rule - Wiener Städtische

Transcription

Annual Report 2011 | Wiener Städtische Versicherung AG
Foresight
shown.
Showing
Foresight.
ALWAYS There, WHERE
YOU NEED US
A
102
Austria’s largest insurance network:
140 business offices, nine provincial headquarters,
approximately 2,000 advisors
A nnua l Re p o r t 2011 | W iener S tä dt is che
Highlights & Management | COMPANY & STRATEGY | MANAGEMENT REPORT 2011 | ANNUAL FINANCIAL STATEMENTS 2011
A
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Highlights 2011
EXCELLENT RESULTS
IN SPITE OF DIFFICULT
MARKET SITUATION.
Profitability increased once again. Profit
before taxes increased further. Combined
ratio improved again to 95%. Security
oriented investment a key factor in
stability. Assekuranz Award Austria 2011,
insurance award for “Business Class” commercial insurance. Mobile phone storm
alert system for desired locations. Market
leader in Austria. TV commercial receives
2011 Werbespot Award for advertising.
Editorial
Showing
Foresight
Offer the best security for every situation in life.
We consider this to be our main duty at Wiener Städtische.
Long-term security and the right advice are more important
than ever in difficult economic times. We are a reliable partner
for our customers, operating the greatest number of local
advisory offices country-wide to offer optimal solutions,
custom-tailored products and straightforward claims settlement. Wiener Städtische develops many innovations to meet
its customer needs to provide for the future, and is always one
step ahead, because to us “showing foresight” means taking
social change seriously, working for reforms and changing our
products and services to adapt to changes in living conditions. This is based on our long-term risk-conscious business
policy that customers can rely on today and in the future in
every life situation. As the number 1 in Austria, we have shown
foresight for 187 years, day after day, in and throughout Austria.
Robert Lasshofer
Chairman of the Managing Board of Wiener Städtische
FOR A BETTER overview
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Highlights & Management
Highlights
Showing foresight (editorial)
Excellent profit performance (interview)
Wiener Städtische Managing Board
A day with the Managing Board
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COMPANY & STRATEGY
Key figures
Leading in Austria
Vienna Insurance Group
Clear objectives and strategy
Skilled employees ensure success
Sustainable security
Carefree in all life situations
Campaigns with foresight
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MANAGEMENT REPORT 2011
Business development in 2011
Risk report
Outlook
Proposed distribution of profits
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61
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ANNUAL FINANCIAL STATEMENTS 2011
Balance sheet
Income statement
Notes 2011
Auditor’s report
Declaration by the Managing Board
Supervisory Board report
SERVICE
Provincial advisory boards
Provincial head offices
Contact information and addresses
Glossary
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123
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Wiener Städtische AG Managing Board (l. to r.): Judit Havasi, Erich Leiß, General Manager Robert Lasshofer,
Ralph Müller, Christine Dornaus.
“... WE can look back on
a year of excellent profit
performance in 2011 ...”
A
7
An interview with the members of the Managing Board of Wiener Städtische
Versicherung AG, General Manager Robert Lasshofer, Christine Dornaus,
Judit Havasi, Erich Leiß and Ralph Müller.
Mr Lasshofer, 2011 was not a particularly
easy year for the economy in general, or
for the insurance industry. How did Wiener
Städtische do?
Lasshofer: Wiener Städtische performed
extraordinarily well, in spite of the difficult environment. We increased our result
from ordinary activities to EUR 236 million,
which is outstanding under the current
economic conditions. We did, however,
suffer a decline in premiums, mainly due
to single-premium life insurance. This was
due to an increase in the tax lock-in period
from ten to 15 years. Elderly people in particular do not want to be locked-in for such
a long period of time. This is why we are
actively promoting a more realistic and,
therefore, better solution. We were very
successful in this product area in previous years, and were therefore all the more
strongly affected by the change in the law.
And how did the business perform in the
other classes?
Leiß: We recorded growth in all other
classes in 2011, in some cases considerable growth. There was a significant
turnaround, for example, in motor vehicle
insurance. This was partly due to a considerable increase in new vehicle registrations last year – an increase of 8.4%.
However, there was also a recovery in the
general discounting trend, for all policy
types, making the motor vehicle business
more profitable again.
Our premiums increased by close to 3%
for the non-motor vehicle class (i.e. property insurance without motor vehicle insurance). This was primarily because people
are becoming considerably more serious
about providing for the future, also with respect to their belongings. Insurance is being increasingly used in this way to cover
risks that require protection. This is the
case, for example, with catastrophe coverage, where we became the first mover by
offering appropriately designed supplementary modules.
Havasi: We recorded a 2.3% growth in
health insurance in 2011. Some of the
products in this class were updated, and
some even redesigned completely, all
while a very heated public debate was taking place on our health care system and
its funding. We introduced two health care
products in 2011 that show once again
that we are serious about our responsibility
to provide affordable insurance products.
Given that people’s financial resources
diminish as they age, we are now offering
a supplementary variant of our special
class health care insurance that reduces
premiums by 25%, or even 50%, starting at age 65. We are also a first mover in
private nursing care provision, which we
introduced as a supplementary module
last year. We have also taken up this topic
in the public debate, as we feel the funding
gap is widening here.
Lasshofer: The same is true of pension provisions, where we are working to maintain
government funding, and we feel that a
similar funding should be provided for private nursing care. When they think about
private provisions for the future, people also
generally think of a combination of pension
and nursing care provisions. In our view,
the government-sponsored old-age provision product should be improved by moving
in the direction of investments with a very
small weighting on shares and, so, with a
guaranteed interest rate.
How were you able to raise profits significantly in spite of a fall in premiums? The
conditions on the capital markets were not
particularly favourable ...
B
8
“The Motor
vehicle business
became more
profitable again
in 2011.”
Erich Leiß
Dornaus: Given the environment, we can
be truly proud of the profits we achieved.
This was due, on the one hand, to highly
capable asset management, which is generally conservative and security-oriented.
In addition, we also pay close attention to
the creditworthiness of the issuers when
choosing investment securities, resulting in a high weighting of bonds with AAA
and AA ratings in our investment portfolio.
I say this, however, being fully aware of the
scepticism needed when talking about ratings today, which is why this is just one of
the criteria we use to choose investments.
For 2012, we have set ourselves a goal of
expanding our real estate portfolio in order
to further increase the stability of our investments.
Havasi: A high level of cost-efficiency also
had a positive effect on our profits. The restructuring measures we have introduced
in recent years, in particular combining all
administrative responsibility for personal
insurance, property insurance, and collections in three service centres, reduced
costs substantially. We are also taking advantage of many synergies within the VIG
Group, particularly with respect to back
office areas and reinsurance programs.
The only area in which we are purposely
not cutting back is our employees. We are
saving by reducing the complexity of our
processes.
Leiß: Thanks to highly disciplined cost
management, we were able to further
r educe our combined ratio to 95% in 2011.
One has to keep in mind, however, that the
reduction in claims figures for 2011 made
it a year of very low losses. No natural catastrophes occurred in our area of operations, which was good for our profits, but
does not mean that the risk of natural
catastrophes is declining, and we nevertheless recorded a few large claims by our
industrial customers.
2011 was your first year of complete independence after the spin-off of Vienna Insurance Group Holding – did everything work
out well?
Lasshofer: Focusing on our business operations in Austria proved to be a good
move. With 3,500 employees, including
approximately 2,000 directly involved in
customer service, and around 1.3 million
customers, we continue to be number 1 in
the country and were able to increase premiums in all classes – except, as previously mentioned, in life insurance, where the
legal framework for single-premium policies simply changed to our disadvantage.
We were nevertheless able to considerably
increase our economic profit as compared
to the previous year.
Müller: We continue to systematically implement a regional approach for our 140
business offices, some of which were established in 2011. We are currently building
a new provincial headquarters for Lower
Austria, while simultaneously creating new
business offices in locations such as Tulln
and Herzogenburg. We are therefore investing heavily in Austria, especially in the
locations where we are generating most of
our premiums. The stability we enjoy in the
VIG Group is a great help in all of this.
You said earlier that you are not cutting
costs where employees are concerned.
What does this mean in concrete terms?
Müller: It means that we see our employees as the key factor for the success of our
regional approach, which is aimed at creating close customer relationships. Our goal
therefore continues to be increasing the
number of employees in customer service,
and thereby also increasing customer satisfaction. We are therefore investing and adding new employees, particularly new field
staff, even though these are difficult times.
We are also currently training around 150
trainees under our trainee initiative, making
us the leading Austrian insurance company
in this area.
We are looking for dedicated, outstanding
individuals in this program – qualifications,
expertise and motivation are extremely important to us. The training and advanced
training that each individual needs are
therefore an important part of our annual
employee performance reviews. We also
place great importance on uniform principles and ethical conduct, which is why we
reviewed our Code of Conduct last year and
made it mandatory for all employees.
Havasi: For us, equal opportunity is a matter of course – 40% of Wiener Städtische’s
employees are women, and 34% of managers are women. In 2011 we established
an “Idea Exchange” that gives female
employees a good opportunity to become
more involved with the Company. Designed as an internet platform, it not only
allows suggestions to be submitted and rewarded, but also facilitates mutual support
by allowing employees to work together to
find solutions to real problems they are
facing. This significantly promotes the exchange of knowledge and team spirit.
What is happening in terms of customer
service, products, and services?
Havasi: 2011 was definitely a year of product innovation. We brought 14 new products to market, compared to a normal
rate of three to five a year. These products
covered all classes, and both private and
business customers. Two examples were
previously mentioned above, namely private nursing care and special-class premium reduction after the age of 65. Other
examples of new products brought to
market are a new life insurance product
offering guaranteed interest for children, a
single-premium product with inflation protection, and a supplementary module allowing hospital deductibles to be reduced.
Leiß: In the area of mobility, we added a
second bonus level to our highly successful
motor vehicle climate bonus, a new insurance package for electric bicycles, and a
product providing security against vehicle
lease payment defaults. This underscores
the self-image we have as a first mover in
the Austrian insurance industry. We also
consider it important to use all available
channels to our customers, while remaining constantly up-to-date and innovative.
In so doing, we also naturally make use of
new technologies and are placing increasing emphasis on applications for smartphones. A not unimportant result is better
customer access when a loss occurs, such
as regular SMS information on the status
of claims processing. Another example is a
storm warning initiative we started in May
2011 as an important measure for effective
loss prevention. Our WetterService mobile
warning system provides free storm warnings to our private and business customers
via an application or SMS for individually
specified locations throughout Austria.
A
9
How is the cooperation with Erste Bank
Sparkassengruppe going?
Lasshofer: We also continued to expand
and intensify our efforts in this area last
year, and will continue to do so in the
future. This form of close cooperation between an insurance company and a bank
is unique in Austria. It allows us to offer
customers full service for all their financial
needs. Due to the added value this creates, it is also well received by our mutual
customers.
There were a few changes and reassignments in the Wiener Städtische Managing
Board in 2011 …
“We pay close
attention to
issuer credit
worthiness in
our investments.”
Christine Dornaus
Lasshofer: Yes, changes were made and
we also further optimised our management organisation by reassigning several
areas of responsibility.
Mr Ralph Müller joined our team on 1 April
2011 and is responsible for sales, marketing and advertising, areas that were previously mine. Peter Höfinger, on the other
hand, withdrew from the Managing Board
on 30 June in order to dedicate himself
more intensively to his duties in VIG. His
former areas of responsibility, reinsurance
and corporate customers, have now been
assigned to Erich Leiß.
Responsibility for human resources passed
over to me from Judit Havasi at the end of
2011. In turn, she assumed responsibility
for business organisation and IT from Erich
Leiß, which gave him the freedom needed
for the strategically very important corporate customer business. In addition, IT is
particularly important in personal insurance, which is one of Judit Havasi’s areas
of responsibility.
B
Mr Müller, what areas are you focusing on as
a new member of the Managing Board?
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“We brought a
total of 14 new
Products to
market in 2011.”
Judit Havasi
Müller: My goal is to ensure that customers feel they are getting excellent service.
Based on the principle of “no customer
without an advisor”, we will increase our
efforts even further in the future to create
the closest possible relationships with our
customers. Our sales employees and distribution partners both have an extremely
important role to play in this. We must
successfully defend and expand our position as market leader in all areas of our
broad portfolio of product offerings. This
requires great commitment, as customers are rightfully more demanding today.
Personal service, transparent product
offerings, innovative solutions for all situations in life, and the power of our brand
are central factors in this. We want to apply
these strengths of our Company even more
effectively. In late autumn, we also used
an advertising awareness campaign to
underline this with the themes: “Showing
Foresight”, “Be Able to Listen”, and “Talk
in Plain Language”.
With respect to transparency, which is
also an important topic in connection with
Solvency II, how are the preparations coming along?
Dornaus: We started full force on the implementation of all necessary measures
in 2011. The original plan was, after all,
for the new rules to enter into force at the
eginning of 2013 – although based on the
b
current situation it now looks likely to be
delayed. Solvency II brings a higher level of
transparency with respect to our ability to
fulfil our benefit commitments at any time
and with respect to whether the Company
is sound and solvent today and in the future. On the whole, therefore, the trend is
in the direction of more careful, sustainable management. In addition, transparency also creates a greater level of trust.
We therefore also feel this is a constructive
change, even though a few provisions are
still under discussion. It means more effort for us, and also requires a change to
our management culture, since risk considerations have to play a greater role in
all decision-making. The biggest hurdles
are continuity of documentation, and the
preparation and processing of associated
reports and their integration into the dayto-day life of the Company.
You just mentioned sustainability and trust,
which brings me to the topic of social responsibility. What are your thoughts in this
area?
Havasi: Social involvement has always
been very important to us. We have worked
together with organisations like the Red
Cross, Caritas, Hilfswerk, and Volkshilfe
for many years. It is, after all, normal for
an insurance company to help others who
are not doing so well – in essence, that is
what our business is about. However, we
also contribute to art and culture by sponsoring, for example, the Bregenz Festival,
children and youth, or sports and exercise.
Müller: In the spirit of our many years of
commitment, we brought the Social Active
Day to life in 2011. The idea was incredibly popular, with 200 employees volunteering for the initiative in just the first five
weeks. This provides additional support
for the sponsored parties that were just
mentioned, and our employees are also
free to make their own suggestions. In this
way, we also demonstrate internally that
social involvement is one of our central
concerns, while at the same time motivating our employees. This means that we
not only provide monetary support, but
also make a personal contribution. It also
fits in with our commitment to a regional
approach, as there are projects receiving
support throughout Austria. In addition, it
is also fascinating to see what this creates
internally. Employees talk with each other
about what they are doing, considerably
strengthening the bonds between employees and to the Company. The members of
the Managing Board, by the way, have also
taken part in this initiative. For example, I
myself helped in the integration kindergarten in Brigittenau, the 20th District of
Vienna, and was impressed by the enthusiasm of the children.
Let us finish with a look into the future.
What strategy will Wiener Städtische follow?
Lasshofer: Even though conditions may
have changed, our goals and strategy remain the same. First and foremost, we want
to maintain and further expand our leading
position in the Austrian insurance market.
In addition to products and services that
continue to set the trend for the future,
the road to our goals is built on nationwide
advice and service, top efficiency, an even
closer partnership with Erste Bank and the
Sparkasse savings banks, and a conscious
commitment to our social responsibility.
A
11
And what are the prospects for 2012?
“We will focus
on further
increasing
customerorientation
in sales.”
Ralph Müller
Müller: We began laying the foundation
in our work plan for 2012 under the motto
“inspire our customers”, which is aimed
at further intensifying the level of advice
provided, promoting the theme of oldage provision as a growth area, gaining
new distribution partners, and positioning
Wiener Städtische as the partner for brokers, agents, and financial service providers. Customer satisfaction is a key success
factor we are putting our full efforts into.
Lasshofer: We are doing everything possible to continue our record of good economic profits. The October 2011 forecast
by the Austrian Association of Insurance
Companies (VVO) predicts market growth
of 1.8% over all classes in 2012. We would
very much like to outperform this forecast for the overall market. In order to also
increase our profits, we are naturally also
working toward further improving our combined ratio.
Thank you for the interview.
“Separating from
VIG and concen
trating on busi
ness operations
in Austria has
proven to be the
right decision.”
Robert Lasshofer
WIENER STÄDTISCHE MANAGING BOARD
12
Erich Leiß
Judit Havasi
Robert Lasshofer
Ralph Müller
Christine Dornaus
Erich LeiSS
Member of the
Managing Board
Judit Havasi
Member of the
Managing Board
Robert Lasshofer
General Manager, CEO
Ralph müller
Member of the
Managing Board
Christine dornaus
Member of the
Managing Board
A
Born in 1956
Born in 1975
Studied law
Born in 1957
Studied social sciences
and economics
Born in 1968
Studied law
Born in 1963
Studied commerce
13
Erich Leiß joined Donau
Versicherung in 1976. In
1999 he became head of
the property/casualty
department. In 2007 he
was appointed to the
Managing Board with
responsibility for the area
of actuarial practice. Erich
Leiß was a member of the
Wiener Städtische Austria
Committee of the Vienna
Insurance Group Managing
Board starting as of
1 January 2009 before his
appointment to the Managing Board of Wiener
Städtische Versicherung
AG.
Judit Havasi has been
employed by the Vienna
Insurance Group since
2000. She began as an
internal audit employee in
UNION Biztosító, and
became the head of this
company in 2003. Judit
Havasi was a member of
the Wiener Städtische
Austria Committee of the
Managing Board and a
member of the Managing
Board of UNION Biztosító
in Hungary before her
appointment to the Managing Board of Wiener
AG in 2008.
Robert Lasshofer first
worked for the Group at
Union Versicherung AG in
1986. After that, he became managing director of
AWD Gesellschaft für
Wirtschaftsberatung and
was appointed to the
Managing Board of Donau
Versicherung in 1998. He
became a member of the
Managing Board of Wiener
Städtische Versicherung AG
in 1999. In October 2007,
he was appointed “Deputy
General Manager”. He has
been General Manager of
Wiener Städtische
Versicherung AG since
3 August 2010.
Ralph Müller was a member of the Managing Board
of AWD Holding AG with
responsibility for Austria
and the CEE region before
being appointed to the
Managing Board of Wiener
AG on 1 April 2011. From
2000 to 2004, he was
managing director of Bank
Austria Finanzservice. He
was head of sales starting
in 2005, and subsequently
a member of the managing
board of Bank Austria
responsible for the private
and commercial customer
areas.
Christine Dornaus began
her career at Wiener
Städtische Versicherung AG
in 2002 as assistant manager of the investment
management and loans
department, which she has
managed since 2005.
Before this, she followed a
10-year banking career by
setting up the controlling
department in Invest Equity
Beteiligungs AG. She was a
member of the Wiener
Städtische Austria Committee of the Vienna Insurance
Group Managing Board and
a member of the Extended
Board before being appointed to the Managing
Board of Wiener Städtische
Versicherung AG in 2009.
Areas of responsibility:
General liability insurance,
property insurance, legal
protection insurance,
private and commercial
business, motor vehicle
insurance, special
damages, corporate and
large customer business,
reinsurance, property
insurance service centre
Company law, sponsoring,
business organisation, IT
management and provider
management, life insurance, casualty insurance,
health insurance, personal
insurance service centre
Management of the Company, strategic matters,
media and public relations,
internal communications,
Erste Bank Sparkassengruppe partnership, human
relations and personnel
development, general
secretariat, communication
with the Supervisory Board,
representative vis-a-vis the
supervisory authority,
insurance associations and
trade associations
Marketing and advertising,
central sales management,
primary distribution,
secondary distribution,
commercial client business, corporate and large
customer sales, provincial
headquarters
Securities and funds,
equity investment management and loans, real
estate, finance and
accounting, collections
service centre
A DAY WITH THE WIENER STÄDTISCHE
MANAGING BOARD
A
14
7:55 A.M.
Erich Leiß is already talking with a field employee early in the morning about
the solution for a claim in the Large Customer segment. He always makes
time to talk with sales staff.
Erich Leiß’ area of responsibility includes, among other things, property
insurance for private and business customers, as well as corporate and
large customers. Claims processing is of key importance to his everyday
work. Cooperative garages, for instance, allow efficient time-saving organisational structures that directly benefit customers. A Wiener Städtische
adjuster can simply drive to such a garage to assess the claim. This saves
customers travel time, waiting time and formalities.
8:00 A.M.
Judit Havasi checks the agenda for the day
with her assistant and takes the documents
for today’s Idea Exchange meeting, one of
Wiener Städtische’s many employee initiatives.
A
15
“Our 2012 work
programme is all
about intensifying
our sales activities.
Our main goal is to
provide excellent
service that further
increases customer
satisfaction.”
9:15 A.M.
Ralph Müller (centre) calls a quick sales meeting in his office. He discusses
current issues with Walter Wichtel, head of Corporate Sales (left), and
Gerhard Heine, head of Alternative Sales.
The focus is on objectives and sales measures for 2012. The latest sales
figures are analysed and agreement is reached on main priorities and the
implementation of planned measures over the next few weeks. An initiative
to expand both distribution channels is planned for 2012.
A
16
10:00 a.m.
Christine Dornaus, responsible for the investment area, talks on the phone
with an employee about the details that still need to be clarified regarding a
possible real estate investment.
In accordance with its conservative investment policy, Wiener Städtische is
planning to expand its real estate portfolio in 2012.
10:55 a.m.
Ralph Müller informs Robert Lasshofer about current sales results.
Wiener Städtische continues to follow the principle of regionalism, even in
difficult economic times. Having a nationwide presence in Austria is a fundamental decision that allows customer contact to be further intensified in
the future and the best possible advisory services to be offered.
“Wiener Städtische
is a reliable partner
for its customers.
Our motto is: ‘An
advisor for every
customer.’ We want
our customers to be
enthusiastic about
our expertise and
innovative products.
Those are our stated
goals for 2012.”
A
17
11:30 a.m.
The Idea Exchange committee: Robert Redl, Robert Bilek, Chairman Judit
Havasi, Franz Urban, Ralph Müller (l. to r.)
The committee meets periodically to discuss and evaluate ideas submitted by employees and to decide on their implementation. The suggestions
cover a wide range extending all the way from minor improvements in the
workplace to Group-wide innovations.
“More than 250 ideas submitted since the beginning of September
2011, more than 400 comments, and more than 10,000 visitors
show the great interest generated by the Idea Exchange.”
A
18
1:30 p.m.
Erich Leiß receives the latest figures on the mobile phone storm warning from co-worker Astrid Frisch.
“We work continu
ously to optimise
loss prevention by
integrating state-ofthe-art technologies.
The storm warning
initiative that began
in 2011 to deliver
warnings by SMS or
app has been very
well received by our
customers. They
greatly value the
opportunity to receive
storm warnings not
only for the location
where they live, but
for any location in
Austria.”
A
2:15 p.m.
Judit Havasi talks with Sabine Weiss, who is responsible for advertising and
sponsoring, about activities for Social Active Day 2012.
Wiener Städtische is once again promoting employee social involvement to
help the needy and disadvantaged in our society in 2012 by making a working day available to all employees who want to volunteer their time.
“Social responsibility
is a key theme that is
consciously and
actively promoted
within our company.
The impressive success of the Social
Active Day shows that
our employees are
highly dedicated to
volunteer activities.”
19
2:45 p.m.
On the way to a meeting with other members of the Managing Board,
Robert Lasshofer meets Doris Janik, head of the General Secretariat,
and hears about the latest developments in the Austrian insurance
market.
3:35 p.m.
Erich Leiß and Annemarie Ulbing, head of the
Property Insurance Service Centre, discuss the
new customer satisfaction study.
A
In order to increase customer satisfaction,
Wiener Städtische focuses not only on quick
and easy claims processing, but also on optimising measures for loss prevention.
20
4:15 p.m.
Christine Dornaus chairs the investment meeting with Reza Kazemi-
Tabrizi, Robert Burger, Christian Buchmayer and Anton-Leonhard Werner
(l. to r.).
The meeting begins with a discussion of the current market situation.
Christine Dornaus examines investment valuations and discusses with
her team the next steps to be taken for the planned transactions. In accordance with the policy of risk-conscious business management, the
focus is on security-oriented investments.
A
21
6:15 p.m.
Robert Lasshofer is on his way
to the 20th floor to a discussion
meeting.
“Stability and security have top priority
in every decision. We ensure this by
making selected investments in sound
projects that guarantee reliability for our
customers even in economically difficult
times.”
Key Figures Wiener Städtische Versicherung AG
in EUR million
B
22
Gross premiums written
Property/casualty insurance
Life insurance
Health insurance
Financial result
Result from ordinary activities
Total investments
Investments
Investments for unit-linked and
index-linked life insurance
Underwriting provisions (excluding unit-linked
and index-linked life insurance)
Underwriting provisions for unit-linked
and index-linked life insurance
Equity capital
Number of employees
Office employees
Field sales representatives (incl. trainees)
2010
2011
2,432.8
1,046.5
1,058.5
327.8
388.4
187.6
12,510.6
10,286.6
2,274.6
1,066.2
872.9
335.4
388.9
235.5
12,323.0
10,107.1
2,234.0
2,215.9
8,294.9
8,531.3
2,141.4
881.7
3,497
1,546
1,951
2,164.9
903.3
3,462
1,543
1,919
Highlights & Management |
2011 PREMIUMS BY SEGMENT
COMPANY & STRATEGY | MANAGEMENT REPORT 2011 | ANNUAL FINANCIAL STATEMENTS 2011
2011 INSURANCE PAYMENTS* BY SEGMENT
Life 38.4%
Life 43.7%
Property/Casualty
40.5%
Property/Casualty
46.9%
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Health 15.8%
Health 14.7%
* Incl. costs of claims processing
2011 RESULT FROM ORDINARY Activities BY SEGMENT
Life 12.9%
STRUCTURE OF INVESTMENTS 31 DEC 2011*
Other 0.5%
Real estate 2.7%
Health 12.9%
Loans 14.0%
Property/Casualty
74.2%
Securities 64.6%
Equity investments 18.2%
* Investments as at 31 December 2011 excluding investments for unit-linked and
index-linked life insurance: EUR 10,107.05 million
Leading IN Austria
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In an excellent position even in financially difficult times:
as a reliable partner with foresight, Wiener Städtische offers
security and stability, along with the experience of a company that
has been well established for 187 years. Other key success factors
for Wiener Städtische’s market leadership in Austria are its
financial strength, know-how, innovative insurance solutions and
top-level consulting competency.
