Generali Holding Vienna AG
Generali Holding Vienna english REPEAT
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 difficu
lt 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
170826 Apr 02
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