Generali Holding Vienna AG
Generali Holding Vienna english
Generali Holding Vienna: Up-trend after a difficult year
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Generali Holding Vienna: Up-trend after a difficult year
International financial services group Generali Vienna was able to expand its
business activities during 2001 in each of its seven national markets – Austria,
Hungary, the Czech Republic, Slovakia, Slovenia, Romania and Poland. As its
recently-published Consolidated Statement of Accounts shows, premium income rose
by 7.8 percent to EUR 2.5 billion.
Growth in the direct insurance business (i.e. without reinsurance) was
particularly satisfactory at 8.8 percent, pushing the group’s premium income on
direct business up to EUR 2.3 billion.
Generali Vienna’s most important national market remains Austria. The Austrian
companies’ aggregate premium income on direct insurance business grew by 5.5 per
cent to EUR 1.9 billion, where they maintain a market share of 15.5 percent.
There was also rapid growth in Central and Eastern Europe, where the group’s
premium income advanced by 26.8 percent to EUR 420.3 million.
Gross outlay on insurance claims increased by 7.2 percent to EUR 2.0 billion.
Overall the group has experienced an underwriting loss of EUR 156.8 million (EUR
106.3 million loss in 2000).
While the 2001 consolidated net income on ordinary business sled by EUR 9.4
million to EUR 23.9 million, the consolidated full-year net income was unchanged
at EUR 14.1 million, enabling the listed parent Generali Holding Vienna AG, to
declare an unchanged dividend for 2001 of EUR 1.82 per share (dividend EUR 1.45
plus bonus EUR 0.37).
At year-end 2001, the group’s consolidated investments were down 0.9 percent on
the year at EUR 7.8 billion. As in the past, all securities – including shares
in affiliated companies and other substantial equity interests – were calculated
applying the same strict minimal-value principle which was imposed under
Austrian law until last year.
The Generali Vienna Group expects its premium income to grow by about 6 per-cent
on the year to EUR 2.7 billion in 2002 (without the Central and Eastern Euro-
pean activities of the Zurich Financial Services Group). The combined effect of
an improved net underwriting income, a sizable reduction in administrative costs
and a foreseeable upswing in the financial markets lead us to look at 2002 with
growing optimism.
Annual Report in the Internet:
http://www.generali-holding.at
end of ad-hoc-announcement (c)DGAP 17.04.2002
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WKN: 066135; ISIN: AT0000661350; Index: ATX
Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg,
München und Stuttgart
170759 Apr 02
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