With a market share of about 14% and a
premium volume of about EUR 2.27 billion most recently, Wiener Städtische
Versicherung is the leading Austrian insurance company. It is also the largest
individual company in the international
Vienna Insurance Group (VIG). It has its
registered office in Vienna and is focused
on activities within the Austrian market.
As an insurance partner, it is responsible
for more than 1.3 million customers
across all lines of business. In addition,
Wiener Städtische has branch offices in
Italy and Slovenia.
Consistent customer orientation
With provincial headquarters in all nine
federal states, about 140 business offices
and approximately 2,000 advisors, Wiener
Städtische is clearly focused on having a
nationwide presence in Austria in order to
provide the best possible advisory services
and ensure proximity to its customers. The
consistent implementation of the principle
of regionalism is the basis for the ongoing
optimisation of customer relationships,
comprehensive professional support
throughout Austria and prompt claims settlement. Clear customer orientation is the
crux of Wiener Städtische’s success and
will continue to be one of the main pillars of
its strategic orientation. This is also the
core strength of all employees and distribution partners.
Reliable partner in all situations
As an innovative insurance company,
Wiener Städtische offers individual, flexible insurance solutions for every personal
life situation as well as customised packages for businesses in all lines of business
(property/casualty, life and health insurance). Banking products are also becoming increasingly important. In 2008,
Wiener Städtische addressed the growing
need of its customers for comprehensive
support by entering into a distribution
agreement with Erste Bank Sparkassengruppe. Continuous investments into this
partnership expand and improve the services offered on an ongoing basis in order
to be able to offer customers one-stop
solutions in all financial matters.
Source of economic stimulus
Thanks to its long-standing business history and strong market position, Wiener
Städtische is one of the most important
investors and sources of stimulus for the
business hub Austria.
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“We are
represented
throughout
Austria.”
Judit Havasi
Wiener Städtische is one of the most important institutional real estate investors
in the country and regularly adds pro
perties to its investment portfolio. Also
when it comes to investments, Wiener
Städtische always acts with a view toward
maximum security and a high return for
the policy holders. As an equitable partner for industrial enterprises and large
corporations, Wiener Städtische also
makes a major contribution to the stability and growth of the Austrian economy.
Stability and security
Targeted investments in solid projects as
well as the Company’s long-standing
experience and success provide stability
even in economically difficult times. In
addition, a high equity ratio and integration into the broadly positioned Vienna
Insurance Group (VIG) provide security.
VIG, which is listed on the Vienna Stock
Exchange’s leading index, occupies a
leading position on the market in Central
and Eastern Europe and makes a significant contribution to Austria as a financial
centre.
Already today, Wiener Städtische is well
prepared for the new risk regulations
and capital requirements for insurance
under the terms of the EU Directive “Solvency II”.
factbox
R W
ith a market share of about 14% and
1.3 million customers, the leading
insurance company in Austria
R New provincial headquarters, about 140
business offices and 3,500 employees,
of which 2,000 are advisors, ensure the
provision of services nationwide
R S trong financial position due to solid
capital resources and integration into
the Vienna Insurance Group
VIENNA INSURANCE GROUP
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With a premium volume of approximately EUR 9 billion and around
25,000 employees, Vienna Insurance Group (VIG) is one of the
leading insurance groups in Austria and Central and Eastern
Europe (CEE). Innovation, strong customer relationships and an
emphasis on customer service create a high quality product
portfolio offering attractive solutions in both the life and non-life
insurance segments.
VIG’s clearly focused strategy for expansion in the CEE region enabled it to make a
transition from being an Austrian insurance company to an international group at
an early stage. Today, VIG is represented
by approximately 50 insurance companies
in 25 countries. VIG stands for financial
stability, and offers a high level of security
to customers, shareholders, partners and
employees. One of the key reasons is its
conservative investment policy. This is reflected in its A+ rating with a stable outlook, which makes Vienna Insurance
Group the best-rated company in the ATX
leading index of the Vienna Stock Exchange. VIG has also been listed on the
Prague Stock Exchange since 2008.
In addition to economic considerations,
the Group also places great importance
on an involvement with social concerns
and helping to create a future society
worth living. In this way, Vienna Insurance
Group remains true to its fundamental
goal of value-oriented growth.
Core market: Austria
Vienna Insurance Group is the largest insurer in Austria, where it holds an excellent position with its group companies
Wiener Städtische, Donau Versicherung
and s Versicherung. The strength shown
in this core market since 1824 is one of
the reasons for the successful realisation
of VIG’s internationalisation strategy.
“A clear
division of
responsibili
ties within the
Group allows
full concen
tration on
Austria.”
Robert Lasshofer
Major player in the CEE region
Vienna Insurance Group started its expansion in 1990, making it one of the first
Western European insurance companies
to expand into Central and Eastern Europe. Today the Group is one of the most
important players in this region and earns
more than 50% of its total Group premiums in the CEE region. It has group companies and branches in the following
countries in this region: Albania, Belarus,
Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania,
Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia,
Turkey and the Ukraine. VIG has also
been represented in Bosnia-Herzegovina
since 2011. Due to many years of experience and excellent knowledge of the markets in this region, and to its expertise in
all insurance matters, VIG is optimally positioned to continue benefiting from future increases in the standard of living in
the CEE region and from the accompanying increased need for insurance.
Vienna Insurance Group is also represented in Germany, Liechtenstein and Italy.
A common goal: to offer security to
customers
Every customer is unique. They differ in
their need for insurance and retirement
provisions, living circumstances and the
way they like to receive advice. Vienna Insurance Group is aware of this. There is
no “standard” insurance customer for
VIG, it therefore pays close attention to
special local characteristics, and maintains a presence with more than one
brand name and broad distribution networks in many of its markets. There is one
thing, however, that all Vienna Insurance
Group companies have in common: the
goal of providing security to customers.
ousehold and homeowner insurance as
h
well, today retirement provisions, savings
and investment products in the form of
life insurance policies are enjoying rising
popularity.
With the establishment of VIG RE, the
Group has also had its own reinsurance
company since 2008. The location of the
company’s registered office in the Czech
Republic underscores the importance of
the CEE region as a growth market for
VIG.
Strategic partnership with Erste Group
Erste Group is a strong partner for Vienna
Insurance Group. It also operates independently, has the same values and follows a similar growth strategy. The two
companies benefit equally from a longterm cooperation agreement concluded
in 2008 for Austria and the CEE region.
Erste Group distributes VIG insurance
products, whereas VIG companies offer
Erste Group banking products in return. The cooperative arrangement gave
Vienna Insurance Group access to a wellestablished bank distribution network.
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Skilled employees bring success
Employees play a particularly important
role in the success of a service company.
Here too, in addition to dedication, professional advice, and excellent service,
Vienna Insurance Group places great importance on understanding local markets
and close customer relationships.
Further information on Vienna Insurance
Group is available at www.vig.com or in
the VIG Group Annual Report.
VIG companies have offered a complete
range of insurance solutions in Austria for
many decades in both the non-life and life
segments. Although the markets in Central and Eastern Europe are currently still
at a different economic level, they are
increasingly moving in a similar direction.
While demand in this region in the period
following 1989 was initially strongest
for motor vehicle insurance, and then
AVOID THE PROBLEMS OF TOMORROW TODAY.
PROVIDE FOR THE FUTURE.
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“Take care of
tomorrow, while
still being able to
enjoy today. Our
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‘ Prämienpension’ and
‘Garantiepension’ pension
products offer flexible
retirement provision
models at a reasonable
price, and help provide a
secure standard of living
even after the end of your
professional life.”
What we can offer you
Don’t worry about getting old. Our “ExtraPflegegeld“ nursing care insurance adds many
benefits that enhance the basic government
insurance, closing a big gap in your retirement
provisions.
CLEAR OBJECTIVES AND STRATEGY
Wiener Städtische’s overarching strategic
objective is clear and seemingly simple:
continuing to develop its position as the leading
insurance company in Austria.
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Radical change continues in insurance
markets. Regulatory changes, a new risk
perception as a result of the financial and
economic crises and changes in customer behaviour pose major challenges to
insurance companies. Better informed
and knowledgeable consumers create a
competition in trust. On the other hand,
as a result of people’s increasing need for
security, the crisis brings new business
opportunities, especially in consulting as
well as in the pension and property insurance business.
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OBJECTIVES
“Our goal is to
ensure sustained
Company perfor
mance over the
long term.”
Robert Lasshofer
Developing a leading market position
With a market share of about 14% and a
premium volume of EUR 2.27 billion,
Wiener Städtische easily remained number
1 in the Austrian market in 2011. Approximately 1.3 million private and business
customers rely on the first-class service
provided by Wiener Städtische in the life
insurance, health insurance and property
and casualty segments.
Wiener Städtische’s primary strategic objective is not only to maintain this leading
position but also to continue to develop it.
As a reliable partner to its customers in all
life situations, it focuses on open dialogue, a high degree of transparency and
a business perspective that extends beyond the “here and now”.
With these objectives in mind, it has developed a series of operational objectives
that are to contribute to the long-term
security and enhancement of the Company’s success.
> Best possible consulting services for
the customers
> Targeted personnel development
> Innovation of products and services
> Increasing profitability
> Sustainable development of the
Company’s management and
investments
> Developing the partnership with Erste
Bank
STRATEGY
Several strategic cornerstones serve to
implement these objectives – always with
a view to the wellbeing, security and
peace of mind of the customers. Credibility and trust, customer satisfaction and
quality of service, responsibility and initiative as well as appreciation and respect
are the fundamental values. The motto
chosen for 2012 – “Inspire our clients!”
– perfectly conveys the central strategic
approach.
Best possible service nationwide
Due to the consistent implementation of
the principle of regionalism, Wiener
Städtische is represented and close to its
customers throughout Austria. Established components of this proximity are
the provincial headquarters in all nine federal states, the approx. 140 business offices throughout Austria and the approx.
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2,000 advisors in the Company. Even in
economically turbulent times, Wiener
Städtische holds on to its wide regional
base and invests in establishing and expanding its locations.
misation of administrative services and
synergies to continuously improve the
combined ratio and result from ordinary
activities. The Company also deliberately
pursues a conservative investment policy.
Constant innovation
When it comes to the development of innovative insurance products and services
that are tailored to meet customer needs,
Wiener Städtische has traditionally been
the trendsetter in Austria. The Company
will continue to maintain and develop this
position. Optimisation, simplification and
individualisation are the most significant
challenges in this regard. For example, in
2011 storm alert services were provided
to all customers free of charge via an app.
Social responsibility
Since its foundation 187 years ago,
Wiener Städtische has upheld values,
such as joint or sustainable management.
This fundamental attitude is a permanent
process that is firmly anchored in the corporate culture. Reliable customer support
is just as much part of it as equal treatment, caring for employees, respect for
the environment, social involvement or
promoting sports, arts and culture.
Developing the partnership with Erste
Bank Sparkassengruppe
The successful partnership, which has
been going on since 2008 and which
allows customers to obtain comprehensive advice on a full range of financial and
insurance matters, will be further developed and strengthened, as both companies have customer potential that has not
yet been fully exploited.
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“We want to
inspire our
customers
in 2012.”
Ralph Müller
Targeted personnel development
Wiener Städtische employees primarily
advise customers. Employee development and training of young employees
are, therefore, crucial for lasting success
in personal advisory services.
Improving efficiency and cost control
Long-term success requires solid figures
and high efficiency. Accordingly, Wiener
Städtische’s aim is for targeted growth
in premium volume as well as further opti-
OUR CUSTOMERS UNDERSTAND THEIR BUSINESS.
WE UNDERSTAND OURS.
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“Business Class
is right for your
business. Professional
s ervice and advice – even for
complex requirements. We take
care of all of your insurance
needs, so that you can concentrate on your business.”
Flexible custom-tailored protection with special “PlusRisk” packages. In addition to “extended cover”, you
can even obtain cover for natural hazards with our
“unidentified hazards” and “natural hazards” packages.
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SKILLED EMPLOYEES ENSURE SUCCESS
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Experience, skills and the involvement of its employees are
key factors for success in Wiener Städtische’s leading position
on the Austrian insurance market. First-class educational and
training programmes, as well as initiatives to motivate e mployees
contribute significantly to customer satisfaction and optimal
customer consulting.
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Jobs for about 3,500 employees
During its 187 years in business, Wiener
Städtische has become the largest employer in the Austrian insurance industry.
Of the approx. 3,500 staff members,
about 2,000 work as advisors. Open
communication and a “Code of Conduct”,
which is based on Wiener Städtische’s
corporate values, are of central importance to all the employees in their daily
interactions. The corporate behaviour towards the employees, customers and
shareholders is guided by honesty and
sustainability, leadership in matters large
and small, customer satisfaction, diver
sity and equal opportunity. In addition,
values, such as respect, fairness and appreciation, characterise the corporate
culture.
Largest apprentice trainer in Austria
As the number 1 apprentice trainer,
Wiener Städtische employs about one
third of all apprentices that are trained as
insurance advisors throughout Austria.
About 250 young people from all over
Austria have completed their apprenticeship with Wiener Städtische over the past
five years. In 2011, Wiener Städtische
continued to focus on the promotion of
young talent and offered again training
with open-ended career opportunities to
about 100 young people as part of the
apprentice recruitment. Thus, in addition
to a sound training, the apprentices also
obtain the necessary equipment for a
promising professional career. Approximately 150 apprentices, of which 36% are
women, are currently undergoing training.
Trainees: Matthias Krischke, Joana-Nina Matejka, Jessica Sedlacek, Dominik Salomon,
Lisa Dolezal and Fabian Leidenfrost (l. to r.).
Personnel development in focus
In addition to general education and
training, which are central elements of
personnel policy, group-wide analyses of
potential form the basis for a targeted,
needs-based support programme for the
purpose of imparting know-how and corporate values on an individualised basis.
Wiener Städtische continuously invests
in training and support programmes in
order to offer its employees growth opportunities and career perspectives.
An important focus of personnel development is a three-level training programme
for executives, which systematically supports the target groups – future/young
executives, department heads and group
leaders – in customised internal courses.
The goal is to strengthen the leadership
skills of the participants. In addition, the
Company makes a conscious effort to
promote the exchange of information and
the continuous transfer of best practices
among all employees. In doing so, Wiener
Städtische contributes significantly not
only to the personal and professional development of its employees, but also to
the long-term security of its corporate
success.
Exchange of ideas – creativity pays off
die Id
nborse
ee
Employees can demonstrate their faith in
their own ideas on Wiener Städtische’s
Ideas Exchange. All employees are invited to submit via this online platform their
ideas, beliefs and experiences in order
to improve processes, products or workplace design. They can also actively
support the new and onward development of products and services. A committee under the direction of Judit Havasi
meets on a regular basis and evaluates
every single idea that has been submitted.
Equal treatment in practice
In the course of its long tradition, Wiener
Städtische has attached great importance to equal treatment, as well as finding a balance between life at work and
home. With two women and mothers in
the five-member Managing Board and
35% women in middle management positions, the Company puts this principle
into practice.
In addition, since 2005, Wiener Städtische
has been a quick starter with respect to
the so-called “Daughters’ Day”, as part of
which all Viennese girls between the ages
of eleven and sixteen are invited to take a
look behind the scenes of a typical workday of Viennese companies. In 2011, 40
girls took this opportunity to learn about
the responsibilities of an insurance advisor
at Wiener Städtische.
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As one of the most family- and femalefriendly companies in Austria, Wiener
Städtische has already received several
awards. As early as 1974, it played a pioneering role as one of the first employers
in Austria to introduce a company kindergarten in Vienna. Today, 104 children of
employees are looked after in these facilities. The possibility of flexible working
time and work organisation models, as
well as the return of 90% of the employees
from maternity leave, demonstrate the
success of the measures for the benefit of
a work-life balance.
Naturally, Wiener Städtische also practices equal treatment when it comes to
persons with special needs and the topic
of immigration. It has 102 disabled employees, which is more than what is legally
required. In addition, Wiener Städtische
supports multilingualism as an important
element when it comes to customer information and English is part of its minimum
requirements in all areas.
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Employee statistics as of
31 December 2011
Number
of employees
2010
As of
31 Dec
2011
As of
31 Dec
Change
Administration
Headquarters
1,546
1,030
1,543
1,076
–3
+46
Provincial headquarters
(including business
516
offices)
467
–49
1,802
1,778
–24
1,598
1,570
–27
204
208
+4
149
3,497
141
3,462
–8
–35
Sales
Sales
representatives
Organisational
employees
Apprentices
Total
The decrease in the number of personnel by 35
employees is mainly due to natural turnover and the
integration of duties during the structural reorganisation of the Company.
DON’T JUST TALK ABOUT RESPONSIBILITY.
TAKE SOME, TOO.
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“Insurance has a
great deal to do
with responsibility
that extends far
beyond the busi
ness itself. One has
to look at people in their
entirety. We therefore
encourage our employees
to become socially
involved.”
Many years of social involvement. Approximately
200 employees were involved in helping the disadvantaged during just the first five weeks of the
“Social Active Day” initiative.
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Sustainable security
Wiener Städtische actively assumes social responsibility vis-à-vis
its employees, customers and society. Values, such as social
involvement and sustainable management, are integral parts of
corporate governance.
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Social Active Day
For many years, Wiener Städtische has
been socially committed to and has
cooperated with aid organisations, such
as Caritas, Hilfswerk, Kinderfreunde,
Diakonie, the Red Cross, Volkshilfe, the
Samaritans and Integrationshaus. In
2011, the European Year of Volunteering,
Wiener Städtische sent another powerful
message of the high importance attributed to social issues within the Company
with the so-called “Social Active Day”.
The Social Active Day initiative was introduced in order to actively support the pro
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bono involvement of its employees.
Already in the first five weeks, about 200
employees used Social Active Day in
around 50 projects for the benefit of
disadvantaged members of our society.
They were able to get involved with aid organisations, with which Wiener Städtische
had a pre-existing partnership, or with
projects suggested by them. The range of
activities was comprehensive and included giving soup to those in need, caring for
the elderly, working with persons with
special needs, caring for children from
socially disadvantaged families, as well as
replenishing the shelves at social supermarkets.
The Managing Board also participated in
this activity. Robert Lasshofer spent a day
accompanying the residents of the nursing ward of a retirement home. Judit
Havasi spent time with children with special needs and helped out at the “Am
Himmel” nursery, which provides curative
education, while Ralph Müller visited the
Kinderfreunde Kindergarten in Engerthstraße, where he demonstrated his talent
as a storyteller.
Judit Havasi dedicated her time to the “Am Himmel” remedial nursery on her Social Active Day.
Sustainable products with foresight
Wiener Städtische also meets its responsibility for providing sustainable and longterm security to its customers through affordable products as part of the
government-sponsored pension plan and
individually customisable models for a
company pension plan. Thus, Wiener
Städtische covers both elements that are
recommended within the scope of the
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Ralph Müller with children from the Kinderfreude Kindergarten.
three-pillar model as a supplement to
government pension with attractive offerings.
Products tailored to the needs of
persons with special needs
In 2011, Wiener Städtische developed,
together with the Behindertensportverband Salzburg (Disabled Sports Federation of Salzburg), a unique, tailor-made
insurance concept for group health and
accident insurance. Previously, the approximately 7,000 members of this federation had difficulty in obtaining or had
limited access to insurance solutions as a
result of their physical impairment. This
obstacle could only be overcome with the
help of Wiener Städtische – a significant
step towards equal treatment in the in
surance field. The framework agreement
offers comprehensive insurance coverage in the event of an accident or illness,
including spouses or domestic partners
as well as children of members of the Disabled Sports Federation. Accident insurance also includes insurance coverage
for participation in national competitions
as well as the option of co-insurance for
international competitions.
Micro-insurance – celebrating five
successful years
Socially disadvantaged groups are more
exposed to risks, such as illness, accidents or loss of property, than the average population. Thus, Wiener Städtische
was the first insurance company in
Austria and in the European Union to address the issue of micro insurance. In
2011, the cooperation with the “Zweite
Sparkasse”, the “Bank für Menschen
ohne Bank” (“the bank for those without a
bank”), has already celebrated its fifth
anniversary. “Zweite Sparkasse” provides
people in need with particularly favourable banking and insurance services free
of charge. Included within the scope of
this cooperation, Wiener Städtische gives
customers of “Zweite Sparkasse” basic
insurance coverage with free legal advice
once every three months, as well as free
accident insurance. Wiener Städtische
Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group provided support for this activity.
“Providing support
to socially disad
vantaged groups
is one of Wiener
Städtische’s funda
mental values.”
Robert Lasshofer
Sponsorship for art and culture
By supporting art and cultural projects,
Wiener Städtische significantly contributes
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Hermann Fried, Wiener Städtische Provincial Director, Christine Dornaus, Member of the Wiener Städtische Managing Board, and Thomas Irschik and
Gerhard Fida, Managing Directors of Wien Energie Fernwärme, at the awarding of the CO2 certificate by the Vienna University of Technology (l. to r.).
to the diversity and attractiveness of
Austria’s cultural landscape. For many
years Wiener Städtische has been the
sponsoring partner of institutions, such
as Burgtheater Wien, Volkstheater
Wien, Theater in der Josefstadt, Vereinigte Bühnen Wien, Opernfestspielen
St. Margarethen, Bregenzer Festspiele,
Carinthischer Sommer and Viennale – to
name just a few examples.
Activities for children, adolescents and
families
Wiener Städtische is also a reliable partner for supporting children and adolescents taking part in sports activities, creative projects and initiatives on the issue
of safety. It supports, for example, Kinderfreunde, the Zoom Kindermuseum, and
the KinderuniWien.
Supporting sports and exercise
Sports are an important contributing factor in maintaining one’s health. The correct preventive health care, vitality and a
healthy body are essential requirements
for a happy and fulfilled life. As sponsor of
various Austrian sports associations,
Wiener Städtische supports numerous
projects, such as the Vienna City Marathon, the Wachau Marathon, the Vienna
Capitals and the Wiener Käfigmeisterschaften.
Careful handling of resources
Wiener Städtische also takes environmental protection very seriously as part of
its activities. The Company focuses
primarily on campaigns on raising the
awareness of its employees as well as on
the ongoing optimisation of energy efficiency in the entire building and office operations, including the IT infrastructure.
This also includes the use of environmentally friendly materials as well as energyefficient lighting systems.
In addition, Wiener Städtische, as a cooperation partner, gives the IT hardware
that it no longer uses to the non-profit
organisation AfB (Arbeit für Menschen
mit Behinderungen, Work for People with
Disabilities). AfB collects the IT equipment from its cooperation partners, tests
it, repairs it, if necessary, and re-sells it
with a twelve-month warranty. AfB has
set out to create workstations for persons
with special needs at its facility and has
thus established the first non-profit IT
system house in Europe.
When it comes to supplying its office
buildings with heating, Wiener Städtische
increasingly uses district heating, and
thereby contributes significantly to the
reduction of the greenhouse gas CO2. The
new provincial headquarter in St. Pölten,
which is still under construction, will be
built according to the most modern energy technology principles and will be
supplied with district heating. By using
this environmentally friendly, reliable and
efficient technology, Wiener Städtische
saved a total of 1,575 tons of CO2 at three
office locations in Vienna in 2011. In the
coming years, a climate protection partnership with Wien Energie Fernwärme is
expected to help to further increase district heating and lower the emission levels
more than before. The CO2 savings will be
confirmed by a certificate issued by the
Vienna University of Technology.
factbox
Wiener Städtische as Sponsor
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Children & adolescents: Sponsoring
projects, including Kinder-Sicherheits
olympiade or Zoom Kindermuseum, and
collaboration with child-oriented
organisations.
R
Social involvement: Cooperation with
“Zweite Sparkasse”, the “Bank für
Menschen ohne Bank”, and with many
aid organisations.
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R
Arts & culture: Wiener Städtische
supports cultural projects, theatre
productions, as well as film and music
festivals.
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R
Sports & exercise: With the right
pension plans and as a sponsor of the
Austrian sports associations, Wiener
Städtische uses measures to maintain
and support health. In this regard, it also
supports large events such as the Vienna
City Marathon.
“Active climate
protection is an
important e veryday principle of
sustainability
for us.”
Christine Dornaus
YOU HAVE TO GET BETTER
BY YOURSELF.
WE’LL DO THE REST.
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“Fighting an
illness already
takes enough
energy. You shouldn’t
also have to worry about
the cost of the treatment.”
Pay significantly lower premiums starting at age
65. With our new “ZukunftsPlus” supplementary
insurance for “TopMed” health policies, you can
choose to reduce your premiums by 25% or
even 50%.
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CAREFREE IN ALL LIFE SITUATIONS
With customised, flexible products and individual services,
Wiener Städtische’s customers can obtain optimal provision for
all life situations.
The needs and satisfaction of the customers are the focus of all of the Company’s
activities – in 2011, 14 product innovations
set new standards in this regard. The focus
was on pension and business products.
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PENSION INITIATIVE
“Create a
solid foun
dation for
the future.”
