Business development in Slovakia in 2014

Premium development

Vienna Insurance Group wrote EUR 726.99 million in premiums in Slovakia in 2014 (2013: EUR 744.67 million), a decrease of 2.4%. Net earned premiums were EUR 597.05 million, which represented a decrease of 2.9%.

In property and casualty insurance, the Slovakian VIG companies increased their premium income by 1.5% to EUR 331.10 million.

Life insurance premiums, on the other hand, fell by 5.4% to EUR 395.89 million (2013: EUR 418.57 million) as a result of the decrease in single-premium products for mixed life insurance, and the decrease in unit-linked life insurance due to the low interest rate environment.

Expenses for claims and insurance benefits

Expenses for claims and insurance benefits (less reinsurance) were EUR 481.26 million in 2014. This was a decrease of 5.9% over the previous year.

Acquisition and administrative expenses

VIG recorded EUR 91.44 million in acquisition and administrative expenses in Slovakia in 2014 (2013: EUR 88.10 million). The increase of 3.8% resulted from measures to promote external distribution.

Profit before taxes

The profit before taxes of the Slovakian companies rose from EUR 55.26 million in 2013 to EUR 59.46 million in 2014. This increase of 7.6% is due to improvement in the combined ratio.

Combined ratio

Vienna Insurance Group achieved another substantial improvement in its combined ratio in Slovakia, moving from 93.6% in the previous year to 91.3% in financial year 2014.

Vienna Insurance Group in Slovakia