Vienna Insurance (VIG) has posted a profit (before taxes, consolidated) of €301.7m for the first half of 2012, up by almost 7% compared to the profit earned last year during the same period, primarily due to growth in premium income and offset by weather-related claims.
For the same period, the group’s profit after taxes and minority interests grew by 7.5% to € 231.3m.
For the first half ended on 30 June 2012, the underwriter’s net income grew to €113.6m ($141m) from €106m during the corresponding period last year.
Vienna Insurance chairman of the managing board and CEO Peter Hagen said despite difficult market conditions, Vienna Insurance Group has succeeded in consistently improving the result also in the current financial year.
"Especially pleasing: the profit contributed by the CEE region has grown by more than 13 percent. This proves once more that we are pursuing the right strategy as the largest international insurance group in this region," Hagen added.
In the first half-year of 2012 Vienna Insurance earned (consolidated) premiums written summed up to €5.3bn, which is equivalent to an increase of 11.7% versus the same period of the earlier year.