Judit Havasi
Security is Wiener Städtische’s core business and especially in economically difficult times the need for long-term security
is greater than ever. Also in the field of private pensions, Wiener Städtische owes its
pioneering role and market leadership
not least to its foresight in socio-political
themes and issues. Most recently, in
November 2011, it presented, together
with the Institut für Strategieanalysen
(Institute for Strategy Analyses [ISA]), a
security radar that analyses the “concerns” of 1,800 insured parties in Austria.
The information gained from this study is
incorporated into the concept of new
products and guarantees a precise alignment with customer needs. 47% of those
surveyed indicate financial security in old
age to be the number 1 concern. This
confirms that Wiener Städtische made
the right choice with the pension initiative
it started in 2011 and its commitment to
reforms in the government incentive
system permitting greater freedom of
choice. Therefore, these will be continued at full force in 2012.
Wiener Städtische provides its customers
with the right provision in all phases of life
and, if the needs of the customers
change, adjusts its insurance offerings in
a flexible manner to new life situations.
The product portfolio includes pension
insurance, life insurance, accident insurance, nursing care and building society
savings.
On the security radar, financial security in
old age was followed by concern about
property and fear of natural disasters. In
2011, Wiener Städtische invested in product innovations and preventive measures
also in these areas – an overview of the
key innovations is provided below.
INNOVATIONS IN LIFE INSURANCE
The classic life insurance continues to be
a favourite when it comes to security-
oriented pension. Benefits that argue in
favour of this are guaranteed interest and,
in the case of the Garantiepension pension product, calculation of the pension
payment according to the pension table
that applies at the time the contract is
entered into. This means a higher pension
in the case of continuously increasing life
expectancy, because a shorter average
payment period is assumed at the time a
policy is purchased.
Double pension with the “Start-insLeben” package for children
The Start-ins-Leben package combines
insurance coverage and capital formation
in one product of the classic life insurance.
With a guaranteed interest of 2%, a solid
financial basis can be created for the
future of the insured child, since at the
time of the determined payout, a starting
capital is created for key milestones in life
– professional training, education, dwelling or driving licence. Even in the event of
death of the premium payer, the insured
sum plus the gains accrued after expiry of
the agreed term of insurance will be paid
out. Wiener Städtische also assumes payment of outstanding contributions. How
the profits are invested (classic, dynamic
or progressive) and the monthly contributions can be freely selected with this
product.
In addition, the Junior’s Best future provision plan for children or grandchildren
and the special insurance package TAKE
IT EASY for students and young people
offer further customised, advantageous
pension models for young people.
Limited Edition 15/10 & Sicher
Save for 15 years, but pay only for ten
years – this is the clear benefit of the
Limited Edition 15/10 & Sicher (secure),
a product of the classic endowment insurance. In the case of survival, at the end of
the term, Wiener Städtische pays 104.5%
of the gross premium amount, plus profit
sharing. The payment is exempt from
income tax and investment income tax.
PIONEER IN PENSIONS AND
NURSING CARE
The state-supported pension provision –
or premium pension – for closing the
pension gap has developed into one of
Wiener Städtische’s most successful
pension products. In 2011, it celebrated
its 240,000th state-supported premium
pension customer – and the trend of supported pension provision continues.
Compared to the previous year, in 2011,
Wiener Städtische was able to record
more than 5% growth in premium from
premium pension contracts.
New PflegeBONUS with payment at
intervals
As the number 1 insurance company in
Austria, Wiener Städtische has also
recognised the high importance of private
nursing care, which will continue to gain
importance in light of demographic and
social developments, and develops innovative products for it. For example, in
2011 it brought the attractive additional
policy PflegeBONUS to the market for
the event when no benefit claims are
made. If no need for care arises, as of age
65, the customer benefits from a premium payment every five years. The new
policy can also be taken out in addition to
any existing contracts.
Reduction in deductibles when in
hospital
With the Selbstbehaltsretter deductible
saver product, Wiener Städtische offers a
new additional policy that is unique in
Austria, which lowers the financial burden
in the event of a hospital stay. The policy
guarantees reduction in the deductible
payable as of the second calendar year
gradually by 20%. If no claims are submitted for five calendar years, there will be
no deductible payable in the sixth year in
the event of a hospital stay. The “Selbstbehaltsretter” policy can be taken out as
a supplement to the special class policies
with deduction.
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Special class premium reduction as of
age 65 with ZukunftsPLUS
Income usually decreases on reaching
retirement. With ZukunftsPLUS, a supplemental insurance for special class TOP
MED, customers can reduce their premium by 50% or 25% when they reach 65.
Until the age of 60, this additional policy
can be taken out without any medical
examination. The customer’s high level
of freedom of choice is also a unique feature. In the event the contract is terminated at the age of 65, the customer receives
an attractive one-time payment instead of
the above-mentioned reduction in premium. In the event the policy is terminated
prior to the claim for a reduction of the
premium, the entire actuarial reserve of
the additional policy is paid out.
Award-winning BUSINESS CLASS
As a strong partner for the economy,
Wiener Städtische strives to satisfy the
continuously increasing security requirements of small and medium-sized operations (approximately 40,000 customers
at present) with continuous product in
novations. In 2011, Wiener Städtische
received the “Assekuranz Award” with a
“very good” classification for once again
bringing additional diverse products and
services onto the market for Business
Class commercial insurance last year.
This enabled it to offer its customers even
more precise insurance protection and
comprehensive services, including skilful
advisory for complex requirements.
The nine components of contents insurance, assistance, liability insurance,
building insurance, legal expenses insurance, machine commercial insurance,
electronics comprehensive insurance,
transport insurance and freezer container
insurance cover all the insurance needs
of businesses. In addition, Wiener
Städtische is the only insurance company
in Austria to include claims management
free of charge.
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INNOVATIONS IN MOBILITY AND
LEGAL PROTECTION
factbox
Business Class
R “ Classic” and “Premium” versions
complete and efficient basic protection
or complete all-round protection can be
freely chosen for each segment
R Commercial third-party liability
insurance with flexible sum selection,
choice of deductible payable and
comprehensive clause package
R Numerous extras for special requirements as well as free apps and free
collection service
R Flexible solutions for business
interruptions with individual sums,
liability periods, pension solutions
R Plus Risk package: flexible extra
protection for unidentified risks, flood
or earthquake, which can be taken out
individually
R Individual motor vehicle packages for
each segment
R Outside business packages: comprehensive protection for outdoor property,
e.g. umbrella bars, lamps, company
signs, swimming pools or outdoor
furniture
Strong environment triple in the motor
vehicle business
With the Climate Bonus and Environment Bonus, Wiener Städtische introduced preferential premium policies for
motor vehicles six years ago in order to
support forward-looking technologies for
the reduction of pollutants. By doing so, it
was the first Austrian insurance company
to promote the use of environmentally
friendly vehicles. Every other customer of
Wiener Städtische already benefits from
this attractive policy. The climate bonus
promotes conventionally powered vehicles
if they have lower CO2 emissions. The environment bonus, in turn, promotes vehicles
that run on natural gas, hybrid vehicles as
well as other alternative drive concepts.
In 2011, the climate bonus was expanded
by a second bonus level. Whereas the
premium savings in the case of a CO2
emission of up to 160 g/km in the motor
vehicle liability insurance amount to 10%,
now 20% of the policy amount can be
saved in the case of an emission of up to
120 g/km.
In addition, in 2011, Wiener Städtische
brought a new insurance package for
electric bicycles onto the market.
In all, more than 580,000 customers put
their trust in the extensive cover provided
by Wiener Städtische’s third-party liability
motor vehicle insurance and more than
230,000 customers in its comprehensive
motor vehicle insurance. This is largely
the result of the innovative additional offerings, such as the family bonus in thirdparty liability and comprehensive insurance, which provides a more favourable
classification by up to three stages for
each additional vehicle within the family.
Through the leasing company Wiener
Städtische – Donau Leasing, Wiener
Städtische also offers its customers lease
financing models with many additional
benefits. As of 2011, customers can insure themselves with the new insurance
concept Leasing-Protect against a payment default on their motor vehicle lease
agreement.
The well-established travel insurance for
care-free travel offers protection against
motor vehicle damage at home or abroad
and can simply be taken out by means of
a payment slip policy. In 2011, this insurance was expanded by a new leisure
package for sports, hunting and fishing. It
also insures private property and is of
interest primarily to those who would like
to temporarily expand their coverage for a
trip.
Legal protection
Wiener Städtische’s legal protection insurance is an ideal product for both employees and the self-employed. In addition, as of 2011 it offers many innovations:
premium-free and worldwide assistance
abroad for criminal law protection, higher
insured sums, legal protection in inheritance and family law matters, stalking,
employment law matters as well as in the
event of mobbing and workplace sexual
harassment, general contract law protection and social insurance legal protection,
which also offers coverage for proceedings at the highest courts. Particular benefits to the customer are instant protection, protection for the entire family, free
choice of a lawyer as well as a premium
discount of 15% if the customer decides
to take out a policy with a 10% deductible.
MODERN – MOBILE – UP-TO-DATE
CUTTING EDGE SERVICES
The security of and service to its customers, along with the intelligent use of the
most recent technologies, are at the core
of Wiener Städtische’s diverse innovative
developments in the service sector. The
company website, as the central platform, offers the best service and optimised user friendliness: here, both private and business customers can
promptly find all the desired information
and can obtain information on all of
Wiener Städtische’s insurance solutions
– including online calculation and quote
generation. Naturally, online claim notification is also available. The well-structured service area offers information
about all the key contact platforms, service numbers and assistance services,
and the website also offers valuable tips
on loss prevention.
Wiener Städtische’s ombudsman, whose
office can be reached by phone, e-mail or
through the website, provides feedback
on customer satisfaction and is of course
also available for personal customer contact. Prompt service and a minimum waiting time for replying to complaints ensure
that customers receive a response regarding further procedure within a few
hours, including when contact is made
via e-mail. The ombudsman’s office also
receives a lot of positive customer feedback and shows that the constant further
development of the service contributes
significantly to maximising customer
satisfaction. With this in mind, all complaints submitted are deemed to be an
opportunity to improve the customer relationship and are, therefore, analysed in a
very detailed manner, verified for feasibility and communicated to all departments
concerned.
an app for all smart phones or via SMS.
Thus, storm alerts reach customers automatically and accurately directly over
their mobile phone, wherever they are in
Austria. Secured data quality in conjunction with cutting-edge technology now
guarantees safety and reasonable prevention in the event of a storm. In addition, as of August 2011, the alert service
can be subscribed to not only for one but
three locations. Business customers can
even select up to 30 operating sites. By
the end of 2011, more than 265,000
alerts have been sent locally, regionally
and nationally.
The app for all events
Wiener Städtische’s free Schaden
Service-App (loss service app) for
iPhones and Android mobile phones offers via a loss form, check lists and first
aid measures as well as an emergency
call, valuable tips and quick help in a case
of emergency number – regardless of
whether the loss is caused by a storm,
fire, burglary or motor vehicle. Not least,
this service offers all customers the option of an uncomplicated and time-saving
claim settlement. In addition, the current
status of the loss event will, upon request,
be communicated at any time via
SchadenSMS service.
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“We ensure
that our mobile
services are
as user-friendly
as possible.”
Erich Leiß
Successful storm alert
In May 2011, Wiener Städtische initiated
an important measure to effectively prevent losses with its storm alert initiative.
The new WetterService mobile weather
alert system is available free of charge to
both private and business customers as
AGAINST BUMPS AND SCRAPES TO THE SOUL.
AND ELSEWHERE.
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“You drive better with
all-around cover. And
if something actually does
happen, you are in the best
of hands with us, because we
cover all mobility risks with
attractive modules with flexible
components.”
A trio of excellent environmental products in the motor
vehicle segment. Our environmental bonus benefits vehicles
with alternative drive technologies (natural gas, hybrid, super
ethanol or electric), and our two-level climate bonus benefits
vehicles with low CO2 emissions.
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CAMPAIGNS WITH foresight
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Clear advertising messages and, as ever, best impact values for
the “Dear Neighbours” from the well-known TV campaign
ensure a strong and successful presence in the media for
Wiener Städtische. True to the motto: “We wish your problems
were ours”, the Wiener Städtische brand appeared with
messages for customised insurance solutions and skilful
advisory in a wide range of media. The advertising portfolio as
of the end of 2011 has been supplemented with a highly
acclaimed poster campaign.
New Poster Campaign
Showing foresight – be able to listen
– talk in plain language
Hand in hand with numerous product innovations, in 2011, Wiener Städtische
also focused on a new impetus in its advertising. With the new poster campaign
launched throughout Austria in October
2011, it focuses on its skills and strengths
as a partner and advisor. Three visuals in
close-ups place emphasis on the following central themes “Showing Foresight”,
“Be Able to Listen” and “Talk in Plain
L anguage”. With these, Wiener Städtische
memorably conveys the message that it
always provides its customers with the
best possible advice and addresses their
personal needs with customised, individ-
ually tailored products and services. The
fact that Wiener Städtische also demonstrates “foresight” is emphasised by its
solid and long-term commitment to business policy, on the basis of which it will be
able to reliably serve its clients in all life
situations.
TV Campaign
“Dear Neighbours” still a hit
The best stories are true stories – with
this concept, Wiener Städtische not only
conquered viewers’ hearts, but also successfully conveys, in addition to product
messages, values, such as trust, reliability and proximity. With the TV campaign
about the likeable neighbours, Wiener
Städtische also demonstrated foresight
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Lisa, Peter and Sophie – The “Dear Neighbours” in the TV Campaign.
for its media appearance. The trailer that
presents three protagonists (single mother with teenage daughter, new neighbour)
was broadcast for the first time in November 2009. The continuation of the campaign, which in 2010 had been selected
as a double-“impact winner”, proved to
be very successful in 2011 as well. In the
TV spot, the female protagonist guides
her neighbour into a parking space. Distracted by her daughter, she gives an erroneous signal, as a result of which the
neighbour causes damage. The episode
humorously conveys to the viewer that the
customers of Wiener Städtische are covered against all mobility risks. O ther spots
that were broadcast in 2011 addressed
the topic of pension provision in general
(“Morning Hygiene”) and the personal
advisory to premium pension (“The New
One”).
The Neighbours introduce themselves
In 2011, it was time to give names to the
popular protagonists from the advertising
spots – they have been around long
enough to develop a relationship with
each other as well as with the viewers. For
that reason, Wiener Städtische initiated a
name-finding campaign among its 3,500
employees, who were very enthusiastic
about participating and submitted 1,180
suggestions and 787 different names. In
the end, the competition came down to
the most frequently submitted names. In
the future, the mother can be addressed
51
as Sophie, the daughter as Lisa and the
neighbour as Peter.
Image and Print Campaigns
From the poster campaign, the subject
“Showing Foresight” has also been used
since the autumn of 2011 as an advertisement in various print media and has
been combined with the well-known slogan “We wish your problems were ours”.
In addition, the performers of “Dear
Neighbours” appeared again on print
advertisements also in 2011, in line with
the respective TV spot and the associated
products. As part of a uniform marketing
appearance, Wiener Städtische’s product folders will also be designed with
the corresponding photographs from the
campaign.
The “Say only one Word” campaign was
also continued in 2011. In this sequel,
Wiener Städtische conveyed its message
by focusing on the essential point. Catchwords, such as “Security”, “Pension”,
“Care”, “Trust”, and even loss events,
such as, “Burst Pipe” or “Car Body Damage” conveyed strong values and clear
messages about the products.
“Our message
focuses on our
strengths as
a partner and
advisor.”
Ralph Müller
EQUIPMENT CAN COME APART AT THE SEAMS.
BUT OUR INSURANCE HOLDS.
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“Make your home
a carefree zone. We
have the right solution for all
needs and types of losses –
from garden sheds to multifamily properties. After all, the
best way to handle losses is
together.”
Comprehensive, custom-tailored protection for an allround secure feeling in your home.
MANAGEMENT REPORT 2011
ECONOMIC CONDITIONS
Financial market development in 2011
Capital market development was influenced by a wide range
of political, economic and even environmental factors in the
year just ended.
Dramatic political changes in North Africa and the Middle
East were the focus of attention at the beginning of 2011. A
number of autocrats were forced to leave the stage and
make room for democratic movements. In one case, this was
brought about by a civil war, with the rebels receiving international support. This reshaping of the political landscape in
the Middle East and North Africa affected the international
financial markets, mainly through the resulting fluctuations
in the price of oil.
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A natural disaster in Asia caused massive damage to the
Fukushima nuclear power plant in Japan, leading to a high
level of market turbulence. In addition to the environmental
contamination caused by high levels of radiation, this was
also a serious setback for Japanese industry, and a great
deal more time is still needed to remedy the effects on the
economy.
The core European countries, in particular Germany and
Austria, provided a positive surprise in terms of economic
performance in the first half of the year, while the peripheral
countries continued to battle with stagnation and even recession. The data published in the USA were also rather
disappointing.
The biggest test, however, was still to come for international
capital markets.
Excessive levels of sovereign debt became the dominant
topic of discussion during the course of the summer. In addition to Greece and Portugal, attention also turned to Italy and
Spain. International rating agencies unleashed a wave of
credit downgrades for European countries and banks. Standard & Poor’s even downgraded the AAA status held by the
USA. Risk premiums for southern European countries exploded to record levels.
At the same time, yields on German government bonds fell to
all-time lows. The DAX and ATX indices, for example, lost
more than 30% of their value in a relatively short time during
this phase. The financial sector in particular suffered dra-
ANNU AL REPORT 2011 | WIE N ER STÄ DTI SCHE
matically from growing risk aversion and a lack of confidence
in its stability.
Resolutions aimed at solving the "euro crisis" were adopted
at many EU crisis summits, rescue funds were set up, and
new capital requirements were put into place for European
banks. However, none of these measures were able to reduce tension over the long term. All of these efforts were also
hindered by an economic slowdown that was gradually beginning to affect core European countries, too. The European
Central Bank then attempted to remedy the situation by
reducing its key interest rate from 1.5% to 1% in the last two
months of the year.
The end effect was very sobering on balance for the capital
markets. European equity markets were more strongly affected than, for example, the USA. The DAX ended the year
with a loss of 15.4%, and the EURO STOXX 50 closed with a
loss of 14.5%. The market in Austria, where the ATX index
recorded a loss of 34.9%, was one of the most strongly affected by these negative developments.
In contrast, the US S&P 500 index managed to end the year
unchanged.
Economic situation in Austria
The economy slowed considerably after recording a good
first quarter in 2011. Only slow growth of 0.2% was recorded
in each of the second and third quarters. The Austrian economy nevertheless did grow strongly in 2011. The latest forecast by the Austrian central bank (Österreichische Nationalbank – OeNB) predicts real GDP growth of 3.3% in 2011.
The labour market also did surprisingly well in 2011. Inflation
rose, however, to 3.5% due to large increases in the price of
energy, services and food.
THE AUSTRIAN INSURANCE MARKET
According to preliminary statistics from the Austrian Association of Insurance Companies at the end of February 2012,
the Austrian insurance industry recorded a 1.7% reduction in
total premiums in 2011 to EUR 16.464 billion (2010: +2.0%).
Premium income from life insurance declined by 7.5% to
EUR 6.989 billion (2010: +1.9%). Life insurance with regular
premiums rose by 1.6% to EUR 5.612 billion (2010: +1.4%),
while single-premium life insurance fell by 32.2% to EUR
1.376 billion (2010: +3.2%). This was primarily due to an
increase raising the minimum lock-in period to 15 years.
HIGHLIGHTS & MANAGEMENT | COMPANY & STRATEGY |
Health insurance premiums grew by 3.6% to EUR 1.697
billion (2010: +3.0 %).
MANAGEMENT REPORT 2011 | ANNUAL FINANCIAL STATEMENTS 2011
PREMIUMS 2011 BY SEGMENTS
Premiums written for property and casualty insurance grew
by 2.9% to EUR 7.778 billion (2010: +2.0%) thereby outperforming 2010.
BUSINESS DEVELOPMENT IN 2011
Life 38.4% (43.5%)
Property/casulty
46.9% (43.0%)
OVERALL BUSINESS DEVELOPMENT
Wiener Städtische is one of the leading insurance companies
in the Austrian insurance market. It operates in the property/casualty, life and health insurance segments. Wiener
Städtische also has branch offices in Italy and Slovenia.
These branch offices sell products in the non-motor vehicle
and life insurance classes. The Slovenian branch office is
located in Ljubljana and has 30 employees. Wiener Städtische has operated in Italy since 1999. The Rome branch
office has 16 employees.
Wiener Städtische is a 99.9% subsidiary of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, whose A+
rating was reconfirmed with a stable outlook by the internationally recognised rating agency Standard & Poor's in 2011.
Premium income
Wiener Städtische generated a premium volume of EUR
2,274.55 million in financial year 2011, representing a decrease of 6.5% compared to 2010. The decrease is due to a
sharp decline in premium income from single-premium life
insurance policies. EUR 2,265.78 million of these total premiums were generated from direct business and EUR 8.77
million from indirect business. EUR 1,786.41 million of the
gross premiums written was retained by Wiener Städtische,
and EUR 488.14 million ceded to reinsurance companies.
Health 14.7% (13.5%)
Figures for 2010 in brackets
Expenses for claims and insurance benefits
Including the change in the mathematical reserve, gross
expenses for claims and insurance benefits fell by 22.4% in
2011 compared to the previous year, to EUR 1,748.43 million. This was primarily due to the volatility of the singlepremium business and price losses in unit- and index-linked
life insurance.
Operating expenses
Administrative expenses were EUR 421.50 million, representing a decrease of 0.4% compared to the previous year.
Workflow efficiency was examined and improved during the
organisational changes made under corporate law in 2010,
including the Vienna Insurance Group Holding spin-off. For
example, joint use is made of back-office departments, such
as accounting. Group-wide systems are also being used in
the IT area.
Property/casualty insurance contributed EUR 1,066.18
million in premiums, representing 46.9% of total premium
income, while life insurance contributed EUR 872.93 million,
or 38.4%, and health insurance EUR 335.44 million, or
14.7%.
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Key figures for Wiener Städtische
in EUR million
Thereof property/casualty
Thereof life
Thereof health
Gross premiums written, direct
Thereof life
Thereof health
Gross premiums written, indirect
Thereof life
Thereof health
Financial result
Gross expenses for claims and insurance
1
benefits
Result from unrealised gains and losses from
unit- and index-linked life insurance
Gross administrative expenses
Result from ceded reinsurance
Other income/expenses (net)
Thereof life
Thereof health
2
Investments
3
Underwriting provisions
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1)
2)
3)
Financial result
2010
2011
2,432.80
1,046.52
1,058.52
327.76
2,419.86
1,037.09
1,055.08
327.69
12.94
9.43
3.44
0.07
388.39
2,274.55
1,066.18
872.93
335.44
2,265.78
1,060.88
869.57
335.33
8.77
5.30
3.36
0.11
388.87
-2,252.97
-1,748.43
174.83
-423.40
-104.08
-28.01
187.56
123.34
40.63
23.59
12,510.59
10,990.58
-143.14
-421.50
-74.92
-39.92
235.51
174.72
30.50
30.29
12,322.99
10,882.89
Incl. the change in the mathematical reserve.
Incl. unit-and index-linked life insurance.
Incl. unit- and index-linked life insurance and deposits from ceded
reinsurance business.
Wiener Städtische's financial result increased to EUR
388.87 million in 2011. This was mainly due to an increase in
the extraordinary financial result, which in turn was due to
the realisation of loan-related gains, and from realised securities-related gains and losses.
Investments
Investments were EUR 12,322.99 million as at 31 December
2011, including EUR 2,215.94 million attributable to investments for unit- and index-linked life insurance. Investments
without including unit- and index-linked life insurance were
EUR 10,107.05 million at the end of 2011.
Investments at the end of 2011 (not including investments
for unit- and index-linked life insurance) consisted of 64.58%
in securities, 18.19% in participations, 14.04% in loans,
2.67% in real estate and 0.52% in other investments.
STRUCTURE OF INVESTMENTS 31/12/2011*
Others 0.52%
Real estate 2.67%
Loans 14.04%
Securities 64.58%
Ownership interests 18.19%
Combined ratio far below 100%
The combined ratio is a figure showing the ratio of administrative expenses and insurance payments to net earned
premiums in the property/casualty area. Wiener Städtische's
2011 net combined ratio of 95% (after deducting reinsurers'
shares) was once again significantly less than 100%.
Solvency in accordance with VAG
Solvency is the equity capital available to an insurance company, i.e. free and unencumbered assets. Insurance company solvency is governed by § 73b(1) VAG (the Austrian
Insurance Supervision Act), which is intended to ensure that
policyholder claims are secure even in the case of unfavourable developments. Wiener Städtische has equity capital of
EUR 1,027.24 in the form of free and unencumbered assets.
The solvency requirement is EUR 438.08. This means that
Wiener Städtische has a cover ratio of 234.48%. The higher
the level of capital available (solvency), the better these
claims are covered.
* Balance of investments excluding unit-linked and index-linked life insurance was EUR 10,107.05 mn as
at 31 December 2011
Wiener Städtische earned a result from ordinary activities of
EUR 235.51 million in 2011, calculated according to the
requirements of the Austrian Commercial Code (UGB). This
corresponds to an increase of 25.6% over the value of the
previous year (EUR 187.56 million). This increase was mainly
due to a reduction in expenses for claims and insurance
benefits.
74.2% of the result from ordinary activities came from the
property/casualty segment, 12.9% from life insurance, and
12.9% from health insurance.
