Article Tools

Vienna Insurance Group with Group Embedded Value, Solvency II ratioand final result for 2016 as well as adjustments to the 2015 result

Published: April 19, 2017; 16:50 · (FriedlNews)

Group Embedded Value reaches about EUR 6 billion Embedded Value is calculated according to international standards as the net asset value of Vienna Insurance Group plus the present value of expected future profits from existing life and health insurance policies. This has been certified by KPMG Austria GmbH.

 

--------------------------------------------------------------------------------
Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution. The
issuer is solely responsible for the content of this announcement.
--------------------------------------------------------------------------------

annual result/Adjustments to the 2015 result 19.04.2017

- Group Embedded Value further increased
- Solvency II ratio stable at 195 per cent as of 31 December 2016
- Profit (before taxes) confirmed unchanged at EUR 407 million in 2016
- Adjustments in accordance with IAS 8 lead to goodwill impairments in 2015 of
approx. EUR 90 million

Group Embedded Value reaches about EUR 6 billion Embedded Value is calculated
according to international standards as the net asset value of Vienna Insurance
Group plus the present value of expected future profits from existing life and
health insurance policies. This has been certified by KPMG Austria GmbH.

The sustainability of Vienna Insurance Group's insurance business is reflected
by the increase in the Group Embedded Value (after taxes), growing to about EUR
6 billion as of 31 December 2016 (adjusted value for 2015: EUR 5.7 billion).
The new business margin once again reached a high international standard of 6.1
percent in the CEE region. The 2.0 per cent new business margin in Austria was
a clear improvement compared to the previous year.

Solvency II ratio unchanged at 195 percent The Solvency II ratio calculated at
the level of the listed VIG Group was 195 per cent at the end of 2016. This
already includes the call and repayment of around EUR 256 million for the two
supplementary capital bonds as of 12 January

2017. VIG's solvency therefore remains at an excellent level.

Result Vienna Insurance Group will publish its Group Annual Report for the 2016
financial year tomorrow. The auditor has certified the previously published
profit before taxes of EUR 406.73 million. Due to changes in the goodwill
recognised in Romania, Croatia, Hungary and Albania/Kosovo, the Group
shareholders' equity was adjusted by around EUR 90 million. Profit before taxes
in the 2015 financial year declined by the same amount. The adjustment is based
on an error notification by the Austrian Financial Reporting Enforcement Panel
(AFREP). According to AFREP, the method that VIG used to determine the interest
rate for calculating the value in use of the cash generating units (CGUs) was
not IFRS-compliant because VIG used a peer group financing structure that did
not verifiably reflect the asset-specific risk of the CGUs.

Dividend The resolution proposals for the Annual General Meeting on 12 May 2017
include the previously announced dividend of EUR 0.80 per share that has, in
the meantime, also been confirmed by the Supervisory Board.

The following securities of VIG are admitted for trading on a regulated market:

Issue title ISIN Trading segment
Aktie AT0000908504 Vienna and Prague Stock
Exchange, Official Market
VIG nachrang. Anl. 15 AT0000A1D5E1 Luxembourg Stock Exchange,
Second Regulated Market

VIG nachrang. Schuldv.13-43 AT0000A12GN0 Vienna Stock Exchange, Second
Regulated Market Wr.Staedt. Hybridkap-Anl. 08 AT0000A09SA8 Vienna Stock
Exchange, Second Regulated Market

Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Nina Higatzberger
Head of Investor Relations
Tel.: +43 (0)50 390-21920
Fax: +43 (0)50 390 99-21920
E-Mail: nina.higatzberger@vig.com
end of announcement euro adhoc

--------------------------------------------------------------------------------

issuer: Vienna Insurance Group Wiener Versicherung Gruppe

Schottenring 30
A-1010 Wien
phone: +43(0)50 390-21919
FAX: +43(0)50 390 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX

stockmarkets: official market: Wien, stock market: Prague Stock Exchange
language: English

Digital press kit: http://www.ots.at/pressemappe/7674/aom

***ORIGINAL APA-OTS TEXT - THE INFORMATION CONTAINED IN THIS PRESS
RELEASE IS SUBJECT TO THE EXCLUSIVE RESPONSIBILITY OF THE ISSUER***

OTE0002 2017-04-19/16:50

(C) Copyright APA-OTS Originaltext-Service GmbH and the respective issuer.

Fast News Search
ISIN
AT0000908504