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GROUP ANNUAL REPORT 2007 AWINNINGTEAM Welcome to the Family of VIENNA INSURANCE GROUP

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GROUP ANNUAL REPORT 2007 AWINNINGTEAM Welcome to the Family of VIENNA INSURANCE GROUP GROUP ANNUAL REPORT 2007 A WINNING TEAM Welcome to the family of VIENNA INSURANCE GROUP March 2008 KEY FIGURES FOR VIENNA INSURANCE GROUP 2005 2006 2007 Income statement Premiums written EUR millions 5,007.84 5,881.51 6,911.93 Property/Casualty EUR millions 2,563.32 3,067.15 3,671.17 Life EUR millions 2,156.43 2,516.46 2,934.16 Health EUR millions 288.09 297.90 306.60 Premiums written EUR millions 5,007.84 5,881.51 6,911.93 Austria EUR millions 3,170.97 3,434.73 3,695.37 Czech Republic EUR millions 891.51 1,048.00 1,130.47 Slovakia EUR millions 330.94 387.68 494.52 Poland EUR millions 74.07 335.06 543.14 Romania EUR millions 136.17 236.89 413.49 Other CEE EUR millions 127.04 198.37 383.77 Other markets EUR millions 277.14 240.78 251.17 Investment income EUR millions 605.43 716.45 1,002.64 ProfiT before taxes EUR millions 240.34 320.97 437.30 Property/Casualty EUR millions 145.47 175.69 265.07 Life EUR millions 73.41 132.47 157.20 Health EUR millions 21.45 12.81 15.03 ProfiT before taxes EUR millions 240.34 320.97 437.30 Austria EUR millions 144.52 209.06 286.80 Czech Republic EUR millions 60.09 59.12 73.81 Slovakia EUR millions 24.98 27.66 30.30 Poland EUR millions 1.50 7.73 18.78 Romania EUR millions 0.54 2.75 4.56 Other CEE EUR millions 1.16 2.83 10.25 Other markets EUR millions 7.54 11.82 12.80 Net profit for the period after taxes and minority interest EUR millions 196.98 260.90 312.62 Balance sheet Investments EUR millions 16,924.74 19,600.95 23,237.37 Shareholders’ equity EUR millions 2,059.33 2,283.21 2,615.56 Underwriting provisions EUR millions 14,816.16 16,867.28 20,040.65 Total assets EUR millions 19,441.45 22,483.45 26,745.07 Share information Number of shares Shares 105,000,000 105,000,000 105,000,000 Market capitalisation EUR millions 5,234.25 5,586.00 5,775.00 Average number of shares traded by day Shares about 32,600 about 107,000 about 125,000 Price as at 31 December EUR 49.85 53.20 55.00 High EUR 52.20 54.27 57.90 Low EUR 24.65 41.26 45.01 Share performance for the year (excluding dividends) % 105.10 6.72 3.38 Dividend per share EUR 0.66 0.82 1.10 Dividend yield EUR 1.32 1.54 2.00 Earnings per share EUR 2.27 2.48 2.98 Price-earnings ratio as at 31 December 21.96 21.45 18.46 Number of employees Total 16,346 18,587 20,307 thereof CEE 10,868 12,729 14,057 thereof Austria and Other markets 5,478 5,858 6,250 Calculation differences may arise when rounded amounts and percentages are summed automatically. HIGHLIGHTS 2007 CONTINUED GROWTH IN CENTRAL AND EASTERN EUROPE Share of premiums from the CEE region: Total increased to 42.9%; already 57.7% in the property/casualty business. CEE market position*: Number 1 in the non-life business. Further geographic expansion: Market entry in Albania, Macedonia, Turkey and the Baltic states. A total of seven acquisitions and strong organic growth in 2007. Greater integration of subsidiaries into the Vienna Insurance Group family. RESULT FURTHER INCREASED Profit before taxes in 2007: EUR 437.30 million (+36.2%) Premium volume reached EUR 6,911.93 million (+17.5%) over the year as a whole. Combined ratio of 95.5% significantly below 100% in 2007. * Market position (Vienna Insurance Group) - Definition CEE: Czech Republic, Slovakia, Poland, Romania, Bulgaria, Croatia and Hungary. VIENNA INSURANCE GROUP REPORT 2007 Group Annual Report of WIENER STÄDTISCHE Versicherung AG VIENNA INSURANCE GROUP CONTENTS Group Management Report 2 Companies in the Vienna Insurance Group Performance in 2007 3 Highlights 52 Group Business Development and Results of Operations Companies, Market and Strategy 58 Geographical segment reporting 8 Letter from the Chairman of the Managing Board 58 Austria 10 Executive Board of the Group 60 Czech Republic 12 The company: Vienna Insurance Group 62 Slovakia 14 Central and Eastern Europe – Growth Market 64 Poland with a Future 66 Romania 16 Strategy 68 Other CEE Markets 70 Other Markets Share InformaTion and CorporaTe Governance 19 Investor Relations 74 Outlook for 2008 23 Corporate Governance 24 Executive Bodies of the Vienna Insurance Group Consolidated Financial Statements 26 Shareholders and the Annual General Meeting 27 Risk Management 78 Table of Contents for the Consolidated Financial Statements Resources and Responsibilities 80 Balance Sheet 30 Human Resources 82 Statement of Equity 32 Corporate Identity 83 Income Statement 34 Corporate Social Responsibility 85 Segment Reporting 87 Summary of Significant Accounting Policies Successes 99 Risk Reporting 40 Targeted Expansion 