RESULTS FROM ORDINARY BUSINESS BY SEGMENTS 2011
Direct premiums written by Wiener Städtische in the nonmotor vehicle classes rose by 3.1% to EUR 741.70 million. In
2011, the motor vehicle classes recorded an increase of
0.6% in direct premiums to EUR 319.18 million. The insurance market is showing a slight recovery in this class, primarily due to an increase of 8.4% in new registrations (+27,582)
compared to the previous year. In the non-motor vehicle
classes (direct business), high growth rates were recorded in
the storm damage (+7.0% to EUR 32.43 million), water pipes
(+5.5% to EUR 73.01 million) and casualty insurance (+3.4%
to EUR 96.05 million) areas.
Premium volume for storm damage insurance rose as a
result of continuing demand for coverage against natural
catastrophes, which is in turn due to increased public
awareness of the need for insurance coverage in this area.
Life 12.9% (21.7%)
Health 12.9% (12.6%)
Property/casualty
74.2% (65.7%)
Figures for 2010 in brackets
Research and development
Due to the nature of the business, research and development
plays a secondary role for Wiener Städtische. Development
work in the most general sense is done as part of product
pricing during product development, for example in the area
of demographics or risk-related parameters, or in terms of
preventive measures.
The steady increase in public awareness about the risks of
everyday life and the need to increase insurance protection
beyond the coverage provided by social security is responsible for the increase in new accident insurance policies.
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57
Key figures – property/casualty insurance
in EUR million
Financial result
Gross expenses for claims and
insurance benefits
2010
1046.52
90.42
2011
1,066.18
130.51
-682.05
-236.32
-93.25
-1.98
123.34
-708.77
-238.73
-65.20
-9.27
174.72
The claim ratio was 65% (total after reinsurance, not incl.
claims processing expenses).
BUSINESS DEVELOPMENT IN DETAIL
Property and casualty insurance
Wiener Städtische recorded a premium increase of 1.9%
over the previous year to EUR 1,066.18 million in the property and casualty business (direct and indirect). This was
mainly due to positive performance in the non-motor vehicle
classes. Indirect property and accident premiums fell by
43.8% to EUR 5.3 million. This was due to Group-wide reinsurance programs using VIG RE in Prague. Direct premiums
written, on the other hand, rose by 2.3% to EUR 1,060.88
million.
Expenses for claims and insurance benefits rose 3.9% in
2011 to EUR 708.77 million. Gross administrative expenses
were EUR 238.73 million in 2011 (+1.0%).
The result from ordinary activities was EUR 30.50 million for
the life insurance business in 2011, representing a drop of
24.9% compared to 2010.
The result from ordinary activities for the property/casualty
area was EUR 174.72 million for the whole of 2011, representing an increase of 41.7% over the previous year.
Health insurance
EUR 335.44 million in premiums were written in the health
insurance segment during the financial year just ended,
corresponding to an increase of 2.3% over 2010.
Life insurance
Wiener Städtische recorded a decrease in life insurance
premiums to EUR 872.93 million, representing a drop of
17.5% compared to 2010. This was primarily due to increased volatility in the single-premium product area.
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58
Due to changes in the tax framework for life insurance, there
was a massive fall in new single-premium business in 2011.
The change that came into effect (raising the minimum lockin period to 15 year) as part of the amendments to the
2011 Austrian Budget Accompanying Act (Budgetbegleitgesetz) imposes an 11% insurance tax on policies with terms
shorter than 15 years. Direct premiums written in the life
insurance segment fell by 17.6% compared to the previous
year, with premiums from single-premium policies falling
even further by 43% to EUR 233.07 million. Life insurance
policies with regular premiums decreased by 1.5% to EUR
636.50 million because of an increase in policy expirations.
Wiener Städtische also brought new products to market in
2011 that were primarily intended to make it easier for young
people to purchase private health insurance. Wiener Städtische also added new supplementary nursing care policies
to its product range.
Expenses for claims and insurance benefits (incl. the change
in the mathematical reserve) were EUR 275.92 million in
2011. Gross administrative expenses were EUR 40.27 million in 2011.
The result from ordinary activities reached EUR 30.29 million in the health insurance segment in 2011.
Key figures – health insurance
in EUR million
Financial result
1
insurance benefits
Key figures – life insurance
in EUR million
Financial result
1
insurance benefits
Result from unrealised gains and
losses from unit- and index-linked
life insurance
1
2010
1,058.52
278.44
2011
872.93
227.03
-1,307.88
-763.74
1
174.83
-147.34
-1.72
-14.22
40.63
-143.14
-142.50
-1.71
-18.37
30.50
incl. the change in the mathematical reserve
Gross expenses for claims and insurance benefits were EUR
763.74 million in 2011 (incl. change in the mathematical
reserve). Gross administrative expenses were EUR 142.50
million in 2011 (-3.3%). This change was caused by the drop
in single-premium business and price decreases in unit- and
index-linked life insurance.
incl. the change in the mathematical reserve
2010
327.76
19.53
2011
335.44
31.33
-263.04
-39.74
-9.11
-11.81
23.59
-275.92
-40.27
-8.01
-12.28
30.29
Employees
RISK REPORT 2011
The number of Wiener Städtische employees fell by 35 compared to the previous year. At the end of 2011, Wiener Städtische had a total of 3,462 employees, including 1,778 sales
employees and 1,543 administrative employees. There were
141 trainees at the end of 2011.
Number of employees
Office employees
Field sales representatives (incl.
trainees)
TOTAL
2010
1,546
2011
1,543
1,951
1,919
3,497
3,462
Employee interests
Wiener Städtische's business performance is highly dependent on the use of qualified, satisfied employees. Professional,
motivated employees therefore represent a valuable resource for Wiener Städtische.
Training, advanced training and equal treatment in the workplace are key elements of the Company's business philosophy. The Company places great importance on training and
offers many development and career opportunities. The
Company's own human resources development company,
Horizont GmbH, is one of the ways the Company ensures
continuous training of its employees. Targeted support is also
provided for trainee development. Wiener Städtische will
continue its efforts in this area in 2012 by offering 100 young
people outstanding career opportunities.
The risk management system consists of all the guidelines,
processes and reporting procedures used to continuously
identify, measure, monitor, manage and report on relevant
risks on an individual and aggregated basis while taking
account of interdependencies. One of the main functions of
the Company-wide corporate risk management department
is to establish, maintain and manage the risk management
system.
The new Solvency II framework directive (2009/138/EG),
which also amends insurance company risk management, is
to be implemented at the national level in the EU by 2013,
although delays of a year are very likely. Like the Basel II
model for the banking sector, Solvency II is composed of
three pillars. The first pillar deals with the quantitative requirements of capital adequacy, while the second pillar deals
with the qualitative requirements for company management,
the risk management system and internal controls. The
second pillar also covers supervisory principles and methods.
The third pillar deals with the new provisions for market
discipline, transparency and disclosure requirements.
Wiener Städtische is one of the most family and womenfriendly companies in Austria. The company day-care centre
is one example of how employees are actively supported in
creating a balance between career and family. Wiener Städtische also provides a variety of fringe benefits to make conditions attractive for its women employees.
Events occurring after the balance sheet date
No other events of special significance that would have
changed the presentation of the net assets, financial position
and results of operations occurred after the balance sheet
date.
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Due to the many complex requirements of the new Solvency
II framework directive, implementation has already begun on
Level 2 and drafts for Level 3, when available, based on the
framework directive and provisional implementing measures.
As a rule, there is no single valid method for implementing
these future statutory principle-based requirements. Insurance companies have been asked to analyse the statutory
requirements and provide a justification for their method of
implementation.
Market risk
These issues therefore require intensive efforts in advance in
order to implement the current abstract and theoretical risk
management requirements of Solvency II in practice. Wiener
Städtische performed a voluntary test run for the calculation
of risk-based equity capital in 2011 in order to document
and improve the calculation procedures. Current plans are to
use a partial internal model to calculate the risk capital
needed for the property/casualty class. The model is under
development and must receive supervisory approval under
Solvency II. The actuarial department is performing ongoing
tests of the potential internal model for property/casualty
insurance whose theoretical foundations are being developed by the Group. The Company-wide risk management
department and the actuarial department are developing a
concept for application of the internal mode in consultation
with all relevant areas, such as operational departments, the
Group and the FMA. In addition, Wiener Städtische is an
active participant in the Group-wide project that is making
preparations for Solvency II.
Operational risks
The rating agency Standard & Poor’s continuously rates the
VIG Group and, therefore, Wiener Städtische, which is the
most important component of the Group. The Group has an
A+ rating with stable outlook.
All important risk measures are in the good to excellent
range.
THE INDIVIDUAL RISK CATEGORIES
Market risk is the risk of changes in the value of investments
due to unforeseen fluctuations in interest rate curves, share
prices and exchange rates, and the risk of changes in the
market value of real estate and participations.
Strategic risks
Strategic risks can arise due to changes in the economic
environment, case law, or the regulatory environment.
These may result from deficiencies or errors in business
processes, controls or projects caused by technology, employees, organisation or external factors.
Liquidity risk
Liquidity risk depends on how good the fit is between investment holdings and insurance obligations.
Concentration risk
Concentration risk is a single direct or indirect position, or a
group of related positions, that have the potential to significantly endanger the insurance company, core businesses or
key performance measures. Concentration risk is caused by
an individual position, a collection of positions with common
holders, guarantors or managers, or by sector concentrations.
RISK STRATEGY
The Managing Board is responsible for risk management,
and the internal control system developed from it, and defines the risk strategy, risk policy, targets and measurement
bases.
The objective of risk management is not complete avoidance
of risk, but instead a conscious acceptance of desired risks
or the implementation of measures to monitor and, if necessary, reduce existing risks based on economic factors. These
considerations are based on the assumption that higher
returns can be achieved by accepting higher risk.
Underwriting risks
Underwriting risks are risks that the calculated premiums
and reserves will be insufficient to provide the benefits that
are promised to policyholders in advance, but unknown.
The risk-return ratio is therefore a key measure that should
be optimised.
RISK ORGANISATION
Credit risk
This risk quantifies the potential loss due to a deterioration of
the situation of a counterparty against which claims exist.
In addition to the operational risk managers, an independent
corporate risk management department has been estab-
lished in the Managing Board Secretariat, directly under the
Managing Board.
The risk committee is headed by the Company-wide corporate risk management department; it is part of the risk management system and provides detailed reports for the Company-wide risk report. The risk committee is an information
platform used to identify relevant risks; it proposes risk management measures to the Managing Board.
OUTLOOK 2012
2012 will also be dominated by the Eurozone crisis. The
international rating agencies Standard & Poor’s and Fitch
consider default by Greece to be very likely. The rating agencies began downgrading the credit ratings of most European
countries in 2012. Austria was also affected, receiving a
downgrade to AA+. The countries of Europe must now propose a solution for stabilising the EU financial system, and
support and implement such a solution.
The insurance industry expects the new solvency legislation
to have unpleasant side effects, i.e. that it will be expensive
and increase capital costs. Wiener Städtische will continue to
improve its Solvency II compliance in 2012 and optimise and
document its risk processes. Another test run of the riskbased equity capital calculation and an Own Risk and Solvency Assessment (ORSA) are planned for the second half of
the year.
OUTLOOK
ECONOMIC GROWTH FOR AUSTRIA IN 2012
The Austrian economy grew strongly in 2011. The latest
forecast by the Austrian Central Bank (Österreichische
Nationalbank – OeNB) predicts real GDP growth of 3.3% in
2011. Do to a significant deterioration in foreign trade and a
major loss of confidence, growth will likely only be 0.7% in
2012.
Assuming that the international economy recovers and the
loss of confidence resulting from the sovereign debt crisis
eases, growth is expected to increase to 1.6% in 2013. The
economic outlook is therefore considerably poorer compared
to the OeNB forecast of June 2011. The forecasts for 2012
and 2013 were reduced by 1.6 and 0.9 percentage points,
respectively.
Austria continues to be one of the countries with the lowest
unemployment rates in the Eurozone. The unemployment
rate was 4.2% in 2011 based on the Eurostat definition. As
growth prospects deteriorated, however, it rose from 4.1% in
the second quarter of 2011 to 4.6% at the end of 2011,
followed by a small reduction. The unemployment rate is
expected to remain at 4.5% in 2012 and 2013.
Internal control system
The internal control system (ICS) is continuously revised and
documented. Operational and financial statement-related
risk classes are ranked according to risk magnitude, combined with their controls in a risk and control matrix, and
reported to the Managing Board and Supervisory Board. This
allows control processes to be efficiently optimised. This risk
and control matrix is monitored continuously and registered,
thereby enabling optimal risk hedging.
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THE AUSTRIAN INSURANCE MARKET IN 2012
WIENER STÄDTISCHE IN 2012
The insurance market will be dealing with the financial and
banking crisis and the resulting real economic problems for
some time to come. The outlook for the Austrian insurance
industry is, however, optimistic.
Times of economic stress cause a particularly large increase
in customer demands for security. This applies both to preservation of assets and safeguarding the standard of living
that has been achieved.
According to the February 2012 forecasts by the Austrian
Association of Insurance Companies (VVO), the Austrian
insurance market as a whole will grow by 1.3% in 2012. The
decrease in premiums in 2011, provisionally estimated at
7.5%, is due to above-average growth in single-premium life
insurance in 2010 and the change of the minimum lock-in
period to 15 years.
Our focus in 2012 will be to inspire our customers and gain
their confidence by further intensifying customer contact
and personal advice, thereby clearly orienting all our activities around the customer. This also applies to the acquisition
of new customers in the market, who we plan to win over with
custom-tailored products and services.
According to initial conservative forecasts, a small reduction
of 0.5% is expected for life insurance premiums in 2012.
However, due to the demographic change which is increasing the number of older people in the population, demand is
expected to rise in the area of retirement provisions. Life
insurance is the ideal instrument for making provisions to
protect one's standard of living in old age.
Premium growth is expected to remain strong in the health
insurance area, with an increase of 3.2% expected in 2012.
The growing propensity to invest in private health insurance
in order to protect the standard of medical care in old age
will have a positive effect on premium income.
Property/casualty premiums are forecast to grow by 2.5% in
2012. Premiums for motor vehicle liability insurance are
expected to grow again slightly by 0.3% in 2012.
Wiener Städtische worked intensively on product improvements in 2011, and great efforts will also be made to be just
as innovative in 2012. Product-specific optimisations will be
used to smooth the road to our customers.
In addition to intensifying efforts to build customer relationships, attention has also turned to the business opportunities
offered by advisory services in the retirement provision and
property insurance business. In light of the trend toward
increasingly better informed consumers, Wiener Städtische's
top priority is to communicate transparently and credibly to
customers that their retirement provisions are in good hands
and taken seriously by Wiener Städtische, today and in the
future.
Proposed appropriation of profits
WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group ended financial year 2011 with net retained profits of
EUR 186,390,649.21.
We propose that the 2011 net retained profits be appropriated as follows:
A dividend of EUR 140,000,000.00 should be paid from the net retained profits, and the remaining balance of
EUR 46,390,649.21 carried forward.
The Managing Board
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Robert Lasshofer
63
Judit Havasi
Christine Dornaus
Ralph Müller
Erich Leiß
Vienna, 9 March 2012
Wiener Städtische Versicherung ag Vienna Insurance Group
Separate financial statements prepared in accordance with the Austrian Corporate Code (UGB)
and the Austrian Insurance Supervision Act (VAG)
ANNUAL FINANCIAL STATEMENTS
66 Balance sheet
72 Income statement
NOTES 2011
79
79
86
89
93
101
102
D
General disclosures on accounting policies
Accounting policies
Notes to the balance sheet
Notes to the income statement
Profit participation
Significant equity investments
Other disclosures
AUDITOR’S REPORT
DECLARATION BY THE MANAGING BOARD
64
SUPERVISORY BOARD REPORT
Highlights & Management | COMPANY & STRATEGY | MANAGEMENT REPORT 2011 |
wiener städtische versicherung ag Vienna Insurance Group
Separate financial statements prepared in accordance with the Austrian Corporate Code (UGB)
and the Austrian Insurance Supervision Act (VAG)
Reporting period
Balance sheet comparison date
Income statement comparison date
Currency
31/12/2011
1/1/2011 – 31/12/2011
31/12/2010
1/1/2010 – 31/12/2010
EUR
D
65
BALANCE SHEET FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
Assets
Property/casualty
In EUR
A. Intangible assets
I. Expenses for acquisition of an insurance portfolio
II. Other intangible assets
TOTAL INTANGIBLE ASSETS
B. Investments
I. Land and buildings
II. Investments in affiliated companies and participations
1. Shares in affiliated companies
2. Bonds and other securities of affiliated companies and loans to affiliated companies
3. Participations
thereof reorganisation surplus
4. Bonds and other securities of and loans to companies in which an ownership interest is held
III. Other investments
1. Shares and other non-fixed-income securities
2. Bonds and other fixed- income securities
3. Shares in joint investments
4. Mortgage receivables
5. Policy prepayments
6. Other loans
7. Bank balances
IV. Deposits on assumed reinsurance business
700,000.00
15,099,291.04
15,799,291.04
35,786,842.44
536,270,367.69
562,961,393.59
28,124,969.65
1,937,147.91
188,498,402.45
277,273,337.44
0.00
21,004,946.72
0.00
33,818,139.10
21,886,261.44
TOTAL INVESTMENTS
C. Investments of unit- and index-linked life insurance
D
66
D. Receivables
I. Receivables from direct insurance business
1. from policyholders
2. from insurance intermediaries
3. from insurance companies
II. Receivables from reinsurance business
III. Other receivables
TOTAL RECEIVABLES
E. Pro rata interest
F. Other assets
I. Tangible assets (not incl. land and buildings) and inventories
II. Current bank balances and cash on hand
III. Futher other assets
TOTAL OTHER ASSETS
G. Prepaid expenses
I. Deferred taxes
II. Other prepaid expenses
TOTAL PREPAID EXPENSES
H. Offsetting items between departments
Total assets
0.00
1,129,293,878.84
542,481,087.15
504,453.18
1,708,066,261.61
0.00
70,822,657.48
60,041,513.10
15,188,135.78
146,052,306.36
77,481,582.47
141,729,321.34
365,263,210.17
15,165,188.59
18,357,568.48
23,768,865.82
87,318,806.06
129,445,240.36
41,143,926.33
19,207,191.01
60,351,117.34
125,756,400.58
2,419,846,709.69
HIGHLIGHTS & MANAGEMENT | COMPANY & STRATEGY | MANAGEMENT REPORT 2011 |
Health
Life
Total business in 2011
2010
In EUR '000
11,523,077.80
58,038,973.19
9,518,113.96
0.00
16,747,611.29
118,732,148.74
528,773,538.87
0.00
37,655,563.49
0.00
4,801,924.17
14,194,992.40
0.00
0.00
0.00
62,035.42
700,000.00
15,161,326.46
2,100
14,972
0.00
62,035.42
15,861,326.46
17,072
87,310,865.70
146,681,710.39
269,779,418.53
273,844
2,799,399,807.09
1,484,257
821,440
276,068
8,957
37,306
7,034,495,393.54
3,376,868.13
2,836,199
3,770,160
40,787
371,803
18,026
221,998
116,409
18,306
95,827,776.24
704,158,167.67
0.00
1,017,587,903.30
303,709,810.80
234,948,770.55
8,957,022.00
18,031,667.36
2,354,494,254.52
2,872,756,299.55
32,107,191.79
293,639,722.11
16,981,069.88
204,869,238.68
13,008,362.19
1,574,278,152.01
5,787,856,138.72
2,872,414.95
1,565,381,348.79
924,710,177.58
272,591,854.16
8,957,022.00
36,716,426.56
2,661,724,805.71
3,678,803,175.86
32,107,191.79
352,300,232.32
16,981,069.88
243,489,301.95
49,089,616.03
887,296,809.61
7,511,688,416.07
10,107,051,487.29
10,286,603
0.00
2,215,940,978.19
2,215,940,978.19
2,223,989
D
3,569,213.70
0.00
1,341,623.22
4,910,836.92
5,243.10
1,518,148.74
25,941,831.59
418,400.52
1,247,456.98
27,607,689.09
221,749.22
12,450,192.73
100,333,702.77
60,459,913.62
17,777,215.98
178,570,832.37
77,708,574.79
155,697,662.81
111,795
70,620
33,745
76,192
149,930
6,434,228.76
40,279,631.04
411,977,069.97
442,282
12,570,941.37
88,426,542.68
116,162,672.64
117,628
0.00
29,715,630.45
4,127,500.00
362,529.05
21,426,863.56
16,186,896.02
18,720,097.53
74,911,359.83
107,633,202.08
19,648
85,047
110,298
33,843,130.45
37,976,288.63
201,264,659.44
214,993
2,582,828.22
0.00
9,915,596.24
5,137,529.11
53,642,350.79
24,344,720.12
74,193
50,740
2,582,828.22
15,053,125.35
77,987,070.91
124,933
248,189,800.17
–373,946,200.75
0.00
0
1,190,917,738.58
9,535,480,816.63
13,146,245,264.90
13,427,500
67
BALANCE SHEET FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
Liabilities and shareholders' equity
Property/casualty
In EUR
A. Shareholders' equity
I. Share capital
1. Par value
II. Capital reserves
1. Committed reserves
III. Retained earnings
1. Mondatory reserves
2. Free reserves
IV. Risk reserve as per § 73a VAG, taxed portion
V. Net retained profits
thereof brought forward
Thereof partial payment in accordance with § 54a AktG
10,000,000.00
157,617,585.61
1,000,000.00
14,000,000.00
TOTAL SHAREHOLDERS' EQUITY
B. Tax-exempt reserves
I. Risk reserve as per § 73a VAG
II. Valuation reserve for impairment losses
D
68
15,000,000.00
15,301,745.25
144,883,050.54
23,835,976.92
0.00
342,802,381.40
19,406,564.75
326,215.30
TOTAL RESERVES
C. Subordinated liabilities
II. Supplementary capital bond
19,732,780.05
TOTAL SUBORDINATED LIABILITIES
D. Underwriting provisions - retained
I. Unearned premiums
1. Gross
2. Reinsurers' share
II. Mathmatical reserve
1. Gross
III. Provision for outstanding claims
1. Gross
IV. Provision for profit-unrelated premium refunds
1. Gross
V. Provision for profit-related premium refunds and policyholder profit participation
1. Gross
VI. Equalisation provision
VII. Other underwriting provisions
1. Gross
70,000,000.00
TOTAL TECHNICAL PROVISIONS
E. Underwriting provisions of unit- and index-linked life insurance
Amount carried forward
70,000,000.00
109,563,524.86
–14,121,764.56
95,441,760.30
0.00
0.00
0.00
1,078,454,358.52
–348,071,810.14
730,382,548.38
23,065,501.79
–2,870,671.15
20,194,830.64
196,912.47
0.00
13,014,301.26
–1,489,821.03
196,912.47
141,715,554.00
11,524,480.23
999,456,086.02
0.00
1,431,991,247.47
Health
Life
2010
In EUR '000
0.00
10,000,000.00
0.00
0.00
10,000,000.00
10,000
28,724,845.15
316,539,424.61
502,881,855.37
502,882
61,000,000.00
45,853,405.47
186,390,649.21
46,145,702.21
0.00
1,000
0
45,853
200,246
–84
–80,000
10,000,000.00
3,325,210.71
22,760,535.74
9,811,961.26
0.00
0.00
36,000,000.00
36,000,000.00
27,226,449.51
18,747,062.93
12,497,764.03
0.00
1,000,000.00
60,000,000.00
64,810,591.60
398,512,937.05
806,125,910.05
759,981
9,208,223.29
11,018,497.07
14,825,539.49
42,435,033.20
43,440,327.53
53,779,745.57
43,440
78,287
20,226,720.36
57,260,572.69
97,220,073.10
121,727
10,000,000.00
195,000,000.00
275,000,000.00
275,000
10,000,000.00
195,000,000.00
275,000,000.00
275,000
2,137,982.10
–213,798.21
1,924,183.89
34,506,318.42
–28,065.85
34,478,252.57
146,207,825.38
–14,363,628.62
131,844,196.76
143,319
–13,757
901,939,854.00
–91,631,644.50
810,308,209.50
6,070,829,054.32
–11,158,224.84
6,059,670,829.48
6,972,768,908.32
–102,789,869.34
6,869,979,038.98
7,188,991
–99,785
44,711,861.00
–4,470,405.12
40,241,455.88
45,988,030.36
–51,000.00
45,937,030.36
1,169,154,249.88
–352,593,215.26
816,561,034.62
1,118,470
–295,057
15,050,000.00
–1,505,000.00
13,545,000.00
0.00
0.00
0.00
38,115,501.79
–4,375,671.15
33,739,830.64
38,988
–5,770
0.00
0.00
48,533,800.00
0.00
0.00
48,533,800.00
48,730,712.47
0.00
48,730,712.47
141,715,554.00
51,858
0
154,223
523,563.65
1,064,536.87
0.00
1,064,536.87
14,602,401.78
–1,489,821.03
13,112,580.75
14,903
–1,482
D
69
0.00
0.00
523,563.65
0.00
866,542,412.92
6,189,684,449.28
8,055,682,948.22
8,294,901
0.00
961,579,724.88
2,164,866,606.61
9,005,324,565.63
2,164,866,606.61
11,398,895,537.98
2,141,430
11,593,039
Liabilities and shareholders' equity
Property/casualty
In EUR
Amount carried forward
F. Non-underwriting provisions
I. Provision for post-employment benefits
II. Provision for pensions
III. Tax provisions
IV. Other provisions
1,431,991,247.47
TOTAL OTHER PROVISIONS
G. Deposits from ceded reinsurance business
145,277,698.62
H. Other liabilities
I. Liabilities from direct insurance business
1. from policiyholders
2. from insurance intermediaries
3. from insurance companies
II. Liabilities from reinsurance business
III. Liabilities from bonds (not including supplementary capital)
IV. Liabilities to financial institutions
V. Other liabilities
TOTAL LIABILITIES
I. Prepaid expensese
Total assets
D
70
5,981,152.00
37,331,155.00
29,258,575.00
72,706,816.62
82,092,138.08
84,710,313.63
16,088,194.73
5,072,339.44
105,870,847.80
18,702,198.27
0.00
103,072.00
634,111,354.75
758,787,472.82
1,698,152.70
2,419,846,709.69
Health
Life
2010
In EUR '000
3,106,533.43
0.00
254,949.26
961,579,724.88
9,005,324,565.63
11,398,895,537.98
11,593,039
2,376,389.00
14,832,148.00
0.00
1,694,777.00
6,357,791.92
37,402,808.00
230,900.00
7,664,046.72
14,715,332.92
89,566,111.00
29,489,475.00
82,065,640.34
14,912
89,654
29,489
81,814
18,903,314.00
51,655,546.64
215,836,559.26
215,869
93,448,381.68
11,186,290.69
186,726,810.45
138,402
137,282,827.02
28,240,961.83
150,000,000.00
4,768,278.77
940,444,759.39
193,744
21,852
7,261
32,270
150,000
38,510
945,165
1,388,802
3,361,482.69
7,999,194.33
0.00
0.00
105,545,501.77
22,745,180.42
5,305,316.11
0.00
28,050,496.53
1,539,569.23
150,000,000.00
4,665,206.77
200,787,902.87
110,562,027.48
21,393,510.84
5,327,288.70
116,906,178.79
385,043,175.40
1,260,736,827.01
80,139.23
82,271,238.27
84,049,530.20
91,388
1,190,917,738.58
9,535,480,816.63
13,146,245,264.90
13,427,500
D
71
INCOME STATEMENT FOR THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2011
2011
2010
In EUR
Underwriting account
1. Net earned premiums
Premiums written
Gross
Ceded reinsurance premiums
Change due to unearned premiums
Gross
Reinsurers' share
1,066,178,221.01
–443,857,598.94
622,320,622.07
1,046,516
–387,300
–4,054,434.68
5,391,201.65
1,336,766.97
7,191
–7,617
623,657,389.04
658,790
TOTAL PREMIUMS
2. Investment income from technical business
34,589.11
53
5,743,290.02
6,335
659,793,816.21
–219,087,625.90
440,706,190.31
698,493
–226,266
48,982,183.38
–62,401,957.15
–13,419,773.77
–16,436
–3,607
–427,286,416.54
–452,184
949,200.00
982
–27
–949,200.00
–955
7,230,295.99
13,166
–4,458
–7,230,295.99
–8,708
191,644,052.46
47,093,031.84
–87,951,861.57
191,487
44,834
–62,356
–150,785,222.73
–173,965
–11,704,355.91
–7,078
9. Change in the equalisation provision
12,507,185.00
10,410
Underwriting result (Amount carried forward)
43,986,962.00
32,698
3. Other underwriting income
4. Expenses for claims and insurance benefits
Payments for claims and insurance benefits
Gross
Reinsurers' share
Changes in provision for outstanding claims and insurance benefits
Gross
Reinsurers' share
D
72
In EUR '000
TOTAL CLAIMS AND INSURANCE BENEFITS
5. Increase in underwriting provisions
Other underwriting provisions
Gross
Reinsurers' share
TOTAL INCREASE IN UNDERWRITING PROVISIONS
6. Expenses for profit-unrelated premium refunds
Gross
Reinsurers' share
TOTAL EXPENSES FOR PROFIT-UNRELATED PREMIUM REFUNDS
7. Administrative expenses
Acquisition expenses
Other administrative expenses
Reinsurance commissions and profit commissions from reinsurance cessions
TOTAL OPERATING EXPENSES
8. Other underwriting expenses
949,200.00
0.00
7,735,403.71
–505,107.72
2011
2010
In EUR
In EUR '000
Underwriting result (amount carried forward)
43,986,962.00
32,698
Non-underwriting account
1. Investment and interest income
Income from participations
Income from land and buildings
Income from other investments
Income from appreciations
Gains from disposal of investments
Other investment and interest income
44,791,162.54
3,522,527.89
76,704,260.49
264,174.68
47,026,480.58
2,476,254.35
26,893
2,518
61,886
0
43,775
3,880
TOTAL INVESTMENT INCOME
2. Expenses for investments and interest expenses
Expenses for asset management
Depreciation of investments
Interest expenses
Losses from disposal of investments
Other investment expenses
174,784,860.53
138,952
2,056,614.36
2,994,107.07
39,083,399.13
46.39
140,404.57
2,536
2,879
39,893
30
3,189
TOTAL INVESTMENT EXPENSES
3. Investment income transferred to the underwriting account
4. Other non-underwriting income
5. Other non-underwriting expenses
–44,274,571.52
–34,589.11
315,912.20
–61,289.73
–48,527
–53
568
–298
Result from ordinary activities; property/casualty insurance
174,717,284.37
123,340
D
73
Health insurance
Premiums written
Gross
Gross
Reinsurers' share
294,541,876.19
327,763
–40,693
201,926.84
3,140.83
205,067.67
–310
15
294,746,943.86
31,334,363.09
3,321.94
286,775
19,530
7
214,126,922.28
–21,807,152.97
192,319,769.31
212,094
–20,846
379,255.00
–60,805.52
318,449.48
–561
58
–192,638,218.79
–190,745
55,196,630.60
51,509
–5,293
–55,196,630.60
–46,216
11,164,137.48
11,472
–1,127
TOTAL EXPENSES FOR PROFIT-UNRELATED PREMIUM REFUNDS
Reinsurance commissions and profit shares
From reinsurance cessions
–11,164,137.48
–10,345
26,474,511.05
13,793,809.98
26,051
13,689
–4,562,588.13
–4,402
–35,705,732.90
–35,338
Mathematical reserve
Gross
Reinsurers' share
74
2010
In EUR '000
335,444,511.17
–40,902,634.98
TOTAL PREMIUMS
2. Investment income from technical business
3. Other underwriting income
4. Expenses for claims and insurance benefits
Gross
Reinsurers' share
Gross
Reinsurers' share
D
2011
In EUR
Gross
Reinsurers' share
61,413,703.00
–6,217,072.40
12,402,279.29
–1,238,141.81
–1,107,645.53
–82
30,272,263.59
23,586
Health insurance
2011
2010
In EUR
In EUR '000
30,272,263.59
23,586
Non-underwriting account:
29,080.00
2,173,393.62
37,740,920.79
3,824,194.16
3,131,271.61
293
2,327
33,675
3,716
1,296
46,898,860.18
41,307
4,029,377.26
2,814,330.16
7,708,503.55
0.00
1,012,286.12
4,897
8,588
7,589
0
703
–15,564,497.09
–31,334,363.09
21,366.73
–21,777
–19,530
0
30,293,630.32
23,586
Interest expenses
Result from ordinary activities; health insurance
D
75
Life insurance
Premiums written
Gross
Gross
Reinsurers' share
2.
