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Austrian Insurance Industry Headlines

Uniqa Insurance Raises Earnings in H1, Confirms Full-Year Guidance

Listed insurance group Uniqa met market expectations with a 5.2 percent y/y increase in earnings on core operations to EUR 190.8 million (USD 218.9 million) in H1 2015, the company said. The group stands by the guidance for raising the amount further to EUR 425-450 million in the whole 2015.

August 27, 2015

Uniqa Subsidiary Liable for Wrong Advice

A subsidiary of Uniqa is liable for the wrong financial advice provided by an independent insurance broker. The customer was left with huge debt and the court ruled that not only the insurance adviser but also the insurance firm is liable.

August 26, 2015

Uniqa Insurance Seen Raising H1 Net Profit to EUR 152 Mln

Listed insurer Uniqa will likely post EUR 152.2 million (USD 175.9 million) H1 net profit, up by 24 percent y/y, shows the consensus of analysts ahead of the release of semi-annual results slated for Thursday.

August 25, 2015

Vienna Insurance Group with Lower Profit and Premium Income in H1

Listed Vienna Insurance Group (VIG) generated lower profit and premium income in the first half of the year. The group was under pressure of low interest rates. Pretax profit sank by 16.8 percent to EUR 250.5 million. Group results sank by 13.7 percent to EUR 192.5 million. Premiums written dropped by 1.5 percent to EUR 4.91 billion (USD 5.63 billion) the company announced.

August 25, 2015

Uniqa Ukraine Gets New CEO

The top management of the Ukrainian arm of Uniqa has undergone a change, as the CEO/COO/CFO post of the subsidiary has been assumed by Olena (Elena) Ulyee (39). She replaces Yuriy Yefimov who will become a supervisory board member instead. She has been CFO of Uniqa Insurance since 2007.

August 21, 2015

Heat Wave Raises Power Consumption Higher, Farmers to Suffer Damages

Electricity consumption in Vienna and Lower Austria has risen in the recent days during a heat wave in Europe, but has stayed below the top values recorded in winter, local power utilities Wien Energie and EVN informed APA.

August 10, 2015

Allianz Austria Gets New CFO

The Austrian arm of German insurer Allianz is getting an additional management board member. As of 1 August Christina Franz (up until now in charge of risk calculations at Allianz Italy) has been appointed new CFO, in lieu of Werner Müller, who has been reassigned to the post of head of sales, replacing Christoph Marek who will be now in charge of insurance technology.

August 10, 2015

Vienna Insurance Group Acquires Company in Latvia

The listed Vienna Insurance Group (VIG) has invested in the fourth-biggest insurer in Latvia. The group will acquire the property insurance company Baltikum AAS with a market share of 8 percent, the company announced.

July 30, 2015

S Versicherung: Life Insurance Still on Path of Growth

s Versicherung believes that life insurance will keep growing. There may be a visible growth of the number of new contracts by the end of the year, the head of the management Heinz Schuster predicts. S Versicherung will hold on to guarantees. Interest will probably sink.

June 25, 2015

VIG's Compensa Acquires Lithuania’s Largest Life Insurance Sales Company

Vienna Insurance Group company Compensa Life SE has strengthened strengthened its sales structure in Lithuania with the acquisition of life insurance sales specialist Finsaltas. Finsaltas holds Latvia's biggest life insurance distribution network and recorded some EUR 7.1 million (USD 8.0 million) in life insurance premiums in 2014. for an undisclosed amount, VIG said Friday.

June 12, 2015