this year shows only a slight upward trend for the insurance industry. The outlook however is rather pessimistic.

November 1, 2011

Volksbanken Group Wants to Sell its 25% Stake in Insurer Victoria

According to Wirtschaftsblatt, which is citing well informed sources, ÖVAG Österreichische Volksbanken-AG want to separate completely from Victoria Insurance by selling its shares to the Victoria’s majority owner Ergo, the unit of German Munich Re.

October 21, 2011

VIG Acquires Jahorina Insurance in Bosnia and Herzegovina

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.

October 20, 2011

VIG Upgraded by Raiffeisen

Current talks of bank recapitalization can in the view of Raiffeisen Research be a positive trigger for the insurance sector.

October 17, 2011

The Intended VIG Acquisition of Polish Warta Faces a Tough Competition

According to the Polish daily Rzeczpospolita, analysts estimate the value of the Polish insurer Warta at € 230-340m.

October 17, 2011

Vienna Insurance Group Has Its Own Funds to Buy the Polish Insurer Warta

Guenter Geyer, the head of the Austrian insurance company quoted by the Polish daily Gazeta Prawna confirmed the interest in an auction of the Warta Insurance and Reinsurance Company.

October 13, 2011

New Board Member for Slovak Subsidiary of VIG

Erik Nikmon was appointed to the Managing Board of Kooperativa. He will take up his position on 1 November.

October 6, 2011

Personnel Changes in the Managing Board of Czech VIG Subsidiary

The Austrian Vienna Insurance Group reshuffles the board of the Czech Kooperativa.

October 5, 2011

Generali Austria Report Small Rise in Premiums

The Italian insurance group shows a small rise in premiums in spite of a difficult Austrian insurance market.

October 5, 2011

Vienna Insurance Group Merges Bulgarian Subsidiaries

The Austrian insurance corporation intends to strengthen its market presence via the merger of Bulstrad and Bulgarski Imoti,

October 5, 2011

VIG to Start Due Diligence on Warta in October

The Austrian insurance group intends to grow on the Polish market. An acquisition would double its premium income in the country.

September 28, 2011

Restructuring Program at Uniqa

The Austrian insurance corporation sets down one-time expenditures of € 190m in the 2011 balance sheet. Group annual result for 2011 expected to be a "flat zero" – notwithstanding any further negative developments on the capital markets.

September 21, 2011

Insurance Industry: Moderate Decline in Premiums

Total premiums written dropped by 2.87% in the period from April to June. Life insurance business was down 11.23%.

September 15, 2011

Vienna Insurance Group: Market entry in Bosnia-Herzegovina

The Vienna Insurance Group AG has signed a contract to acquire a majority stake in the insurer Jahorina Osiguranje AD Pale (Jahorina) in Bosnia-Herzegovina after successfully concluding due diligence.

September 13, 2011

FMA: Negative Performance of Austrian Pension Funds

The Financial Market Authority (FMA) reports a negative performance of Austrian pension funds for 2011: total return amounted to -1.2% for the first six months.

September 13, 2011

CEE-Region Remains Essential for Austrian Insurance Companies

According to a current market survey of Fitch, the CEE region plays a central role for domestic insurance companies. There is still growth potential.

September 12, 2011

VIG Merges Polish Subsidiaries

The Austrian insurance group expects increased efficiency resulting from the planned merger between InterRisk and PZM.

August 31, 2011

Uniqa: Solid Results despite Devaluation of Greek Bonds

Net profit of the Austrian insurance company increased by 6.8% to € 53m. Recurring premiums grew 5.3% in the first six months of the year.

August 29, 2011

Vienna Insurance Group Expands Involvement in Albania

With the acquisition of a 75% stake in Intersig, the Austrian insurance company raises its market share in Albania to 30%.

August 24, 2011

Sustainable Increase in Earnings for VIG

The Austrian insurance company recorded profit before taxes of € 282.2m, up 10.4% in the first half of the year.

August 18, 2011

Hypo Alpe Adria Sells Stake in Hypo Insurance

All of the Austrian bank’s 20% stake will be taken over by majority owner Grawe insurance.

August 4, 2011

VIG: Trouble at Romanian Subsidiary

The Austrian insurance group has reportedly lost millions due to illegal actions at one of its Romanian subsidiaries. Company representatives denied any misconduct.

July 27, 2011

VIG Interested in Acquisition of Polish Warta Insurance

The Austrian insurance company might strengthen its position in the Polish market with the acquisition of a local company.

July 4, 2011

Uniqa Sold Stake in Romanian Company

The Austrian insurance group sold its 27% holding in Astra for € 25m to the Nova Group.

June 27, 2011

International Business Important for Austrian Insurers

The Austrian insurance companies recorded moderate growth in the first quarter of the year. More than 50% of their premium income comes from their international business.

June 21, 2011

Standard & Poor's Confirm 'A' Rating for Uniqa Group

The Austrian insurance group’s rating was confirmed. Free float will be raised to 49% in the course of a capital increase.

June 3, 2011

Uniqa Records Premium Growth in All Regions and Segments

The Austrian insurance group increased its IFRS premiums written by 3.0% to € 1.8bn in the first quarter of 2011. The group profit grew by 17.2% to € 27m.

May 25, 2011

VIG Is Staying on Course in the 1st Quarter of 2011

Group premiums went up by 2.9% to more than € 2.6bn. Profit increased by 7.0% to € 142.8m.

May 17, 2011