3.
4.
5.
D
76
TOTAL PREMIUMS
Investment income from technical business
Unrealised gains on investments shown under balance sheet asset item C
Other underwriting income
Gross
Reinsurers' share
Gross
Reinsurers' share
Gross
Reinsurers' share
Gross
Reinsurers' share
TOTAL REDUCTION UNDERWRITING PROVISIONS
and policyholder profit participation
Gross
Reinsurers' share
TOTAL PROFIT PARTICIPATION
Reinsurance commissions and profit commissions from reinsurance cessions
10. Unrealised losses on investments shown under balance sheet asset item C
2011
2010
In EUR
In EUR '000
872,928,368.13
–3,381,992.54
869,546,375.59
1,058,516
–3,313
2,232,338.10
–19,652.54
2,212,685.56
1,169
–1
871,759,061.15
227,025,688.24
51,338,871.86
563,808.41
1,056,371
278,442
186,808
558
1,023,787,323.25
–3,981,436.21
1,019,805,887.04
738,969
–1,236
1,528,457.29
90,000.00
1,618,457.29
4,086
40
–1,021,424,344.33
–741,859
0.00
564,824
–417
0.00
–564,407
–259,259,179.47
0
0
259,259,179.47
0
18,350,276.57
15,700
0
–18,350,276.57
–15,700
110,038,196.94
32,459,066.67
–527,714.89
112,083
35,259
–533
–141,969,548.72
–194,480,849.63
–3,280,952.40
–146,809
–11,979
–802
30,440,637.48
40,623
0.00
0.00
–261,579,318.80
2,320,139.33
18,350,276.57
0.00
Life insurance
Interest expenses
Result from ordinary activities; life insurance
2011
2010
In EUR
In EUR '000
30,440,637.48
40,623
18,398,110.45
8,145,927.01
257,013,599.19
428,686.78
27,153,477.51
34,938,352.66
10,764
9,260
289,381
29,005
14,521
27,166
346,078,153.60
380,097
15,672,589.30
60,081,364.01
27,349,810.68
7,435,678.20
8,513,023.17
18,532
67,908
9,915
1,852
3,448
–119,052,465.36
–227,025,688.24
57,814.22
–101,655
–278,442
8
30,498,451.70
40,631
D
77
Property/Casualty + Health + Life = Total Business
Underwriting result, property/casualty
Underwriting result, health
Underwriting result, life
32,698
23,586
40,623
TOTAL UNDERWRITING RESULT
104,699,863.07
96,907
63,218,352.99
13,841,848.52
371,458,780.47
692,861.46
78,004,152.25
40,545,878.62
37,951
14,105
384,942
29,005
62,011
32,342
567,761,874.31
560,356
21,758,580.92
65,889,801.24
74,141,713.36
7,435,724.59
9,665,713.86
25,965
79,375
57,397
1,882
7,340
–178,891,533.97
–171,959
–258,394,640.44
–298,025
78
2010
In EUR '000
43,986,962.00
30,272,263.59
30,440,637.48
Interest expenses
D
2011
In EUR
395,093.15
576
5. Other non-underwriting expenses
–61,289.73
–298
6. Result from ordinary activities
235,509,366.39
187,557
7. Taxes on income
–59,771,332.01
–51,954
8. Profit for the period
9. Release of reserves
Release of valuation reserve for impairment losses
175,738,034.38
135,603
TOTAL RELEASE OF RESERVES
10. Transfer to reserves
Transfer to risk reserve as per § 73a VAG
Transfer to free reserves
TOTAL TRANSFER TO RESERVES
11. Profit for the year
12. Partial payment in accordance with § 54a AktG
13. Retained profits brought forward
Net retained profits
24,506,912.62
30,727
24,506,912.62
145,727
0.00
60,000,000.00
1,000
0
–60,000,000.00
140,244,947.00
–1,000
280,330
0.00
–80,000
46,145,702.21
–84
186,390,649.21
200,246
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
OF 2011
I. GENERAL DISCLOSURES ON ACCOUNTING POLICIES
The accounting provisions of the Austrian Commercial Code
(UGB) and special provisions of the Austrian Insurance Supervision Act (VAG) as amended were applied when preparing the annual financial statements as of 31 December 2011.
The annual financial statements were prepared in accordance with Austrian generally accepted accounting principles and the general standard of presenting a fair and true
view of the net assets, financial position and results of operations.
The precautionary principle was satisfied in that only profits
that had been realised as at the balance sheet date were
reported and all identifiable risks and impending losses were
recorded in the balance sheet, with the exception of the less
strict valuation of bonds and other fixed-income securities as
provided for in § 81h(1) VAG and use of the valuation relief
options provided for in § 81h(2) VAG for units of institutional
funds. Figures are generally shown in thousands of euros
(EUR ‘000). Figures from the previous year are indicated as
such or shown in brackets.
II. ACCOUNTING POLICIES
Land is valued at cost, buildings at cost less depreciation
and any write-downs. As a rule, repair costs for residential
buildings are spread over ten years.
Investments for unit- and index-linked life insurance are
valued using the current cost principle. Unit-linked life insurance investments are made in the following funds:
A2A DEFENSIV T
ABER GLOBAL II EURO GOVERNMENT BOND A2 T
ABERDEEN GL EMERG MKT SM I2 USD
ABERDEEN GLOBAL EMERGING MARKETS EQUITY A2 T
ABERDEEN GLOBAL WORLD RESOURCES S2 T
ACATIS AKTIEN GLOBAL FONDS T
ACTIVEST TOTAL RETURN D
ALL ASIA MITEIGENTUMSANTEILE GEM § 20 INFG T
ALL EUROPE THESAURIERUNGS ANTEILE
ALL JAPAN T MITEIGENTUMSANTEILE
ALL TRENDS T
ALL WORLD T MITEIGENTUMSANTEILE
ALLIANZ PIMCO EUROPAZINS A
ALLIANZ PIMCO INTERNATIONAL RENTENFONDS
ALLIANZ RCM BIOTECHNOLOGIE A
ALLIANZ RCM VERMOEGENSBILDUNG DEUTSCHLAND A
AMUNDI FUND EQUITY LATIN AMERICA AU C T USD
ARERO DER WELTFONDS T
AUSTRIA STOCK T
AXA WF FRAMLINGTON SWITZERLAND A CAP T CHF
AXA WORLD EURO 5 7 CAP
BANTLEON OPPORTUNITIES L PT
BARING EASTERN EUROPE FUND
BARING EUROPE SELECT INC GBP
BARING GERMAN GROWTH TRUST T GBP
BARING GLB EMG MKTS FD USD INC
BARING HONG KONG CHINA FD A
BAWAG PSK GLOBAL BOND FOND
BAWAG PSK MUENDEL RENT KRZ A
BAWAG PSK MUENDEL RENT KRZ T
BELLEVUE LUX BB MEDTECH BEUR
BERENBERG EMER MKT EQY SEL R
BGF EMERGING EUROPE FUND A2
BGF EUROPEAN FUND A2
BGF GBL HI YIELD BD HED A2
BGF NEW ENERGY FUND USD A2
BL BOND DOLLAR T
BL BOND EURO T
BLACKROCK GLOBAL FUND JAPAN S&M CAP OPPORTUNITIES A2 USD
BLACKROCK GLOBAL FUNDS WORLD GOLD FUND
BLACKROCK GLOBAL FUNDS EMERGING MARKETS FUND
A2 USD
BLACKROCK GLOBAL FUNDS EURO BOND FUND A2 EUR
BLACKROCK GLOBAL FUNDS EUROPEAN OPPORTUNITY
FUND A
BLACKROCK GLOBAL FUNDS GLOBAL ALLOCATION FUND
HEDGED A2 EUR
D
79
D
80
BLACKROCK GLOBAL FUNDS LATIN AMERICAN
FUND T USD
BLACKROCK GLOBAL FUNDS NEW ENERGY FUND T
BLACKROCK GLOBAL FUNDS US FLEXIBLE EQUITY
FUND A2 USD
BLACKROCK GLOBAL FUNDS WORLD ENERGY
FUND T USD
BLACKROCK GLOBAL FUNDS WORLD GOLD FUND
BLACKROCK GLOBAL FUNDS WORLD MINING
FUND A2 EUR
BLUEBAY HIGH YIELD BOND B
BNPP L1 BOND WORLD EMERGING LOCAL C USD
BNPP L1 EQUITY USA GROWTH C T
BNPP L1 EQ EU ENRGY CD
BNPP L1 EQUITY EUROPE CC
BW RENTA INTERNATIONAL UNIVERSAL FONDS
CAPITAL INVEST GOLD STOCK A
CAPITAL INVEST SWISS STCK A
CARMIGNAC INVESTISSEMENT
CARMIGNAC PATRIM.A 3D
CB GELDMARKT DEUTSCHLAND I A
CI GLOBAL MIX 50
COMGEST GROWTH INDIA USD
COMINVEST FONDAK P
COMINVEST FONDIS A
COMSTAGE ETF DOW JONES EURO STOXX 50 TR
CPB ZZ 2 FUND
CPB ZZ1 FUND
C-QUADRAT ACTIVE BALANCED T
C-QUADRAT ACTIVE GLOBAL EQUITY T
C-QUADRAT ARTS BEST MOMENTUM T
C-QUADRAT ARTS TOTAL RETURN BALANCED T
C-QUADRAT ARTS TOTAL RETURN GLOBAL - AMI
C-QUADRAT ARTS TOTAL RETURN SPECIAL T
C-QUADRAT BEST FONDS BASIC T
CREDIT SUISSE BF LUX CHF B T
CREDIT SUISSE BF LUX SHORT TERM CHF B T
CREDIT SUISSE EF (LUX) USA VALUE B
CRYSTAL ROOF RUBIN T
CRYSTAL ROOF SAFIR T
CRYSTAL ROOF SMARAGD T
CS EF LUX GLB VALUE R CHF
CS EUROREAL A
DBXT DBLCI
DBX TRACKERS DJ EU STX 50 1D
DEEP BONUS 30 ZERT.EUROSTOXX 50
DEGI EUROPA
DEKARENT INTERNATIONAL CF
DEXIA BOND EURO INFLATION LINKED C T
DEXIA EQUITIES B EUROPEAN PROPERTY C T
DEXIA QUANT EQUITIES EUROPE C T
DEXIA QUANT EQUITIES USA C T
DEXIA SUSTAINABLE MEDIUM C CAP T
DIT GLOBAL MARKETS BOND UNITS
DJE ABSOLUT P
DJE INTERCASH P
DJE RENTEN GLOBAL P
DKLT EM BD UNITS CF DISTRIBUTION
DWS AKKUMULA T
DWS AKTIEN STRAT DEUTSCHLAND
DWS BIOTECH TYP 0
DWS DEUTSCHLAND
DWS ENERGY TYP O
DWS FLEX PENS 2014 T
DWS FLEXPENSION 2015 T
DWS FLEXPENSION II 2019 T
DWS HEALTH CARE TYP O
DWS INTER RENTA
DWS INVEST CHINESE EQUITY LC EUR
DWS INVEST EUROPEAN EQUITIES T
DWS INVEST GLOBAL AGRIBUSINESS LC
DWS INVEST TOP 50 ASIA LC
DWS INVEST TOP 50 ASIA T
DWS OSTEUROPA FCP UNITS CAPITALISATION T
DWS SHIFT 2015 EUR T
DWS TELEMEDIA TYP O
DWS TOP 50 ASIEN T
DWS TOP 50 WELT
DWS TOP DIVIDENDE ANTEILE
DWS VERMOEGENSBILDUNGSFOND I A
E+S ERFOLGS INVEST T
ECOFIN INDEX AKTIEN GLOBAL T
ESPA BEST OF AMERICA T
ESPA BEST OF EUROPE T
ESPA BEST OF HEALTHCARE T
ESPA BEST OF WORLD T
ESPA BOND DANUBIA T
ESPA BOND DOLLAR A
ESPA BOND DOLLAR CORP T
ESPA BOND EMERGING MARKETS
ESPA CASH EURO MIDTERM A
ESPA CASH EURO PLUS T
ESPA PORTFOLIO BALANCED 50 T
ESPA PORTFOLIO BALANCED 30 T
ESPA PORTFOLIO BOND T
ESPA SELECT BOND T
ESPA STOCK ASIA INFRASTRUCTURE T
ESPA STOCK ISTANBUL T
ESPA STOCK NEW CONSUMER T
ESPA STOCK PHARMA T
ESPA STOCK VIENNA A
ETF DACHFONDS P
ETHNA AKTIV E T
ETHNA AKTIV E UNITS
ETHNA GLOBAL DEFENSIV A
FAIR INVEST BALANCED T
FI ALPHA RENTEN GLOBAL
FIDELITY EURO BOND FUND A
FIDELITY EUROPEAN FUND T EUR
FIDELITY EUROPEAN GROWTH FUND A
FIDELITY FDS SOUTH E ASIA A
FIDELITY FDS SOUTH E ASIA A USD
FIDELITY FNDS GL CONS IND A
FIDELITY FNDS GL TECH FD A
FIDELITY FNDS GLO FIN SVC A
FIDELITY FNDS GL HEALTH C A EUR
FIDELITY FNDS STERLING BD A GBP
FIDELITY FUND CHINA FC A USD
FIDELITY FUNDD II AUD CURRENCY FUND
FIDELITY FUNDS INTERNATIONAL USD FUND
FIDELITY FUNDS LATIN AMERICA FUND USD
FIDELITY FUNDS MALAYSIA FUND A USD
FIDELITY FUNDS PACIFIC FUND USD
FIDELITY FUNDS WORLD FUND
FIDELITY GLOBAL PROPERTY FUND A EUR
FIDELITY JAPAN FUND A JPY
FIDELITY JAPAN SMALLER COMPANIES FUND A JPY
FIDELITY MODERATE FPS EUR FUND
FIDELITY PS GLOBAL GROWTH FUND A USD
FIDELITY PS GROWTH FUND A
FIDELITY SOUTH EAST ASIA T USD
FORTIS L FUND EQ ENRGY WD CC
FRANK TE IN FR GL SMC G AACC
FRANKLIN INDIA FUND T EUR
FRANKLIN TEMPLETON BRIC FUND
GARTMORE CONTINENTAL EUROPEAN SHS A1
GLOBAL ADVANTAGE EMERGING MARKETS HIGH VALUE T
GLOBAL HEALTH CARE
GOLDEN ROOF BRANCHEN T
GOLDEN ROOF WELT R T
GOLDMAN SACHS EUROP COR E BA
GUTMANN VORSORGEFONDS A
HENDERSON GLOBAL TECHNOLOGY A2 USD
HSBC GIF CHINESE EQUITY AD USD
HSBC GLOBAL INDIAN EQUITY USD
INDUSTRIA A EUR
INVESCO ASIA INFRASTRUCT A USD
INVESCO EMERGING MARKETS BOND A
INVESCO GLB HEALTH CARE A USD
INVESCO GLOBAL TECHNOLOGY A USD
INVESCO JAPANESE EQUITY A
INVESCO JAPANESE SMALL/MID CAP EQUITY A
INVESCO JAPANESE VL EQUITY T JPY
INVESCO PACIFIC EQUITY A USD
INVESCO PAN EUR STRUC EQTY A
INVESCO PAN EUROPEAN EQUTIY T
INVESCO PAN EUROPEAN SMALL CAP EQUITY T
INVESCO UMWELT UND NACHHALTI
ISHARES ATX DE
ISHARES DAX DE
ISHARES DJ EURO STOXX 50 DE
ISHARES DJ EURO STOXX SD 30
ISHARES EB.REXX JUMBO PFANDBRIEFE
ISHARES EUROSTOXX SEL DVD 30
ISHARES MSCI EMERGING MARKET
ISHARES MSCI WORLD
ISHARES MSCI WORLD ACC
ISHARES S+P LISTED PRIVATE EQUITY USD
JB EUROPE GRWTH STOCK B EUR
JB GBP STERLING CASH FUND B
JP MORGAN FLEMING EUROPE SMALL CAP FUND
JPM AMERICA EQUITY A USD
JPM EMERGING MARKETS DEBT A DIS EUR HGD
JPM EMERGING MARKETS EQUITY A USD
JPM GLOBAL TOTAL RETURN T EUR
JPM INDIA FUND A USD
JPM LATIN AMERICA A USD
JPM MORGAN US SMALL CAP GROWTH A DIS USD
JPM PACIFIC EQUITY A DIST USD
JPM US TECHNOLOGY A USD
D
81
D
82
JPMORGAN EUROPE STRATEGIC VALUE A
JPMORGAN F EAST EURO E A
JULIUS BAER MULTISTOCK BLACK SEA FUND A
KBC ECO FUND WATER C
KBC EQUITY FD FOOD & BEVERAGES C
KBC RENTA NOKRENTA B CAP NOK
KBC RENTA NZD RENTA CAP
KEPLER ETHIK AKTIENFONDS A
LLOYDS TSB MF NEW ZEALAND NZD
LO FUNDS WORLD GOLD EXPERTISE USD P
LO FUNDS WORLD GLD EUR PA
LYXOR ETF DJ BUYWRITE PARTS DE CAPITALISATION/DI
LYXOR ETF EURO 5 7Y
LYXOR ETF EURO MTS
LYXOR ETF EUROMTS CBA
LYXOR ETF WORLD WATER
LYXOR EURO MTS 3 5Y
M&G 1 GLOBAL BASIC ACCUMALTED SHARES CLASS A
M&G ASIAN FUND A ACC
M&G GLBL GROWTH EUR A ACC
MAGNA TURKEY FUND A
MARKET ACCESS JIM ROGERS INT COMMODITY INDEX
MLIIF WORLD MINING SHARES A2 CAPITALISATION USD
MMT GLOBAL SELECTION B A
MORGAN STANLEY EMERGING MARKETS DEBT T USD
MORGAN STANLEY EMERGING MARKETS EQUITY T USD
MULTI INVEST OP
NORDASIA FUND T
OEKOWORLD OEKOVISION CLASSIC
OP FOOD ANTEILE A
PEH STRATEGIE FLEXIBEL
PIA AMERICA STOCK FONDS T USD
PIA DOLLAR BOND FONDS T
PIA DOLLAR SHORT TERM BOND A
PIA EURO BOND A
PIA EURO CORPORATE BOND T
PIA MASTER FONDS DYNAMISCH A ANTEILE
PIA MASTER FONDS DYNAMISCH T
PIA MASTER FONDS PROGRESSIV T
PIA MASTER FONDS TRADITIONELL T
PIA MÜNDEL BOND A MITEIGENTUMSANTEILE
PIA SELECT EUROPE STOCK A MITEIGENTUMSANTEILE
PIA SELECT EUROPE STOCK T
PIA TRADERENT T
PICTET FUNDS FCP BIOTECH ANT. P
PICTET ASIAN LOCAL CURRENCY PDY GBP
PICTET FUNDS (LUX) SICAV SECURITY
PICTET FUNDS (LUX) SICAV WATER
PICTET GLOBAL EMERG DEBT P USD
PICTET WATER I
PICTET WATER PDY
PICTET EMERGING DEBT HP
PIONEER AUSTRIA CORP TR IN A
PIONEER CENTRAL EUROPE BD A
PIONEER EM. M.
