Annual Report Key Figures
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Annual Report Key Figures Wiener Städtische (Individual Accounts) 1999/in AT S 1998/in AT S Gross Premiums Earned (in millions) 18,456 17,709 e 1,341.2 – Property & Casualty Insurance (in millions) 8,154 8,406 e 592.6 – Health Insurance (in millions) 3,260 3,201 e 236.9 – Life Insurance (in millions) 7,043 6,102 e 511.8 Combined Ratio (Property & Casualty) (in %) 105.2 102.9 Financial Results (in millions) 4,875 5,051 e 354.3 Earnings from Ordinary Activities (in millions) 435 784 e 31.6 Investments (in millions) 83,981 80,124 e 6,103.1 Underwriting Provisions (in millions) 71,806 67,305 e 5,218.3 Capital and Reserves (in millions) 10,270 10,084 e 746.3 Number of Employees 4,030 4,096 – Office Staff 1,997 2,045 – Field Staff 2,033 2,051 Number of Branch Offices 171 171 Contents Introduction 2 Wiener Städtische AG Annual Financial Statements Company Bodies 4 Balance Sheet 6 6 P rofit & Loss Account 7 2 Wiener Städtische AG Status Report Separate Income Statement for Economic Situation in 1999 9 Auto Third Party Liability Insurance 7 9 Wiener Städtische in 1999 1 2 A p p e n d i x 8 0 P ro p e rty & Casualty Insurance 1 7 A u d i t o r’s Cert i f i c a t e 9 2 Health Insurance 2 0 L i f e / P e n s i o n s 2 2 Consolidated Annual Financial Statements I n v e s t m e n t s 2 4 Balance Sheet 9 8 S t a ff/Socio-economic Issues 2 8 P rofit & Loss Account 1 0 2 C u rrent Situation and Outlook 3 1 A p p e n d i x 1 0 7 A u d i t o r’s Cert i f i c a t e 1 2 1 Supervisory Board Report 35 Contact Information 128 Group Status Report G roup Status Report 3 8 Investor Relations 131 The Group (Diagram) 4 2 Donau Ve r s i c h e ru n g 4 4 About this Publication 132 Vo l k s f ü r s o rge Jupiter 4 6 Union Ve r s i c h e ru n g 4 7 M o n t a n v e r s i c h e ru n g 4 8 CA Ve r s i c h e ru n g 5 1 K a p i t a l &We rt Ve rm ö g e n s v e rwaltung AG 5 2 Kooperativa Praha 5 4 Kooperativa Bratislava 5 5 InterRisk Wi e s b a d e n 5 6 H e ros S.A. 5 8 Union Biztosító Rt. 5 9 Wiener Städtische osiguranje d.d. 6 0 Wiener Städtische Italy 6 1 Vienna Life Liechtenstein 6 1 C u rrent Situation and Outlook 6 2 99 1 and transportation insurance operations. As one Introduction of our strategic goals is to step up our core activity of insurance, we intend to make similar acquistions in other markets as we expand. The 175th birthday of Wiener Städtische, on 24 December 1999, fell during a period of rapid P roduct sales is another area where the insur- economic and social change. In the course of its ance industry will face major challenges over the long history the company has come under thre a t next few years. With this in mind, it is vital that we f rom various external forces, including war, become an information company. Like many economic crisis and the Nazi dictatorship, but other industries, insurance companies are just these days our biggest challenge is change. The s t a rting to become Internet companies, and in company as a whole, our employees and the some cases may not yet have fully grasped the management team must rise to that challenge. need to adjust to the new opportunities. Wi e n e r Städtische was the first Austrian insurance com- Like other industries, the insurance business is pany to offer customers the option of buying u n d e rgoing concentration to an unfore s e e n polices online. We are well aware of the impor- d e g ree. Several venerable insurance companies tance of Internet sales and are taking all the – some of them over 100 years old – became the a p p ropriate measures. Our organizational stru c- t a rgets of either friendly or hostile acquisitions t u re and task chains are already geared toward s and were subsumed into large global units. m o re open company processes, integrating new Others, including several famous pro p e rty insur- media into operations and generating additional ers and re i n s u rers, have withdrawn from cert a i n customer benefits. a reas of insurance. They believe their future lies exclusively in asset management, where invest- Another major challenge in sales is to step up ment risk