EANS-Adhoc: VIENNA INSURANCE GROUP 1st-3rd QUARTER 2015: - ALL MARKETS PROVIDE POSITIVE OPERATING RESULTS - PROFIT BEFORE TAXES BURDENED BY IMPAIRMENT OF ...

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Financial Figures/Balance Sheet/Q1-Q3 2015 23.11.2015

- Premiums (excluding single-premium products) show solid increase of 2.5% - Excellent combined ratio of 96.9% - Operating profit of EUR 370.3 million - Profit (before taxes) after impairment at EUR 175.3 million

Vienna Insurance Group continues to focus on developing profitable lines of business. These mainly include property and casualty (+0.9 percent) and regular-premium life insurance products, which recorded significant growth of 5.8 percent. The Group continues to exercise restraint in the single-premium business due to the current interest rate environment. This led to a total decline of 5.2 percent in life insurance. In the first nine months, Vienna Insurance Group generated total premiums of EUR 6.9 billion (-1.8 percent). Without single-premium products, this represents a solid increase of 2.5 percent.

Once again, all Vienna Insurance Group markets made positive contributions to the result. The Vienna Insurance Group Remaining Markets region earned a record result of EUR 48.6 million, an increase of 10.5 percent.

Vienna Insurance Group further reduced its combined ratio (after reinsurance) to excellent 96.9 percent.

Vienna Insurance Group held EUR 31.6 billion in investments (including cash and cash equivalents) as at 30 September 2015. The Group financial result was EUR 797.3 million (-7.1 percent).

Operating profit was EUR 370.3 million. The decline in the ordinary financial result due to the ongoing low level of interest rates, which also made it necessary to form a precaution for personnel provisions in Austria, as well as the interest expense for the subordinated bond issued in March 2015 affected the result.

Impairment of IT systems of EUR 195 million

Vienna Insurance Group continuously checks its existing IT systems' landscape in the course of the regular evaluation of technical usability and in view of the rapidly changing requirements of the insurance market as well as the accelerating rate of technological change. This review was done with external assistance.

The analysis now showed that there is a high probability that certain IT systems respectively programme sections will no longer be able to satisfy future technical and business requirements, or no longer fully satisfy these requirements. The balance sheet items covering these programmes or programme sections are therefore being written down by EUR 195 million.

This means that the profit (before taxes) after impairment is EUR 175.3 million.

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   November 23, 2015 16:25 ET (21:25 GMT)- - 04 25 PM EST 11-23-15