PIONEER EURO AGGREGATE BOND
PIONEER EURO BOND MEDIUM
PIONEER FDS GLBL ECOLG A AC
PIONEER FDS GLOBAL SEL A A
PIONEER FUNDS CORE EU EQ A
PIONEER FUNDS US DOL S T A USD
PIONEER FUNDS EURO AG BO A=A
PIONEER EM EUR & MED A EUR
PSM GROWTH UI
PSM VALUE STRATEGY UI
QUALITY USA EQUITY FUND B USD
RAIFFEISEN EURO RENT T
RAIFFEISEN OESTERREICH AK A
RAIFFEISEN EURASIEN AKTIEN A
RAIFFEISEN OSTEUROP AKTIEN A
REAL INVEST AUSTRIA A
RINGTURM PIF DYNAMISCH VT
RINGTURM PIF TRADITIONELL VT
ROBECO INT. ASSET MANAGM. BV
RT ABSOLUTE RETURN BOND FUND T
RT ACTIVE GLOBAL TREND T
RT EURO CASH PLUS T
RT OESTERREICH AKTIENFONDS T
RT OSTEUROPA AKTIENFONDS T
RT VIF VERSICHERUNG INTERNATIONAL T
RT VORSORGE § 14 RENTENFONDS A
RT VORSORGE RENTENFONDS T
RT ZUKUNFTVORSORGE AKTIENFONDS T
SCHOELLERB GLOBAL PENSION FONDS
SCHOELLERBANK TOP BAL M T
SCHOELLERBANK AKTIENFONDS A
SCHOELLERBANK AKTIENFONDS T
SCHOELLERBANK AKTIENFONDS WÄHR.T
SCHOELLERBANK AKTIENFONDS WÄHRUNGSGESICHERT
SCHOELLERBANK ANLEIHEFONDS A
SCHOELLERBANK ANLEIHEFONDS T
SCHOELLERBANK ANLEIHENFNDS 14 A
SCHOELLERBANK ANLEIHENFONNDS 14 T
SCHOELLERBANK EURO ALTERNATIV
SCHOELLERBANK EURO ALTERNATIV T
SCHOELLERBANK GLOB RESORCS A
SCHOELLERBANK GLOB RESORCS T
SCHOELLERBANK GLOBAL DYNAMIK T
SCHOELLERBANK KURZINVEST A
SCHOELLERBANK KURZINVEST T
SCHOELLERBANK KURZINVST T
SCHOELLERBANK LIQUID A
SCHOELLERBANK LIQUID T
SCHOELLERBANK NETTO RENT
SCHOELLERBANK NETTORENT T
SCHOELLERBANK PIF T
SCHOELLERBANK REALZINS PLUS A
SCHOELLERBANK REALZINS PLUS T
SCHOELLERBANK USD KURZINVEST T
SCHOELLERBANK USD KURZINVEST ANTEILE A
SCHOELLERBANK USD KURZINVST A
SCHOELLERBANK USD RENTENFONDS A
SCHOELLERBANK USD RENTENFONDS A EUR
SCHOELLERBANK USD RENTENFONDS T
SCHOELLERBANK VORSORGEFONDS
SCHOELLERBANK VORSORGEFONDS T MITEIGENTUMSANTEILE
SCHOELLERBANK ZINSSTRUKTUR PLUS MITEIGENTUMSF.GEM.
SCHÖLLERB.ZINSSTRUK.PLUS
SCHÖLLERBANK (LEMBERGER) USD RENTENFONDS T
SCHÖLLERBANK GLOBAL PENSION
SCHRODER INT EME ASIA A USD ACC
SCHRODER INT HONG KONG EQ AAC HKD
SCHRODER INTL EMG EUROPE A D
SEMPER BOND EURO A
SEMPERPROPERTY EUROPE T
SEMPERSHARE AUSTRIA T
SMART INVEST HELIOS AR B
SPAENGLER BOND CORPORATE A
SPAENGLERR BOND CORPORATE RT
SPECIAL PLUS T
STARCAPITAL UNIVERSAL BONDVALUE UI
SUCCESS ABSOLUTE T
SUCCESS RELATIVE T
SUPERIOR 3 ETHIK A
TEMPLETON ASIA GROWTH FUND T EUR
TEMPLETON EMERGING MARKETS BAL. FUND T
TEMPLETON EMERGING MARKETS FUNDS A YDIS
TEMPLETON GLOBAL TOTAL RETURN T EUR
TEMPLETON GROWTH FUND EURO
TERRASSISI RENTEN I AMI A
THREADNEEDLE EM MK B USD RGA
THREADNEEDLE EUROPEAN SELECT FUND
THREADNEEDLE US EQUITIES
TOP VARIO MIX T
TRADECOM FONDSTRADER T
TRADITIONAL FUND TR GLOBAL BD GBP DG
UBS (LUX) STRATEGY FUND FCP BALANCED T
UBS LUX BOND FUND GBP P ACC
UBS LUX BOND FUND USD P ACC T
UBS LUX BOND FUND CHF P ACC T CHF
UBS LUX MD TRM BND EUR P ACC
UNIASIA T
UNIDEUTSCHLAND
UNIDYNAMICFONDS EUROPA A
UNIFONDS
UNIGLOBAL
UNIJAPAN
UNTERNEHMENSANLEIHENFONDS 2014 GEM
§20 INVFG A
UNTERNEHMENSANLEIHENFONDS 2014 GEM
§20 INVFG T
VONTOBEL EMERGING MARKETS EQUITY B T USD
VONTOBEL USD BOND T
VONTOBEL EURO BOND A
VONTOBEL SWISS MONEY B CHF
VPI WORLD INVEST TM
VPI WORLD SELECT TM
WALSER PORTFOLIO GERMAN SCT
WIENER PRIVATBANK PREMIUM AUSGEWOGEN T
WIENER PRIVATBANK PREMIUM DYNAMISCH T
WSTV ESPA DYNAMISCH
WSTV ESPA PROGRESSIV
WSTV ESPA TRADITIONELL
WSTV ESPA GARANTIE II
WSTV ESPA GARANTIE MITEIGENTUMSFONDS
In accordance with § 20A I
Shares and other non-fixed-income securities (with the
exception of units of RT2 and RT3 institutional funds), and
shares in affiliated companies are valued according to the
strict lower-of-cost-or-market principle (strenges Niederstwertprinzip). Starting in 2008, bonds and other fixed-income
securities have been valued using the less strict lower-ofcost-or-market principle (gemildertes Niederstwertprinzip)
provided for in § 81h(1) VAG. Valuation using the less strict
lower-of-cost-or-market principle resulted in write-downs of
EUR 110,237,000 (EUR 59,833,000) not being performed.
Bonds issued by the Republic of Greece were written down
to market value at the end of 2011. In accordance with Management Board resolutions, holdings of RT2 and RT3 institutional funds were reported as fixed assets and the valuation
relief options provided for in § 81h(2) VAG were not used
until 30 September 2011.
D
83
PwC INTER-TREUHAND GmbH Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft provided confirmation that the
statutory requirements for using the valuation relief options
were satisfied and the existing amount of net hidden reserves was double the size of the write-downs not performed.
Use of the less strict valuation principle resulted in EUR
94,258,000 (EUR 0) in write-downs not being performed for
units of institutional funds.
The Company makes its investments in fixed-income securities, real estate, participations, shares, and structured investment products, taking into account the overall risk position of the Company and the investment strategy provided for
this purpose. The risk inherent in the categories specified
and market risks were taken into account when determining
exposure volumes and limits.
The investment strategy is laid down in the form of investment guidelines that are continuously monitored for compliance by the corporate risk controlling and internal audit
departments. The corporate risk controlling department
reports regularly to the tactical and strategic investment
committee. The internal audit department reports regularly
to the Managing Board.
D
84
As a rule, investments are generally low-risk. The strategic
investment committee decides on possible high-risk investments based on the inherent risk of each individual investment after performing a full analysis of all related risks and
liquidity at risk, and considering all assets currently in the
portfolio and the effects of the individual investments on the
overall risk position.
All known financial risks are assessed regularly and specific
limits or reserves are used to limit exposure. Security price
risk is reviewed periodically using value-at-risk and stress
tests. Default risk is measured using both internal and external rating systems.
An important goal of investment and liquidity planning is to
guarantee that the return on investment remains continuously above the minimum rate of return for the life insurance
class and that adequate amounts of liquid, value-protected
financial investments are maintained for all classes. Liquidity
planning therefore takes into account the trend in insurance
benefits and the majority of investment income is generally
reinvested.
The Company reported assets whose interest payments were
not guaranteed and whose principal repayment might be
defaulted in whole or in part in the balance sheet asset item
“shares and other non-fixed-income securities” with a carrying amount of EUR 29,973,000 (EUR 32,345,000) and a fair
value of EUR 29,973,000 (EUR 33,996,000) as at 31 December 2011.
Austrian banks have the option to tender previously subscribed bank bonds with a value of EUR 15,000,000 in 2013.
It is currently not expected that these options will be exercised.
As a rule, mortgage receivables and other loans, including
those to affiliated companies and companies in which a
participation is held, are valued at the nominal value of the
outstanding receivables. Discounts deducted from loan
principal are spread over the term of the loan and shown
under deferred income on the liabilities side of the balance
sheet.
Valuation allowances of adequate size are formed for doubtful receivables and deducted from their nominal values.
Tangible assets (not including land and buildings) are valued
at cost less depreciation. Low-cost assets are written off in
full in the year of acquisition.
Unearned premiums for property/casualty insurance were
generally calculated by prorating over time after applying a
cost deduction of EUR 17,708,000 (EUR 16,859,000). Unearned premiums for life insurance are formed according to
the amounts prescribed in the business plan. No cost deduction is applied. Unearned premiums for health insurance are
calculated by prorating over time without applying a cost
deduction.
The mathematical reserve is calculated using the formulas
and calculation bases contained in the business plans approved by or submitted to the supervisory authority.
The provision for outstanding claims for direct property/casualty and life insurance business is calculated for
claims reported by the balance sheet date by individually
valuing unsettled claims and adding lump-sum safety margins for large unexpected losses. Lump-sum provisions
based on past experience are formed for claims incurred but
not reported.
In health insurance, provisions for outstanding claims are
calculated by applying lump-sum percentages to payments
made for claims during the financial year. The percentage
rates were unchanged compared to the previous year.
In indirect business, provisions for outstanding claims are
primarily based on reports from ceding companies as of the
31 December 2011 balance sheet date. The reported
amounts were increased where this was considered necessary in light of past experience.
The equalisation provision is calculated in accordance with
the directive of the Austrian Federal Finance Minister, BGBl
(Federal Gazette) No. 545/1991 in the version contained in
BGBl II No. 66/1997. Use was made of the release provision
in § 13.
The provision for profit-related premium refunds and policyholder profit participation includes the amounts earmarked for policyholder premium refunds based on the
business plans and articles of association for which no disposition had been made as of the balance sheet date.
The provisions for severance pay, pensions, and anniversary bonuses are based on the pension insurance calculation principles of the Actuarial Association of Austria (AVÖ),
AVÖ 2008-P (Employees), using a discount rate of 4% p.a.
Company pension plan obligations are measured using the
actuarial entry age normal method (Teilwertverfahren). The
retirement age used to calculate the provisions for anniversary bonuses and severance pay is the statutory minimum
retirement age as stipulated in the Austrian General Social
Security Act (ASVG) (2004 reform), subject to a maximum
age of 62 years for the provision for anniversary bonuses. The
retirement age used to calculate the provision for pensions is
based on each individual agreement. The following percentages were used for employee turnover based on age: <31
7.5%, 31-35 3.5%, 36-40 2.5%, 41-50 1.5%, 51-55 0.5%
and 56-65 0%. (<31 7.5%, 31-35 3.5%, 36-40 2.5%, 41-50
1.5%, 51-55 0.5% and 56-65 0%) The severance entitlement
used to calculate the provision for severance obligations is
based on each individual agreement or on the collective
agreement. The following percentages were used for employee turnover based on age: <30 7.5%, 30-34 3.5%, 35-39
2.5%, 40-50 1.5%, 50-59 1.0% and 60-65 0.5% (<30 7.5%,
30-34 3.5%, 35-39 2.5%, 40-50 1.5%, 50-59 1.0% and 6065 0.5%) The interest expenses for personnel provisions of
EUR 4,550,000 (EUR 4,921,000) are reported under investment and interest expenses. A portion of the direct pen-
sion obligations, in the amount of EUR 25,368,000 (EUR
25,689,000), is administered as an occupational group
insurance plan under an insurance policy concluded in accordance with § 18f to 18j VAG. Provisions are formed for
another portion (actuarial pension amount of EUR 9,603
thousand (EUR 9,804 thousand)). As permitted under the
Austrian Federal Ministry of Finance decree of 3 August
2001, an amount of EUR 295,000 (EUR 273,000) was transferred to an outside insurance company to outsource severance pay obligations. The severance pay provision required
under Austrian corporate law for 2011 was EUR 71,715,000
(EUR 70,216,000). The amount earmarked for satisfying the
outsourced severance pay obligations that was held by the
outside insurance company was EUR 63,590,000 (EUR
60,682,000). The difference of EUR 14,461,000 (EUR
14,721,000) between the size of the severance pay provisions to be formed under Austrian corporate law and the
deposit held by the outside insurance company is reported in
the provisions for severance pay in the balance sheet.
Amounts denominated in foreign currencies are translated
to euros using the appropriate mean rate of exchange.
A portion of the underwriting items for assumed reinsurance
business and the associated retrocessions for property/casualty and life insurance is deferred for one year before being shown in the annual financial statements.
The following disclosures are provided for off-balance sheet
contingent liabilities: Letters of comfort and liability undertakings totalling EUR 40,582,000 (EUR 38,904,000) have
been issued in connection with a real estate purchase and
borrowing. Liability undertakings totalling EUR 278,000
(EUR 72,000) have been issued in connection with loan
repayments and bank guarantees.
A total of EUR 29,149,000 (EUR 29,149,000) relates to
letters of comfort with affiliated companies.
III. NOTES TO THE BALANCE SHEET
The value of developed and unimproved properties was
EUR 74,135,000 (EUR 73,788,000) as of 31 December
2011.
The carrying amount of owner occupied property was EUR
53,272,000 (EUR 53,444,000).
D
85
Other loans not secured by insurance contracts were composed of the following: loans to the Republic of Austria in the
amount of EUR 28,408,000 (EUR 31,813,000), loan receivables from other public bodies in the amount of EUR
26,653,000 (EUR 30,885,000) and loan receivables from
other borrowers in the amount of EUR with 188,428,000
(EUR 159,300,000).
The fair value of EUR 410,899,000 (EUR 373,548,000) for
land and buildings is composed of market value appraisals
for the years 2007 to 2011 as follows: 2011: EUR
139,434,000, 2010: EUR 124,275,000 (EUR 124,275,000),
2009: EUR 59,857,000 (EUR 69,547,000), 2008: EUR
44,017,000, (EUR 99,124,000), 2007: EUR 43,316,000,
(EUR 80,602,000).
The fair values of the investments are:
In health insurance, the mathematical reserve is calculated
using actuarial principles in accordance with § 18c VAG for
all portfolio groups.
Items under § 81c Abs. 2
VAG
Market value
31/12/11
Market value
31/12/10
In EUR '000
D
Land and buildings
Shares in affiliated companies
Bonds and other securities of and
loans to affiliated companies
Participations
Bonds and other securities of and
loans to other companies in which
an ownership interest exists
Shares and other non-fixedinterest securities
Bonds an other fixed-income
securities
Shares in joint investments
Mortgage receivables
Policy prepayments
Other loans
Bank balances
Deposit receivables
410,899
1,814,938
373,548
1,743,071
925,151
290,470
821,908
350,939
36,716
37,306
2,631,971
3,066,979
3,762,691
32,107
352,300
16,981
243,489
49,090
3,377
3,897,843
40,787
371,803
18,026
221,998
116,409
18,306
10,570,180
11,078,923
86
Hidden reserves totalled EUR 463,129,000 (EUR
792,320,000) as of 31 December 2011. The fair value of the
shares in affiliated companies and shares in companies in
which a participation is held is equal to the stock exchange
value or other available market value (up-to-date internal
measurement calculations). If no stock exchange value or
other market value is available, the purchase price is used as
the fair value, if necessary reduced by any write-downs or a
proportionate share of the publicly reported equity capital,
whichever is greater. For shares and other securities, stock
exchange values or carrying amounts (purchase price, reduced by write-downs if necessary) are used as the fair value.
The remaining investments were valued at their nominal
values, reduced by write-downs where necessary.
The fair values of land and buildings were determined in
accordance with the recommendations of the Austrian Association of Insurance Companies. All properties are individually valued during a 5-year period.
For individual insurance, the mathematical reserve is calculated exclusively for each individual policy. This also applies
to new business in the group insurance area affected by the
1994 amendment to the Austrian Insurance Contract Act
(VersVG). A lump-sum mathematical reserve is formed for
the remaining group policies. The mathematical reserve is
generally calculated using the prospective method. The
calculation of the mathematical reserve takes into account
the fact that the mathematical reserve for a policy is forfeited
in favour of the community of the insured (Versichertengemeinschaft) in the event of early policy termination or death
of the insured.
The claims frequencies used for the actuarial calculation of
the mathematical provision are primarily derived from analyses of the Company's own claims experience. Mortality rates
were mainly taken from the Austrian 2000/2002 general
mortality tables. Consistent with the premium calculation,
the mathematical reserve is generally calculated using a
discount rate of 3% p.a.
In life insurance, the mathematical reserve is calculated
using principles laid down in business plans and approved by
the supervisory authority and using calculation bases submitted to the supervisory authority.
The mathematical reserve is calculated for each individual
case, with the prospective method being used almost exclusively.
The main probability tables used are the following:
For endowment insurance policies
For annuity insurance policies
DM 24/26
ÖVM 80/82
ÖVM/ÖVF 90/92
ÖVM/ÖVF 00/02
EROM/EROF
AVÖ 1996 R
AVÖ 2005 R
For a large portion of the portfolio, the mathematical reserve
is calculated using a discount rate of 3% p.a. Starting in
1995, a discount rate of 4% p.a. was used for certain policies,
and between 1 July 2000 and 31 December 2003 a discount
rate of 3.25% p.a. was used. For policies with coverage beginning on or after 1 January 2004 the discount rate is
2.75% p.a., and on or after 23 September 2005 the discount
rate is 2.25% for employer group policies. The discount rate
is 2.25% for policies concluded on or after 1 January 2006,
and 2.0% p.a. on or after 1 April 2011.
The amount shown under other liabilities includes EUR
24,137,000 (EUR 22,953,000) in tax liabilities and EUR
3,186,000 (EUR 3,167,000) in social security liabilities.
D
87
The following balance sheet items are accounted for by affiliated companies and companies in which an ownership interest
is held:
Affiliated companies
In EUR '000
2011
Mortgage receivables
Deposit receivables
Receivables from direct insurance business
Receivables from reinsurance business
Other receivables
Deposits retained
Liabilities from direct insurance business
Liabilities from reinsurance business
Other liabilities
33,513
10,247
2,681
14,373
108,004
173,857
1,253
10,106
902,631
2010
37,761
10,452
12,356
23,521
105,269
122,532
436
12,132
905,918
Companies in which an ownership
interest existis
2011
2010
5,067
0
1,417
78
255
0
1
16
2
5,064
0
1,358
114
195
0
50
10
0
Liabilities arising from the use of off-balance sheet tangible assets were EUR 31,622,000 (EUR 25,097,000) for the following
financial year and EUR 166,032,000 (EUR 148,922,000) for the following five years.
The book values of intangible assets, land and buildings, investments in affiliated companies and ownership interests
have changed as follows:
D
Intangible
assets
Land and
buildings
Shares
in affiliated
companies
Bonds and other
securities of and
loans to
affiliated
companies
Participations
Bonds and other
securities of and
loans to
companies in
which an
ownership
interest is held
821,440
71,001
9,147
11,416
0
0
30,000
924,710
276,068
101
3,227
0
0
350
0
272,592
37,306
712
1,302
0
0
0
0
36,716
In EUR '000
88
As of 31 December 2010
Additions
Disposals
Rebooking
Appreciation
Capital consumption
Change due to value adjustments
As of 31 December 2011
17,072
2,465
7
0
0
3,669
0
15,861
273,844
3,417
0
0
693
8,175
0
269,779
1,484,257
97,435
311
0
0
16,000
0
1,565,381
IV. NOTES TO THE INCOME STATEMENT
The premiums written, earned premiums, expenses for insurance claims, operating expenses and reinsurance balance in property/casualty insurance in 2011 are broken down as follows:
Gross
Premiums written
Net earned
premiums
Expenses for claims
and insurance
benefits
Administrative
expenses
Reinsurance
balance
In EUR '000
Direct business
Fire and fire business interruption insurance
Liability insurance
Household insurance
Motor liability insurance
Legal expenses insurance
Marine, aviation, and transport insurance
Other insurances
Other motor vehicle insurance
Other non-life insurance
Casuality insurance
203,626
114,451
76,803
190,036
26,949
32,799
33,955
123,926
161,986
96,352
200,225
114,270
76,804
190,949
26,963
31,979
33,963
123,264
161,545
96,770
127,230
63,660
37,852
129,396
12,698
20,827
39,906
96,294
112,309
57,248
38,976
32,405
19,973
36,081
6,733
7,673
6,812
26,764
39,352
22,290
–54,664
–23
–2,578
–1,193
320
–4,885
10,147
–3,285
–13,242
–2,170
1,060,883
1,037,091
1,056,732
1,044,202
697,420
670,877
237,059
234,458
–71,573
–102,703
Indirect business
Marine, aviation, and transport insurance
Other insurances
37
5,258
37
5,355
–74
11,430
13
1,665
8
2,540
Previous year value
5,295
9,425
5,392
9,504
11,356
11,180
1,678
1,863
2,548
16
1,066,178
1,046,516
1,062,124
1,053,706
708,776
682,057
238,737
236,321
–69,025
–102,687
Previous year value
Direct and indirect business
Previous year value
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89
The reinsurance balance includes earned reinsurance premiums, effective reinsurance claims and reinsurance commissions.
Premiums written for health insurance in 2011 are broken down as follows:
2011
2010
In EUR '000
Direct business
Individual insurance
Group insurance
Indirect business
Group insurance
235,679
99,657
230,122
97,566
109
75
335,445
327,763
Premiums written had the following breakdown for life insurance in 2011:
2011
2010
In EUR '000
Direct business
Indirect business
869,568
1,055,076
3,360
3,440
872,928
1,058,516
Direct premiums for life insurance were composed of the following:
2011
2010
In EUR '000
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90
Individual insurance
Group insurance
794,651
74,917
984,289
70,787
Single premium policies
Policies with regular premium payments
869,568
233,069
636,499
1,055,076
408,703
646,373
Policies with profit participation
Policies without profit participation
Unit-linked life insurance policies
Index-linked life insurance policies
869,568
410,519
2,951
412,786
43,312
1,055,076
449,253
3,260
556,730
45,833
869,568
1,055,076
The branch office in Italy wrote direct premiums of EUR 8,963,000 (EUR 59,653,000) and had an underwriting result of EUR
198,000 (EUR 4,798,000). The exception rule of § 81o(6) VAG was used.
The reinsurance balance for life insurance was negative in 2011, with a value of EUR 1,499,000 (EUR 1,717,000). The result
from indirect business was EUR 212,000 (EUR 540,000). The reinsurance balance for health insurance was negative in 2011,
with a value of EUR 8,010,000 (EUR 9,109,000). The result from indirect business was EUR 75,000 (EUR 64,000). A portion
of the net earned premiums of EUR 5,392,000 (EUR 9,504,000) from indirect property/casualty insurance business had been
deferred one year before being recognized in the income statement. Of the EUR 3,364,000 (EUR 3,443,000) in net earned
premiums from indirect life insurance business, EUR 332,000 (EUR 391,000) was deferred for one year before being shown in
the income statement.
Of the income from participations, income from other investments and income from land and buildings shown in the
income statement, affiliated companies accounted for the following amounts:
2011
2010
In EUR '000
Life insurance
42,631
10,808
26,061
4,388
Total
53,439
30,449
Health insurance
Life insurance
21,454
1,199
15,449
20,415
2,112
14,909
Total
38,102
37,436
Income from land and builing
Health insurance
Life insurance
62
17
517
0
75
532
Total
596
607
All of the investment income in the life insurance and health insurance segments was transferred to the underwriting account,
as investment income is a component of the underwriting calculations in both segments. In the property/casualty segment,
only deposit interest income for indirect business was transferred to the underwriting account.
D
The expenses for insurance claims and benefits, administrative expenses, other underwriting expenses and investment expenses include:
2011
2010
In EUR '000
Wages and salaries
Expenses for severance benefits and payments to company pension plans
Expenses for retirement provisions
Expenses for statutory social contributions and income-related contribution and
mandatory contributions
Other social security expenses
119,102
4,038
15,831
112,932
7,980
13,428
40,970
1,476
46,788
1,807
Commissions of EUR 180,057,000 (EUR 174,553,000) were incurred for indirect business in 2011.
Losses on disposals of investments were EUR 7,436,000 (EUR 1,882,000) in financial year 2011.