is transferred to the investor, rather selling via intermediaries. In the retail sector, than in carrying risk. The factors driving this tre n d many brand name manufacturers have lost con- a re the plunge in premiums in certain areas of the t rol over how their products are sold, due to con- business in recent years and the resulting negati- centration. Similarly, sales channels are start i n g ve underwriting re s u l t s . to play a greater role in the insurance industry. In many areas of insurance, alternative sales org a- H o w e v e r, while some companies have withdrawn nizations or independent brokers are now more f rom specific areas of insurance, others have i m p o rtant than traditional employed field staff . seized the opportunity to pursue growth, even in The traditional direct relationship between the l a rgely saturated markets, and to exploit econo- i n s u red party and the insurance company has mies of scale. become less significant than the insure d p a rt y / i n t e rm e d i a ry relationship. This has an At Wiener Städtische, we have made good use of impact on companies’ task chains, as an inter- our opportunities. In 1999, Montanversicheru n g , m e d i a ry ’s expectations concerning pro c e s s i n g a Group company, acquired Basler Ve r s i c h e- and customer service often differ from those of rungs-Aktiengesellschaft's Austrian industrial the insured part y. 2 99 F rom left to right: Chairman of the Board of Management Dr. Siegfried Sellitsch; Vi c e - C h a i rman Dr. Günter Geyer; Vi c e - C h a i rm a n D r. Franz Lauer; Dkfm. Karl Fink, Dire c t o r, Board of Management; Heinz Jaindl, Dire c t o r, Board of Management; Ing. Mag. Robert L a s s h o f e r, Dire c t o r, Board of Management. In light of these developments, Wiener Städtische e ff o rts to change are likely to have change impo- continued to pursue a consistent strategy in ’99. sed on them. We stepped up our international operations and b o l s t e red our position in the domestic market. The Board of Management would like to thank Thanks to the support of the principal share h o l- the employees of Wiener Städtische and its d e r, we have sufficient capital to carry out planned G roup companies for their whole-hearted com- activities in the foreign markets where our mitment to implementing these changes, and for subsidiaries have operations, and have had no recognizing how crucial they are for our future . d i fficulty financing those activities. As a re s u l t , we can also aggressively pursue new goals and We also wish to thank our customers and busi- strategic alliances. To set up a life insurance ness partners for placing their confidence in us. company in Poland, for example, we found an In many cases we have enjoyed this trust for i m p o rtant partner in the European Bank for decades. They can rest assured that we will con- R e c o n s t ruction and Development (EBRD). tinue to offer products and services that are ap- p ropriate to the changing economic, social and We are in a position to form strategic alliances political conditions. h e re or abroad at any time, either at the Wi e n e r Städtische level or at the subsidiary level. We further appreciate the willingness of our share- H o w e v e r, we have certain specific re q u i re m e n t s , holders and investors to provide the capital both now and in the future: Alliances must n e c e s s a ry for our strategic development, based s t rengthen the Wiener Städtische Group, and on their belief in our ability to boost the value of they must not affect our status as an Austrian the company over the long term . insurance company. The search for new alliances is conducted not on the basis of looking for sup- The fact that 1999 was a successful year can be p o rt but rather as an exploration of potentially seen from this Annual Report of the Wi e n e r p rofitable opportunities that would not thre a t e n Städtische Allgemeine Ve r s i c h e rung Aktien- our historically successful and continually evolv- gesellschaft Group and Wiener Städtische All- ing company stru c t u re, and which could involve gemeine Ve r s i c h e rung Aktiengesellschaft.