ERGO Group AG
ERGO Versicherungsgruppe AG:
ERGO Versicherungsgruppe AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- INTERIM ANNOUNCEMENT OF THE GROUP WITHIN THE 1ST HALF-YEAR 2008 The results posted by the ERGO Insurance Group in the first three months of 2008 were again good: the operating result totalled EUR 236m (320m) (-26.2 %) and the consolidated result after tax EUR 151m (250m) (-39.7 %). From an underwriting point of view, the first quarter of 2008 was outstanding: the combined ratio in the property-casualty segment (incl. legal expenses) improved significantly to 87.8 % (101.2 %). In the same period last year, the underwriting result had been burdened by Winter Storm Kyrill, whilst in the period under review the beneficial effects of the IBNR reserve set up at the end of 2007 were felt. The bottom-line decrease against the first quarter last year was chiefly attributable to the investment result. The investment result for the first three months of 2008 fell by 66.0 % to EUR 0.7bn compared with the exceptionally good first quarter of 2007 (EUR 2.0bn). With regular income rising slightly, the decline was primarily due to the deterioration in the balance from gains and losses on disposals by EUR 1,130m and from write-ups and write-downs, which totalled -EUR 149m against EUR 981m in the first quarter of 2007. Whilst in the previous year we had achieved high gains from the sale of a major real estate package and equities, the period under review was adversely affected by the turmoil on the capital markets. All classes of business in Germany and abroad recorded premium growth. In life insurance total premium income rose to EUR 1.69bn (1.66bn), in the health segment to EUR 1.43 (1.38) bn. In property-casualty insurance volume was up by 6.6 %, in legal expenses by 1.6 %. Overall premium income totalled EUR 4.7bn (4.6bn), gross premiums written according to IFRS amounted to EUR 4.5bn (4.4bn). Not included in this figure are the savings premiums of unit-linked life insurance and capitalisation products such as 'Riester' pensions in Germany - product lines which are playing an ever more important role for us. Overall premium income should grow by 3.0 - 4.5 % in 2008 to around EUR 18bn. We expect to achieve an annual result of EUR 480m to EUR 600m, subject to good development on the capital markets. Düsseldorf, May 2008 The Board of Management 08.05.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: ERGO Versicherungsgruppe AG Victoriaplatz 2 40198 Düsseldorf Deutschland Internet: www.ergo.com End of News DGAP News-Service ---------------------------------------------------------------------------
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