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The valuation reserve shown on the balance sheet as of 31 December 2011 and releases over the fiscal year are
broken down by asset item as follows:
As of
31/12/2010
Release
As of
31/12/2011
In EUR '000
Land and buildings
Shares in affiliated companies
Shares and other non-fixed-income securities
51,605
226
26,456
78,287
1,263
0
23,244
24,507
50,342
226
3,212
53,780
The formation and release of untaxed reserves resulted in an increase in income tax expenses of EUR 316,000 (EUR
7,682,000) for the financial year.
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V. PROFIT PARTICIPATION
LIFE INSURANCE
HEALTH INSURANCE
Under the FMA regulation of 20 October 2006 on profit
participation in the life insurance sector (GBVVU), the expenses for profit-related premium refunds and policyholder
profit participation plus any direct credits must be at least
85% of the assessment base.
All policies with an adjustment clause whose premiums were
not increased by the required actuarial amount when 2011
premium adjustments were performed receive a special
profit share on 31 December 2011.
The size of the profit share equals the single-premium
amount that is necessary to provide relief to elderly persons
covered by health insurance.
Under § 7 of the Financial Market Authority (FMA) regulation
on profit participation in the health insurance industry
(GBVKVU) of 12 June 2007, this regulation is applicable to
policies whose actuarial bases were submitted after 30 June
2007 and whose terms provide for profit participation. The
expenses for profit-related premium refunds plus any direct
credits must be at least 85% of the assessment basis for the
health insurance policies concerned.
The assessment basis within the meaning of § 3(1) GBVKVU
is calculated as follows for health insurance policies eligible
for profit participation:
In EUR ´000
Earned premiums
6,013
Expenses for insurance claims
including changes to underwriting reserves
Operating expenses
-5,114
Other underwriting and
non-underwriting income/expenses
Investment and interest income
and expenses
Assessment base as at 31/12/2011
-2,320
The assessment basis within the meaning of § 3(1) GBVVU is
calculated as follows for life insurance policies eligible for
profit participation:
In EUR ´000
Earned premiums
405,522
Expenses for insurance claims
including changes to underwriting reserves
Operating expenses
-478,605
Other underwriting and
non-underwriting income/expenses
Investment and interest income
and expenses
Assessment base as at 31/12/2011
-66,324
-3,780
165,366
22,179
As a general rule, the listed income and expense items were
calculated directly. Where this was not possible, an allocation was performed as far as possible on the basis of origin in
accordance with the provisions of § 3(2) GBVVU.
Expenses for profit participation, including direct credits,
were EUR 23,744,000 in 2011 (EUR 21,279,000), representing 107.1% of the assessment basis.
-20
271
-1,170
The Managing Board of Wiener Städtische Versicherung AG
has adopted a resolution providing the following earnings
appropriation as of 31 December 2011 for the insurance
policies in the following various profit classes depending on
the guaranteed actuarial interest rate:
As a general rule, the listed income and expense items were
calculated directly. Where this was not possible, an allocation was performed as far as possible on the basis of origin in
accordance with the provisions of § 3(2) GBVKVU. The option
provided for in § 3(3) GBVKVU to apply a prior deduction to
the calculation of the assessment basis was used.
Since the assessment basis is negative, the percentage rate
specified in § 6(1) GBVKVU was not calculated.
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93
Profit Class A
Profit Class B
1. In accordance with policy terms and conditions, all insurance policies in Profit Class A that belong to Settlement Class
92 receive the following profit shares:
In accordance with policy terms and conditions, all insurance
policies in Profit Class B receive profit shares equal to 15% of
the annual net premium.
a)
An interest profit share equal to 0.25% of the mathematical reserve specified in the business plan at the beginning of the current insurance year.
b)
A total profit share equal to 2.5% of the sum insured
upon death for policies that have a proper adjustment
letter and no regular premium payments outstanding,
and 1% for all other policies.
Ordinary life insurance policies with a sum insured of at least
EUR 726.73 and a policy term of at least 12 years that are
included in Profit Class B also receive a final profit share
equal to 20% of the sum insured upon maturity of the sum
insured in 2012 in the case of survival. The special profit
shares approved in 1983 and 1984 are counted toward this
final profit share.
c)
A final profit share upon maturity of the endowment sum
in 2012 equal to an interest profit share as per point a)
on the total matured capital.
Profit Class D
2. In accordance with policy terms and conditions, all insurance policies in Profit Class A that belong to Settlement Class
96 (single-premium insurance policies) receive the following
profit shares:
a)
b)
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3. In accordance with policy terms and conditions, all insurance policies in Profit Class A, with the exception of policies
in Settlement Classes 92 and 96, receive the following profit
shares:
a)
b)
A total profit share equal to 3.5% of the sum insured
upon death for policies that have a proper adjustment
letter and no regular premium payments outstanding,
and 2% for all other policies.
c)
In accordance with policy terms and conditions, all insurance
policies in Profit Class D receive the following profit shares:
a)
b)
A total profit share equal to 2% of the sum insured upon
death for policies that have a proper adjustment letter
and no regular premium payments outstanding, and 1%
for all other policies.
c)
in 2012 equal to a single interest profit share as per
point a) on the total matured capital for single-premium
policies, and equal to a single interest profit share as per
point a) on the total matured capital for policies with
regular premiums and a premium payment period of
less than 20 years, or equal to double the interest profit
share for policies with a premium payment period of 20
years or more.
Profit Classes F, H, I, J, L, X, Y and S
1. In accordance with policy terms and conditions, all insurance policies in Profit Classes F, H, I, J, L, X, Y and S that
belong to Settlement Class 2004 receive the following profit
shares:
a)
An interest profit share equal to 0.50% of the contractual mathematical reserve at the beginning of the current insurance year.
b)
A total or additional profit share equal to 1% of the sum
insured upon death, the contractual annuity redemption
value or the endowment sum for policies with no regular
premium payments outstanding.
c)
in 2012 equal to the interest profit share as per point a)
on the contractual mathematical reserve and, in the
case of Profit Class F or S, an additional 3.25% of the
profit reserve existing as at the balance sheet date, regardless of whether payout is in the form of an annuity
or a lump-sum payment.
the case of annuity contracts, the corresponding final
profit share is allocated only if the payout is made in the
form of an annuity.
d)
b)
A total or additional profit share equal to 1% of the sum
c)
A final profit share on maturity of the endowment sum in
2012 equal to a single interest profit share as per point a)
on the contractual mathematical reserve for singlepremium policies, and equal to a single interest profit
share as per point a) on the contractual mathematical
reserve for policies with regular premiums and a premium payment period of less than 15 years, or equal to
double the interest profit share as per point a) on the
contractual mathematical reserve for policies with a
premium payment period of 15 years or more and, in the
profit reserve existing as at the balance sheet date. In
Special profit share as additional final profit share upon
maturity of the endowment sum for policies with regular
premium payments equal to the interest profit share
applicable at the time. In the case of annuity contracts,
this special profit share is allocated only if the payout is
made in the form of an annuity.
shares:
a)
b)
A total or additional profit share for policies with no
regular premium payments outstanding, equal to 1% of
the sum insured upon death or the contractual annuity
redemption value or the endowment sum, plus an administrative cost bonus equal to 0.15% of the sum insured upon death or the contractual redemption value
or the endowment sum for each year of the policy term
and/or period of deferment, distributed over the last five
years of the policy term and/or period of deferment.
shares:
a)
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95
c)
point a) on the contractual mathematical reserve for
single-premium policies, or equal to double the interest
profit share as per point a) on the contractual mathematical reserve for policies with regular premium payments plus, in the case of Profit Class F or S, 3.25% of
the profit reserve existing as at the balance sheet date.
In the case of annuity contracts, the corresponding final
profit share is allocated only if the payout is made in the
form of an annuity.
4. In accordance with policy terms and conditions, all insurance policies in Profit Class F that belong to Settlement Class
2008 receive the following profit shares:
a)
b)
regular premium payments outstanding, equal to 1% of
the sum insured upon death or the contractual annuity
redemption value or the endowment sum, plus an administrative cost bonus equal to 0.15% of the sum insured upon death or the contractual annuity redemption
value or the endowment sum for each year of the policy
term and/or period of deferment, distributed over the
last five years of the policy term and/or period of deferment.
c)
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96
c)
belong to Settlement Class 2011E or 2011R receive the
following profit shares:
a)
b)
premium payments outstanding, equal to 0.5% of the
contractual annuity redemption value or the endowment
sum, plus an administrative cost bonus equal to 0.15%
of the contractual annuity redemption value or the endowment sum for each year of the policy term and/or
period of deferment for policies with a term and/or deferment period of 15 years or more, distributed over the
last five years of the policy term and/or period of deferment.
c)
the profit reserve existing as at the balance sheet date,
regardless of whether payout is in the form of an annuity
A final profit share upon maturity of the endowment
capital in 2012 equal to a single interest profit share as
per point item a) on the contractual actuarial reserve,
plus 3.25% of the profit reserve existing as at the balance sheet date. In addition to this final profit share, a
"goal" bonus of EUR 73.00 for each EUR 50.00 of
monthly premiums is credited to policies with Annex
TBL, provided the contractual premium is paid as
agreed until policy expiration.
belong to Settlement Class 2011G receive the following profit
shares:
a)
b)
regular premium payments outstanding, equal to 1‰ of
the sum insured upon death, plus an administrative cost
bonus equal to 0.15% of the sum insured upon death or
the annuity present value or the endowment sum for
each year of the policy term and/or period of deferment
for policies with a term and/or deferment period of 15
years or more, distributed over the last five years of the
policy term and/or period of deferment.
the profit reserve existing as at the balance sheet date.
7. In accordance with policy terms and conditions, all insurance policies in Profit Classes F, H, I, J, L, X, Y and S, with the
exception of policies in Settlement Classes 2004, 2006,
2007, 2008, 2011E, 2011G and 2011R, receive the following
profit shares:
a)
b)
c)
A total or additional profit share equal to 1‰ of the sum
in 2012 equal to the interest profit share as per point a)
on the contractual mathematical reserve and, in the
profit reserve existing as at the balance sheet date, regardless of whether payout is in the form of an annuity
surance year for policies with no regular premium payments outstanding.
3. In accordance with policy terms and conditions, all whole
life endowment insurance policies in Profit Class WVN that
shares:
a)
b)
An additional profit share equal to 25% of the risk premium included in the total premium for the current insurance year for policies with no regular premium payments outstanding.
life endowment insurance policies in Profit Class WVN, with
the exception of policies in Settlement Classes 2004, 2006
and 2011, receive the following profit shares:
a)
b)
Profit Class WVN
shares:
a)
b)
shares:
a)
b)
Profit Class FLV
1. In accordance with policy terms and conditions, all insurance policies in Profit Class FLV that belong to Settlement
Class 2008 receive the following profit shares:
0.3% p.a. of the assets of the fund in question will be distributed as profit for policies with no premium payments outstanding.
2. In accordance with policy terms and conditions, all insurance policies in Profit Class FLV that belong to Settlement
Class 2010 receive the following profit shares:
0.3% p.a. of the assets of the fund in question will be distributed as profit for policies with no premium payments outstanding.
An additional profit share equal to 25% of the risk premium included in the total premium for the current in-
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97
3. In accordance with policy terms and conditions, all insurance policies in Profit Class FLV, with the exception of policies in Settlement Classes 2008 and 2010, receive the following profit shares:
2. In accordance with policy terms and conditions, all risk
insurance policies with regular premium payments in Profit
Class K that belong to Settlement Class 05 receive the following premium bonus:
a)
Policies with regular premium payments: A profit share
equal to 3% of the premium set for the insurance year
beginning in 2011.
b)
Single-premium policies: A profit share equal to 3 ‰ of
the single premium of the master insurance policy at the
beginning of the insurance year falling in the year 2011.
a)
65% of the premium set for the insurance year beginning in 2011 for policies 3GP, 3FP, H3P, H3G, K3P and
K3G
4. For premium shares and capital shares invested in the
cover fund (Deckungsstock) of the traditional life insurance
policy, the approved total interest is distributed equally over
all of the days of the calendar year and partial amounts credited continuously to their portion of the cover fund. Total
interest of 3.25% p.a. will be credited to the corresponding
mathematical reserve in 2012.
b)
20% of the premium set for the insurance year beginning in 2012 for all remaining policies.
Profit Class ZV – Retirement provision
D
Class K that belong to Settlement Class 99 receive a premium bonus equal to 65% of the premium set for the insurance year beginning in 2012.
For premium shares and capital shares invested in the cover
fund (Deckungsstock) of the traditional life insurance policy,
the approved total interest is distributed equally over all of
the days of the calendar year and partial amounts credited
continuously to their portion of the cover fund. Total interest
of 3.25% p.a. will be credited to the corresponding mathematical reserve in 2012.
98
insurance policies with regular premium payments and supplementary risk insurance policies in Profit Class K, with the
exception of policies in Settlement Classes 99 and 05, receive a premium bonus equal to 25% of the premium set for
the insurance year beginning in 2012.
4. In accordance with policy terms and conditions, all dread
disease supplementary insurance policies with regular premium payments for lump-sum payment and premium waiver
in the event of serious illnesses or need for extensive nursing
care receive a premium bonus equal to 10% of the supplementary policy premium set for the insurance year beginning
in 2012.
Profit Class BU with profit participation
In accordance with policy terms and conditions, all occupational disability policies in Profit Class BU with profit participation receive profit shares equal to 35% of the insurance
premium, accumulated with interest at 3.25% and paid out
at the end of the policy term.
Profit Class R
1. In accordance with policy terms and conditions, all insurance policies in Profit Class R (including policies in Settlement Classes 87 and 99), with the exception of policies
whose annuity payments have already started, receive the
following profit shares:
Profit Class BU with premium bonus
In accordance with policy terms and conditions, all occupational disability insurance policies and supplementary occupational disability insurance policies with regular premium
payments in Profit Class BU with premium bonus receive a
premium bonus equal to 35% of the policy premium or supplementary policy premium set for the insurance year beginning in 2012.
a)
b)
An additional profit share equal to 1 ‰ of the contractual annuity redemption value or endowment sum for
policies with no regular premium payments outstanding.
Profit Class K / DD supplementary policy
c)
insurance policies with regular premium payments in Profit
2. In the case of insurance policies in Settlement Class 2000
whose annuity payments have already started and are in
their second year of payments or later, annuities whose payments have already started receive an increase starting as of
1 January 2011 equal to 0.00% of the last annuity payment.
The bonus interest rate is 3.25% for bonus annuity agreements.
b)
An additional profit share equal to 1‰ of the contractual annuity redemption value for policies with no regular premium payments outstanding.
c)
A final profit share on maturity of the endowment sum in
2012 equal to an interest profit share as per point a) on
the total mathematical reserve.
2. In the case of insurance policies in Profit Class Z whose
annuity payments have already started and are in their second year of payments or later, annuities whose payments
have already started receive an increase starting as of 1
January 2011 equal to 0.25% of the last annuity payment.
6. For insurance policies that are not in Settlement Classes
2000, 2004, 2006 and 2011 whose annuity payments have
already started and are in their second year of payments or
later, annuities whose payments have already started receive
an increase starting as of 1 January 2012 equal to 0.25% of
the last annuity payment. The bonus interest rate is 3.25%
for bonus annuity agreements.
Profit Class FPZ
1. In accordance with policy terms and conditions, all insurance policies in Profit Class FPZ in the “Single” policy form
receive profit shares equal to 25% of the risk premium at the
beginning of the current insurance year, provided the first
annuity payment has not yet become payable. These will be
transferred to an investment fund for the acquisition of fund
units.
2. Insurance policies in Profit Class FPZ are subject to the
provisions of Profit Class Z starting as of the time of liquidation.
Profit Class BKV
1. In accordance with policy terms and conditions, all insurance policies in Profit Class BKV that belong to Settlement
Class 2006 with equal distribution receive the following profit
shares:
The profit share approved for the entire calendar year and
the guaranteed minimum interest are distributed equally
over all of the days of the calendar year and partial amounts
credited continuously to their portion of the cover fund. Total
interest of 4.00% p.a., equal to the sum of the profit share
and guaranteed minimum interest, will be credited to the
corresponding mathematical reserve in 2012.
Profit Class Z
1. In accordance with policy terms and conditions, all supplementary pension insurance policies in Profit Class Z, with
the exception of policies whose annuity payments have already started, receive the following profit shares:
Class 2011 with equal allocation receive the following profit
shares:
a)
The profit share approved for the entire calendar year and
the guaranteed minimum interest are distributed equally
over all of the days of the calendar year and partial amounts
A profit share equal to 0.25% of the mathematical reserve specified in the business plan at the beginning of
the current insurance year.
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99
credited continuously to their portion of the cover fund. Total
interest of 4.00% p.a., equal to the sum of the profit share
and guaranteed minimum interest, will be credited to the
corresponding mathematical reserve in 2012.
3. In accordance with policy terms and conditions, all insurance policies in Profit Class BKV - classic that belong to
Settlement Class 2006 with reporting date allocation receive
the following profit shares:
An interest profit share equal to 1.75% of the mathematical
reserve specified in the business plan at the beginning of the
current insurance year.
Class 2011 with reporting date allocation receive the following profit shares:
5. In the case of insurance policies in Profit Class BKV that
belong to Settlement Class 2006 whose annuity payments
have already started and are in their second year of payments or later, annuities whose payments have already
started receive an increase starting as of 1 January 2012
equal to 1.75% of the last annuity payment. There is no increase for bonus annuity agreements. The bonus annuity
interest rate is 4%.
6. In the case of insurance policies in Profit Class BKV that
belong to Settlement Class 2011 whose annuity payments
have already started and are in their second year of payments or later, annuities whose payments have already
started receive an increase starting as of 1 January 2012
equal to 2.00% of the last annuity payment. There is no increase for bonus annuity agreements. The bonus annuity
interest rate is 4%.
The following applies to all profit classes:
An interest profit share equal to 2.00% of the mathematical
reserve specified in the business plan at the beginning of the
current insurance year.
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100
The Managing Board will decide towards the end of 2012 on
the size of the profit allocation for 31 December 2012.
VI. SIGNIFICANT PARTICIPATIONS
Participations were held in the following companies as of 31 December 2011:
Name, Location
I. Direct interests in affiliated companies
Andel Investment Praha s.r.o., Prag
ARITHMETICA Versicherungs- und Finanzmathematische
Beratungs-Gesellschaft m.b.H., Wien
BML Versicherungsmakler GmbH, Wien
CENTER Hotelbetriebs GmbH, Wien
DBR-Liegenschaften GmbH & Co KG, Stuttgart
DBR-Liegenschaften Verwaltungs GmbH, Stuttgart
DIRECT-LINE Direktvertriebs-GmbH, Wien
EXPERTA Schadenregulierungs-Gesellschaft m.b.H., Wien
HORIZONT Personal-, Team- und
Organisationsentwicklung GmbH, Wien
KÁLVIN TOWER Immobilienentwicklungs- und
Investitionsgesellschaft m.b.H., Budapest
PFG Holding GmbH, Wien
PFG Liegenschaftsbewirtschaftungs GmbH, Wien
Projektbau Holding GmbH, Wien
Senioren Residenz gemeinnützige Betriebsgesellschaft mbH, Wien
Senioren Residenz Veldidenapark Errichtungs- und Verwaltungs GmbH,
Innsbruck
Sparkassen Versicherung AG Vienna Insurance Group, Wien
VICE-Beteiligungs GmbH, Wien
Wiener Verein Bestattungs- und Versicherungsservice Gesellschaft m.b.H., Wien
WPWS Vermögensverwaltung GmbH, Wien
II. More than 20%,ownership, where a direct ownership interest exists
Österreichisches Verkehrsbüro Aktiengesellschaft, Wien
Equity
capital in
EUR ´000
Last Annul
Financial
Statements
Direct share
in %
Net income
fort he year
in EUR ´000
100
901
27,816
2011
75
100
55
100
100
100
25
27
36,199
294
44
0
1
371
403
810,060
-652
11,185
23
64
903
2011
2011
2011
2011
2011
2010
2010
76
33
177
2010
100
60
50
60
100
80
-8,678
0,0
-2
-422
1,771
126,122
45
21,328
492
2011
2011
2010
2011
2010
67
17
100
100
100
-438
84,615
-10
29
11,296
9,360
523,229
52
1,498
442,638
2011
2011
2010
2011
2011
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36
10,396
146,641
2010
101
The exception provided for in § 241 (2) and (3) of the Austrian Corporate Code (Unternehmensgesetzbuch – UGB) was used.
VII. OTHER INFORMATION
Employee representatives:
The Company has EUR 10,000,000.00 in share capital that
is divided into 100,000 no-par value registered voting shares,
with each share participating equally in the share capital.
Peter Grimm
Franz Urban
Gerd Wiehart
Peter Winkler
The Company has subordinated liabilities in the form of
supplementary capital bond 2009 in accordance with §
73c(2) VAG with a total nominal value of EUR
100,000,000.00. This bond does not have a fixed term, and
pays a variable rate of interest.
THE MANAGING BOARD HAD THE FOLLOWING
MEMBERS IN FINANCIAL YEAR 2011:
On 22 December 2010, the Company issued supplementary
capital bond 2010 in accordance with § 73c(2) VAG with a
total nominal value of EUR 175,000,000.00. This bond does
not have a fixed term, pays a fixed interest rate of 8% p.a.,
and can be called starting as of 28 December 2029.
Members:
The auditor has verified that these supplementary capital
bonds satisfy the requirements of § 73b (2)(4) VAG.
The Company also issued bond 2010-2020 with a nominal
value of EUR 150,000,000.00 in September 2010. The bond
has a term of ten years and pays a fixed interest rate of
3.63% p.a.
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Chairman:
Robert Lasshofer
Christine Dornaus
Judit Havasi
Peter Höfinger (until 30 June 2011)
Ralph Müller (starting 1 April 2011)
Erich Leiß
THE FOLLOWING INDIVIDUALS WERE APPOINTED AS
TRUSTEES IN FINANCIAL YEAR 2011 IN ACCORDANCE
WITH § 22(1) VAG:
Trustee:
(cover funds – § 20(2)(1) VAG):
Oskar Ulreich
THE SUPERVISORY BOARD HAD THE FOLLOWING
MEMBERS IN FINANCIAL YEAR 2011:
Deputy:
Nicole Schweizer
102
Chairman:
Günter Geyer
Trustee:
Deputy Chairman:
(except for cover funds – § 20(2)(1) VAG):
Wolfgang Pechriggl
Hans-Peter Hagen
Deputy:
Members:
Rudolf Ertl
Christian Haidinger
Werner Muhm
Gabriele Payr
Martin Simhandl
Sonja Zwazl
Michael Hysek
The average number of employees (including cleaning staff)
was 3,480 (3,528). 1,935 (1,992) of these employees were
active in sales resulting in personnel expenses of EUR
85,305,000 (EUR 89,815,000), and 1,545 (1,536) were in
operations resulting in personnel expenses of EUR
96,112,000 (EUR 93,119,000).
No loans were outstanding to members of the Managing
Board on 31 December 2011 (EUR 0).
Supervisory Board members received no loans in 2011
(EUR 0).
No guarantees were outstanding for members of the Managing Board or Supervisory Board as of 31 December 2011.
The Company is a group member within the meaning of § 9
of the Austrian Corporate Tax Act (Körperschaftssteuergesetz – KStG) of WIENER STÄDTISCHE WECHSELSEITIGER
VERSICHERUNGSVEREIN – VERMÖGENSVERWALTUNG –
Vienna Insurance Group, Vienna. The taxable earnings of
group members are attributed to the parent company. The
parent company has entered into agreements with each
group member governing the allocation of positive and negative tax amounts for the purpose of allocating corporate
income tax charges according to their origin. A liability of
EUR 5,935,000 (EUR 11,792,000) is owed to the parent
company for tax allocations. Use was made of the election to
capitalise deferred profit taxes arising due to temporary
differences between earnings under corporate law and taxable earnings. A 25% tax rate was chosen for deferred taxes.
In 2011, the total expenses for severance pay and pensions
of EUR 19,869,000 (EUR 21,408,000) included severance
pay and pension expenses of EUR 9,074,000 (EUR 29,000)
for members of the Managing Board and senior management in accordance with § 80(1) of the Austrian Stock
Corporation Act (Aktiengesetz – AktG).
The members of the Managing Board received EUR
2,760,000 (EUR 1,760,000) in remuneration for their services to the Company during the reporting period. The members of the Managing Board received EUR 805,000 (EUR
458,000) from affiliated companies during the reporting
period. EUR 544,000 (EUR 436,000) of this amount was
charged to the Company in the form of an intercompany
charge.
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103
The total compensation paid to former members of the Managing Board (including surviving dependants) during the
reporting period was EUR 3,472,000 (EUR 1,655,000).
The members of the Supervisory Board received EUR
173,000 (EUR 99,000) in remuneration for their services to
the Company in 2011.
A summary of auditing fees is provided in the notes to the
consolidated financial statements of VIENNA INSURANCE
GROUP AG Wiener Versicherung Gruppe, Vienna.
The Company is a 99.9% subsidiary of VIENNA INSURANCE
GROUP AG Wiener Versicherung Gruppe, Vienna, and is
therefore part of the group formed by this shareholder and its
affiliated companies. The remaining 0.1% of the shares
belong to Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group,
Vienna.
Wiener Städtische Wechselseitiger Versicherungsverein –
Vermögensverwaltung – Vienna Insurance Group, Vienna,
prepares consolidated financial statements that include
most of the companies. These consolidated financial statements have been disclosed and are available for inspection
at the business premises of this company located at Schottenring 30, 1010 Vienna.