113 Notes on the Consolidated Financial Statements 43 Strengthening Market Position 158 Supervisory Board in Austria and the CEE Region 162 Declaration by the Managing Board 45 Successful Cooperation 163 Report of the Supervisory Board 47 Consistent Innovation 164 Auditor’s Report 48 Numerous Awards Concluding Section 166 Contact Vienna Insurance Group 168 Glossary 173 Vienna Insurance Group – Addresses 176 General Information 5 A PERFECT TEAM RIGHT FROM THE START COMPANIES, MARKET AND STRATEGY LETTER FROM THE CHAIRMAN With these numbers, we are not just one of the fastest- OF THE MANAGING BOARD growing insurance companies in Europe but in our core markets – the countries of the CEE region which have achieved a high degree of economic stability – we are Dear Shareholders, No. 1 among those insurance companies that operate on Dear Madam/Sir! an international basis. The crisis in the financial It is our desire to continue with this gratifying develop- markets over the last few ment. Now is precisely the time that the boom in life months has had a signifi- insurance in the CEE countries is beginning. Our company cantly negative impact on numbers clearly reflect the growing importance of this many large companies, segment: With growth rates of about 40%, last year the especially in the financial life insurance business in the CEE region made up about sector. Precisely in times 30% of the Group’s total life insurance business. As such as these, it becomes before in the property/casualty business, we wish to par- clear that the Vienna take vigorously of these dynamics. With new, sustaina- Insurance Group is on the ble and attractive sales channels, we shall carry on and right track. We have had expand our history of success in this business segment. no involvement with financial instruments of The earnings trend of the Vienna Insurance Group over the sort that have led to Dr. Günter Geyer, the last fiscal year is, to my mind, impressive as well: In substantial losses for General Manager 2007, profit before taxes amounted to EUR 437 million, a other market participants. Rather, we have focussed on roughly 40% increase. The strongly growing volume of solid, steady investments offering stable earnings and business in the CEE region – despite the investments hence a high degree of security. This security represents that continue to be necessary – has already a positive the foundation of our business and justifies the trust that effect on the profitability of our Group companies. our shareholders, customers and business partners have placed in us. Business expansion through acquisition This is to our shareholders’ benefit: Because of the Security and profitability welcome trend in profits, the Managing Board of the Our shareholders expect from us not only security but Vienna Insurance Group will make a recommendation to also regular profitability. In the last few years I have the Annual General Meeting of Shareholders for a 2007 reported to you again and again on our company’s new dividend of EUR 1.10 per share – i.e. more than one third record results – something that I am able to do on this higher than the prior year. occasion as well: How do we achieve such dynamic numbers? By continu- In fiscal year 2007 we were able to expand our business ally seeking out new business opportunities. Thus, for volume by 17.5%, to almost EUR 7 billion in premiums example, even over the last few months we have once written. At the same time, we once again strengthened again significantly expanded our sphere of activity our market position in our core market of Austria, with through the acquisition of attractive companies. EUR 3.7 billion in premiums generated. Thus, we have once again met the challenge of expanding our market With Turkey, Albania, Macedonia and the Baltic states of leadership in Austria. Very much in keeping with our Estonia, Latvia and Lithuania we have recently added on motto: Promises made, promises kept! a number of countries in our natural CEE region, thereby continuing down a path which has proven itself for us for However, the major momentum driving the expansion nearly two decades. After a long and intensive review of of our business was in the CEE region. With premium the market situation, we explore new countries with an volume of approximately EUR 3.0 billion (equal to a gain initial, cautious step through the takeover of smaller, of 34.4%), this dynamic region already contributed nearly attractive companies whose business fundamentals are 43% of the Group's premiums, with the property/ a good fit with our own. In so doing we acquire experi- casualty business even reaching EUR 2.12 billion, i.e., ence in the business practices of these countries, which nearly 58%.
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