Auditor’s report

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Vienna

for the financial year from 1 January 2014 to 31 December 2014. These consolidated financial statements consist of the consolidated balance sheet as of 31 December 2014, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity for the financial year ended 31 December 2014, and the notes to the consolidated financial statements.

Management’s responsibility for the consolidated financial statements and for the accounting

The Company’s management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant of § 245a UGB (Austrian Commercial Code) and § 80b VAG (Austrian Insurance Supervision Act). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility and description of type and scope of the statutory audit

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with legal requirements applicable in Austria and the International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the net assets and financial position of the Group as of 31 December 2014 and of its results of operations and cash flows for the financial year from 1 January to 31 December 2014 in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant of § 245a UGB (Austrian Commercial Code) and § 80b VAG (Austrian Insurance Supervision Act).

Statement on the Group management report

In accordance with statutory provisions, the Group management report is to be audited to determine whether it is consistent with the consolidated financial statements and whether the other disclosures are not misleading with respect to the position of the Group. The auditor’s report must also include a statement as to whether the Group management report is consistent with the consolidated financial statements and whether the disclosures in accordance with § 243a UGB (Austrian Commercial Code) are appropriate.

In our opinion, the Group management report is consistent with the consolidated financial statements. The disclosures in accordance with § 243a UGB are appropriate.

Vienna, 31 March 2015

KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Only the version of the consolidated financial statements audited by us may be published or disclosed together with our auditor’s report. This auditor’s report refers exclusively to the complete German version of the consolidated financial statements, including the management report. The provisions of § 281(2) UGB must be observed for different versions.