VIENNA INSURANCE GROUP AG Wiener Versicherung
Gruppe, Vienna, prepares consolidated financial statements
for a small number of companies. These consolidated financial statements have been disclosed and are available for
inspection at the business premises of this company located
at Schottenring 30, 1010 Vienna.
The Managing Board:
Robert Lasshofer
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Judit Havasi
Christine Dornaus
Ralph Müller
Erich Leiß
AUDITOR'S REPORT
REPORT ON THE ANNUAL FINANCIAL STATEMENTS
We have audited the accompanying annual financial statements, including the accounting, of WIENER STÄDTISCHE
VERSICHERUNG AG Vienna Insurance Group, Vienna, for the
financial year from 1 January to 31 December 2011. These
annual financial statements comprise the balance sheet as of
31 December 2011, the income statement for the financial
year ended 31 December 2011, and the notes to the financial statements.
Management’s responsibility for the annual financial
statements and the accounting
The management of the Company is responsible for the accounting and for the preparation of annual financial statements giving a true and fair view of the Company's net assets,
financial position and results of operation in accordance with
the requirement of Austrian corporate and insurance supervisory law. This responsibility includes: designing, implementing and maintaining an internal control system for the purpose of preparing annual financial statements that give a true
and fair view of the Company's net assets, financial position
and results of operation and are free from material misstatements, whether due to fraud or unintentional error; selecting
and applying appropriate accounting policies; making estimates that are reasonable in the circumstances given.
Auditor’s responsibility and description of type and scope
of the statutory audit
Our responsibility is to express an opinion on these annual
financial statements based on our audit. We conducted our
audit in accordance with the statutory requirements applicable in Austria and Austrian generally accepted principles for
financial statement auditing. Those standards require that we
comply with professional guidelines and plan and perform
the audit to obtain reasonable assurance that the financial
statements are free from material misstatement.
An audit involves performing audit procedures to obtain audit
evidence about the amounts and disclosures in the annual
financial statements. The choice of audit procedures is within
the auditor’s discretion, based on an assessment of the risk
of material misstatements, whether due to fraud or unintentional error. The auditor takes the internal control system into
account when performing this risk assessment, to the extent
it is relevant to the preparation of annual financial statements
that give a true and fair view of the Company's net assets,
financial position and results of operations, in order to determine audit procedures that are suitable under the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Company’s internal control system.
An audit also includes an assessment of the appropriateness
of the accounting policies used and the accounting estimates
made by management, and an evaluation of the overall presentation of the annual financial statements.
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105
We believe that we have obtained sufficient and suitable
audit evidence to provide a reasonable basis for our audit
opinion.
Opinion
Our audit did not give rise to any objections. In our opinion,
based on the findings of our audit, the annual financial
statements comply with the statutory requirements and give
a true and fair view of the Company's net assets and financial
position as of 31 December 2011 and the Company's results
of operations for the financial year from 1 January to 31 December 2011 in accordance with Austrian generally accepted accounting principles.
COMMENTS ON THE MANAGEMENT REPORT
The management report is to be audited based on the statutory requirements to determine whether it is consistent with
the annual financial statements and whether the other disclosures in the management report are misleading with respect to the situation of the Company. The auditor’s report
must also include a statement as to whether the management report is consistent with the annual financial statements.
In our opinion, the management report is consistent with the
annual financial statements.
PwC INTER-TREUHAND GmbH
Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft
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signed:
signed:
Günter Wiltschek
Austrian Certified Public Accountant
Liane Hirner
Austrian Certified Public Accountant
Disclosure, publication and reproduction of the annual financial statements together with the auditor’s report within the meaning of § 281(2) UGB in a form that is not in accordance with statutory requirements and differing from the version audited by us
is not permitted. Reference to our audit may not be made without out prior written permission.
DECLARATION BY THE MANAGING BOARD
We declare to the best of our knowledge that the annual financial statements of WIENER STÄDTISCHE Versicherung AG Vienna
Insurance Group, prepared in accordance with the requirements of Austrian corporate law and the Austrian Insurance Supervision Act, give a true and fair view of the Company’s net assets, financial position and results of operations, the management
report presents the business development, performance and position of the Company so as to give a true and fair view of its net
assets, financial position and results of operations, and the management report provides a description of the principal risks and
uncertainties to which the Company is exposed.
The Managing Board:
Robert Lasshofer
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Judit Havasi
Christine Dornaus
Ralph Müller
Erich Leiß
SUPERVISORY BOARD REPORT
The Supervisory Board reports that it has taken the opportunity to comprehensively review the management of the Company, both acting as a whole and also regularly through its
committees, Chairman and Deputy Chairman. Detailed presentations and discussions during meetings of the Supervisory
Board and its committees served this purpose, as did recurring meetings with the members of the Managing Board, who
provided detailed explanations and supporting documentation relating to the management and financial position of the
Company. The strategy, business development, risk management, internal control system and activities of the internal
audit department of the Company were also discussed in
these meetings.
The Supervisory Board has formed four committees from
among its members. Information on the responsibilities and
composition of these committees is available on the Company’s website and in the corporate governance report.
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108
One Annual General Meeting, one extraordinary General
Meeting and four Supervisory Board meetings were held in
2011. Three meetings of the Audit Committee were also held.
The Committee for Urgent Matters held no meetings in 2011
but was contacted in writing with regard to three matters. The
Supervisory Board was informed of any resolutions passed by
the committees at the next Supervisory Board meeting. The
auditor, PwC INTER-TREUHAND GmbH Wirtschaftsprüfungsund Steuerberatungsgesellschaft (PwC), attended three
Audit Committee meetings and one Supervisory Board meeting, namely the meeting dealing with the auditing and formal
approval of the annual financial statements, as well as the
Annual General Meeting. In addition, one meeting of the
Committee for Managing Board Matters was also held in
2011.
No agenda items were discussed in the Supervisory Board
and committee meetings without the participation of members of the Managing Board. No member of the Supervisory
Board attended fewer than half of the Supervisory Board
meetings.
By inspection of appropriate documents, meetings with the
Managing Board and discussions with the auditor, the Supervisory Board Audit Committee was able to form a satisfactory
view of the accounting process and found no reasons for
objection.
The Audit Committee also reviewed the effectiveness of the
internal control system, the internal auditing system and the
risk management system by requesting descriptions of the
processes and organisation of these systems from the Managing Board, the auditor and the individuals directly responsible for these areas. The Audit Committee reported on these
monitoring activities to the Supervisory Board and stated that
no deficiencies had been identified.
In order to prepare the Supervisory Board’s proposal for
selection of the auditor for the annual financial statements,
the Audit Committee requested that PwC INTER-TREUHAND
GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft submit documents concerning its license to audit. A
written report was prepared stating that there were no
grounds for exclusion or circumstances that could provide
cause for concern regarding partiality. In addition, a list of
services grouped by category showing the total revenues that
PwC received from the Company in the previous financial
year was requested and reviewed, and it was verified that
PwC was included in a statutory quality assurance system.
The Audit Committee reported to the Supervisory Board on
the findings gained from these investigations and proposed
to the Supervisory Board and subsequently to the General
Meeting
that
PwC
INTER-TREUHAND
GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft be
selected as auditor for the annual financial statements.
In addition, the Supervisory Board Audit Committee received
the 2011 annual financial statements and management
report from the Managing Board, and reviewed and carefully
examined them. The Managing Board’s proposal for appropriation of profits was also debated and discussed during the
course of this examination. As a result of this examination
and discussion, a unanimous resolution was adopted to recommend to the Supervisory Board that they be accepted
without qualification. The committee chairman informed the
Supervisory Board of the resolutions adopted by the committee.
The 2011 annual financial statements and management
report, and the Managing Board's proposal for appropriation
of profits were then taken up, thoroughly discussed, and
examined by the Supervisory Board. In addition, the auditor’s
reports prepared by PwC INTER-TREUHAND GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft for
the 2011 annual financial statements and 2011 management report were reviewed by the Audit Committee and the
Supervisory Board, and debated and discussed in detail with
PwC INTER-TREUHAND GmbH Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft. The final findings of the audit
provided no reason for objections. The Supervisory Board
declared that it had nothing to add to the auditor's reports.
After a thorough examination, the Supervisory Board therefore unanimously adopted a resolution to approve the annual
financial statements prepared by the Managing Board, to
raise no objections to the management report, and to declare
its agreement with the Managing Board proposal for appropriation of profits.
The 2011 annual financial statements have therefore been
approved in accordance with § 96(4) of the Austrian Stock
Corporation Act.
The Supervisory Board proposes to the General Meeting that it approve the Managing Board proposal for appropriation of
profits and formally approve the actions of the Managing Board and Supervisory Board.
Vienna, March 2012
The Supervisory Board
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Günter Geyer
(Chairman)
STATE ADVISORY BOARDS
D
The advisory boards for the federal states of Austria provided
for in the Articles of Association to advise the Managing
Board have the following members:
Dietmar Steinbrenner
Karl Th. Trojan
Johann Trost jun.
Wolfgang Wiedermann
Gerhard Zinner
STATE ADVISORY BOARD FOR VIENNA
STATE ADVISORY BOARD FOR UPPER AUSTRIA
Martin Bachlechner
Peter Bosek
Ilse Brandner-Radinger
Ismail H. Ergener
Michael Hafner
René Alfons Haiden
Peter Hanke
Brigitte Jank
Helmut Jonas
Hans Judmann
Willibald Keusch
Michael Landau
Michael Ludwig
Sigi Menz
Walter Nettig
Ernst Nonhoff
Carl Ludwig Richard
Michael Schottenberg
Günter Wandl
Udo Weinberger
Wilhelm Wohatschek
Othmar Bruckmüller
Herbert Brunsteiner
Robert Ebner
Othmar Friedl
Alois Froschauer
Peter Glatzmeier
Manfred Haimbucher
Peter Halatschek
Norbert Haudum
Heinz Hillinger
Manfred Hochhauser
Hermann Kepplinger
Anette Klinger
Richard Kirchweger
Markus Limberger
Johann Mayr
Josef Peischer
Ludwig Scharinger
Adolf Scheuchenpflug
Wolfgang Schneckenreither
Ernst Strauss
Gerda Weichsler-Hauer
110
STATE ADVISORY BOARD FOR LOWER AUSTRIA
STATE ADVISORY BOARD FOR STYRIA
Christian Aichinger
Gertrude Baumgartner
Rupert Dworak
Burkhard Ellegast
Wilhelm Gelb
Helmut Guth
Berthold Heigl
Herwig Hofstätter
Karl Jurtschitsch
Herbert Kaufmann
Herbert Klenk
Hans Knoll
Otto Korten
Werner Magyer
Josef Panis
Elisabeth Schubrig
Matthias Stadler
Wolfgang Bartosch
Herbert Beiglböck
Gerhard Deutsch
Gerhard Fabisch
Horst Hilmer
Andrea Hirschenberger
Karl-Franz Maier
Ernst Meixner
Wolfgang Messner
Paul Nussbaumer
Hermann Retter
Ulrike Retter
Bernhard Rosenberger
Wolfram Sacherer
Alois Samer
Horst Schachner
Christoph Stark
Gerald Stoiser
Josef Wallner
Manfred Wegscheider
STATE ADVISORY BOARD FOR CARINTHIA AND EAST
TYROL
Ingo Appé
Helmut Eder
Hermann Egger
Horst Felsner
Günter Goach
Reinhard Iro
Rudolf Kandussi
Franz Kreuzer
Johann Lintner
Franz Liposchek
Helmut Manzenreiter
Claudia Mischensky
Hans Michael Offner
Anton Peternel
Herwig Rettenbacher
Hans Schönegger
Oskar Seidler
Arno Sorger
Andrea Springer
Michael Stattmann
STATE ADVISORY BOARD FOR SALZBURG
Wolfgang Bell
Franz Blum
August Hirschbichler
Hildegund Maier
Alois Johann Nindl
Regina Ovesny-Straka
Ferdinand Saller
Günter Schied
Harald Seiss
Christian Stöckl
Josef Treml
STATE ADVISORY BOARD FOR TYROL
Martin Baltes
Christian Bernard
Manfried Gantner
Hannes Gschwentner
Markus Jochum
Walter Kircher
Hansjörg Mölk
Hermann Nagiller
Jakob Ringler
Elmar Schmid
Harald Schneider
Karl Schranz
Raimund Schreier
Hans Unterdorfer
Elisabeth Zanon
STATE ADVISORY BOARD FOR VORARLBERG
Wilfried Berchtold
Werner Böhler
Michael Diem
Horst Fritz
Jürgen Gabrieli
Werner Gunz
Guntram Jäger
Edgar Mayer
Peter Mennel
Wilhelm Muzyczyn
Ewald Netzer
Peter Oksakowski
Kuno Riedmann
Anton Steinberger
Walter Thöny
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STATE ADVISORY BOARD FOR BURGENLAND
Mario De Martin De Gobbo
Hannes Frech
Michael Gerbavsits
Oswald Hackl
Erich Horvath
Christian Illedits
Michael Koch
Helmut Löffler
Hans Niessl
Frank Pfnier
Matthias Reiner
Ingrid Salamon
Nikolaus Sauer
Ernst Schmid
Johann Schmidt
Peter Schmitl
Rudolf Simandl
Gerhard Steier
Georg Stiegelmar
Csaba Szekely
Robert Tauber
Josef Wein
ADVISORY BOARD FOR FUNERAL INSURANCE
The advisory board provided for in the Articles of Association
to advise the Managing Board on funeral matters and funeral
insurance has the following members:
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112
Walter Egger
Christian Fertinger
Wilhelm Fuchs
Peter Kotzbauer
Othmar Lechner
Hansjörg Lein
Peter Marent
Ulrich Mayerhofer
Franz Nechansky
Gerfried Redlich
Wolfgang Saiko
Peter Schlaffer
Eduard Schreiner
Mario Wagenhuber
Karl Wagner
Gregor Zaki
STATE HEAD OFFICES
STATE HEAD OFFICE FOR TYROL
STATE HEAD OFFICE FOR VIENNA
6020 Innsbruck, Südtiroler Platz 4
Phone: +43 (0) 50 350-46000
Fax: +43 (0) 50 350 99-46000
Email: ld-tirol@staedtische.co.at
Ida Wander, State Director
1020 Vienna, Obere Donaustrasse 49-53
Phone: +43 (0) 50 350-40000
Fax: +43 (0) 50 350 99-40000
Email: ld-wien@staedtische.co.at
Hermann Fried, State Director
STATE HEAD OFFICE FOR LOWER AUSTRIA
3100 St. Pölten, Europaplatz 2
Phone: +43 (0) 50 350-41000
Fax: +43 (0) 50 350 99-41000
Email: ld-noe@staedtische.co.at
Helmut Maurer, State Director
STATE HEAD OFFICE FOR UPPER AUSTRIA
4020 Linz, Untere Donaulände 40
Phone: +43 (0) 50 350-42000
Fax: +43 (0) 50 350 99-42000
Email: ld-ooe@staedtische.co.at
Günther Erhartmaier, State Director
STATE HEAD OFFICE FOR VORARLBERG
6800 Feldkirch, Waldfriedgasse 2
Phone: +43 (0) 50 350-47000
Fax: +43 (0) 50 350 99-47000
Email: ld-vlbg@staedtische.co.at
Burkhard Berchtel, State Director
STATE HEAD OFFICE FOR BURGENLAND
7000 Eisenstadt, Kalvarienbergplatz 7
Phone: +43 (0) 50 350-48000
Fax: +43 (0) 50 350 99-48000
Email: ld-bgld@staedtische.co.at
Gerold Stagl, State Director
BRANCH OFFICES
STATE HEAD OFFICE FOR STYRIA
ITALY
8010 Graz, Brockmanngasse 32
Phone: +43 (0) 50 350-43000
Fax: +43 (0) 50 350 99-43000
Email: ld-stmk@staedtische.co.at
Gerald Krainer, State Director
Wiener Städtische Versicherung AG
I-00147 Rome
Via Cristoforo Colombo 149
Phone: +39 (0) 6 510 70 11
Email: wiener@wieneritalia.com
Website: www.wieneritalia.com
Gernot Isak, Managing Director
Paolo Masci, Managing Director
STATE HEAD OFFICE FOR CARINTHIA AND EAST TYROL
9020 Klagenfurt, St. Veiter-Ring 13
Phone: +43 (0) 50 350-44000
Fax: +43 (0) 50 350 99-44000
Email: ld-ktn@staedtische.co.at
Erich Obertautsch, State Director
STATE HEAD OFFICE FOR SALZBURG
5020 Salzburg, Max-Ott-Platz 3
Phone: +43 (0) 50 350-45000
Fax: +43 (0) 50 350 99-45000
Email: ld-sbg@staedtische.co.at
Hans Vierziger, State Director
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SLOVENIA
Wiener Städtische zavarovalnica podružnica
SI-1000 Ljubljana
Masarykova 14
Phone: +386 (0) 1 300 17 00
Email: mail-us@wienerstaedtische.si
Website: www.wienerstaedtische.si
Tomo Mrden, Managing Director
Thomas Schmidtmeier, Managing Director
CONTACTS AND ADDRESSES
ENTERPRISE RISK MANAGEMENT
LIFE/HEALTH ACTUARIAL DEPARTMENT
Alexander Schuh
Phone: +43 (0) 50 350-21450
Fax: +43 (0) 50 350 99-21450
Email: a.schuh@staedtische.co.at
Josef Hiller
Phone: +43 (0) 50 350-21721
Fax: +43 (0) 50 350 99-21721
Email: j.hiller@staedtische.co.at
PROPERTY/CASUALTY ACTUARIAL DEPARTMENT
Michael Schlögl
Phone: +43 (0) 50 350-21530
Fax: +43 (0) 50 350 99-21530
Email: m.schloegl@staedtische.co.at
ALTERNATIVE DISTRIBUTION
Gerhard Heine
Phone: +43 (0) 50 350-22840
Fax: +43 (0) 50 350 99-22840
Email: g.heine@staedtische.co.at
PARTICIPATION MANAGEMENT AND LOANS
D
Christine Dornaus
Phone: +43 (0) 50 350-21126
Fax: +43 (0) 50 350 99-21126
Email: c.dornaus@staedtische.co.at
FINANCE AND ACCOUNTING
Hans Meixner
Phone: +43 (0) 50 350-21810
Fax: +43 (0) 50 350 99-21810
Email: h.meixner@staedtische.co.at
CORPORATE AND LARGE CUSTOMER BUSINESS
Underwriting
Wolfgang Petschko
Phone: +43 (0) 50 350-21406
Fax: +43 (0) 50 350 99-21406
Email: w.petschko@staedtische.co.at
Claims
Josef Aigner
Phone: +43 (0) 50 350-26112
Fax: +43 (0) 50 350 99-26112
Email: j.aigner@staedtische.co.at
GENERAL SECRETARIAT
114
BUSINESS ORGANISATION
Robert Redl
Phone: +43 (0) 50 350-22193
Fax: +43 (0) 50 350 99-22193
Email: r.redl@staedtische.co.at
CONTROLLING
Szabolcs Nagy
Phone: +43 (0) 50 350-21056
Fax: +43 (0) 50 350 99-21056
Email: s.nagy@staedtische.co.at
Doris Janik
Phone: +43 (0) 50 350-21059
Fax: +43 (0) 50 350 99-21059
Email: d.janik@staedtische.co.at
COMPANY LAW
Helene Kanta
Phone: +43 (0) 50 350-21122
Fax: +43 (0) 50 350 99-21122
Email: h.kanta@staedtische.co.at
IT MANAGEMENT AND PROVIDER MANAGEMENT
Klaus Krebs
Phone: +43 (0) 50 330-22106
Fax: +43 (0) 50 330 99-22106
Email: k.krebs@staedtische.co.at
MOTOR VEHICLE INSURANCE (UNDERWRITING)
COMMUNICATIONS / INTERNAL COMMUNICATIONS
Michael Schlögl
Phone: +43 (0) 50 350-21530
Fax: +43 (0) 50 350 99-21530
Email: m.schloegl@staedtische.co.at
Claudia Riebler
Phone: +43 (0) 50 350-21336
Fax: +43 (0) 50 350 99-21336
Email: c.riebler@staedtische.co.at
HEALTH INSURANCE
LEGAL EXPENSES INSURANCE (CLAIMS)
Peter Kranz
Phone: +43 (0) 50 350-21610
Fax: +43 (0)50 350 99-21610
Email: p.kranz@staedtische.co.at
Günther Bauer
Phone: +43 (0) 50 350-21587
Fax: +43 (0) 50 350 99-21587
Email: g.bauer@staedtische.co.at
LIFE AND CASUALTY INSURANCE
AUDIT
Mathias Frisch
Phone: +43 (0) 50 350-21600
Fax: +43 (0) 50 350 99-21600
Email: m.frisch@staedtische.co.at
Herbert Allram
Phone: +43 (0) 50 350-21070
Fax: +43 (0) 50 350 99-21070
Email: h.allram@staedtische.co.at
REAL ESTATE AND REAL ESTATE-RELATED
PARTICIPATIONS
REINSURANCE
Anton-Leonhard Werner
Phone: +43 (0) 50 350-21050
Fax: +43 (0) 50 350 99-21050
Email: a.werner@staedtische.co.at
OMBUDSPERSON
Julia Christanell
Phone: +43 (0) 50 350-21088
Fax: +43 (0) 50 350 99-21088
Email: ombudsstelle@staedtische.co.at
Eduard Oberleithner
Phone: +43 (0) 50 350-21474
Fax: +43 (0) 50 350 99-21474
Email: e.oberleithner@staedtische.co.at
NON-LIFE, GENERAL LIABILITY AND LEGAL EXPENSES
INSURANCE – PRIVATE AND COMMERCIAL BUSINESS
(UNDERWRITING)
Robert Ulbing
Phone: +43 (0) 50 350-21421
Fax: +43 (0) 50 350 99-21421
Email: r.ulbing@staedtische.co.at
HUMAN RESOURCES / HUMAN RESOURCES
DEVELOPMENT
COLLECTIONS SERVICE CENTRE
Robert Bilek
Phone: +43 (0) 50 350-21300
Fax: +43 (0) 50 350 99-21300
Email: r.bilek@staedtische.co.at
Andreas Weninger
Phone: +43 (0) 50 350-21817
Fax: +43 (0 )50 350 99-21817
Email: a.weninger@staedtische.co.at
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PERSONAL INSURANCE SERVICE CENTRE
Sabine Pfeffer
Phone: +43 (0)50 350 21313
Fax: +43 (0)50 350 99-21313
Email: s.pfeffer@staedtische.co.at
PROPERTY INSURANCE SERVICE CENTRE
Annemarie Ulbing
Phone: +43 (0) 50 350-27500
Fax: +43 (0) 50 350 99-27500
Email: a.ulbing@staedtische.co.at
SPECIAL CLAIMS
Wolfgang Reisinger
Phone: +43 (0) 50 350-21500
Fax: +43 (0) 50 350 99-21500
Email: w.reisinger@staedtische.co.at
DISTRIBUTION
D
Walter Wichtel
Phone: +43 (0) 50 35022530
Fax: +43 (0) 50 350 99-22530
Email: w.wichtel@staedtische.co.at
ADVERTISING / SPONSORING
116
Sabine Weiss
Phone: +43 (0) 50 350-21194
Fax: +43 (0) 50 350 99-21194
Email: s.weiss@staedtische.co.at
SECURITIES AND FUNDS
Reza Kazemi Tabrizi
Phone: +43 (0) 50 100-75473
Fax: +43 (0) 50 100-975473
Email: r.kazemi-tabrizi@staedtische.co.at
BUSINESS OFFICES
Wiener Städtische is available throughout Austria for the cost of a local call 24 hours a day, 7 days a week.
Phone +43 (0) 50 350 (direct line), Fax: +43 (0) 50 350 99 (direct line)
Offices with motor vehicle registration
VIENNA
Headquarters
Direct dial 20000
Schottenring 30
1010 Vienna
kundenservice@staedtische.co.at
State Head Office for Vienna
Direct dial 40000
Obere Donaustrasse 49-53
1020 Vienna
ld-wien@staedtische.co.at
Liesing
Direct dial 51700
Breitenfurter Strasse 393
1230 Vienna
liesing@staedtische.co.at
Bruck/Leitha
Direct dial 52900
Fischamender Strasse 54
2460 Bruck/Leitha
Bruck_leitha@staedtische.co.at
Ottakring
Direct dial 51100
Thaliastrasse 44
1160 Vienna
ottakring@staedtische.co.at
Gänserndorf
Direct dial 52500
Bahnstrasse 15
2230 Gänserndorf
gaenserndorf@staedtische.co.at
LOWER AUSTRIA
Gföhl
Direct dial 64300
Hauptplatz 1
3542 Gföhl
gfoehl@staedtische.co.at
Customer retirement provisions office
Direct dial 22380
Zelinkagasse 14
1010 Vienna
vorsorge@staedtische.co.at
State Head Office Lower Austria
Direct dial 41000
Europaplatz 2
3100 St. Pölten
ld-noe@staedtische.co.at
Donaustadt
Direct dial 51400
Bernoullistrasse 1
1220 Vienna
donaustadt@staedtische.co.at
Amstetten
Direct dial 53900
Waidhofner Strasse 31
3300 Amstetten
amstetten@staedtische.co.at
Floridsdorf
Direct dial 51300
Am Spitz 10
1210 Vienna
floridsdorf@staedtische.co.at
Aspang
Direct dial 53400
Mönichkirchner Strasse 3
2870 Aspang
aspang@staedtische.co.at
Landstraße
Direct dial 50800
Rochusgasse 3-5
1030 Vienna
landstrasse@staedtische.co.at
Baden
Direct dial 53000
Bahngasse 9
2500 Baden
baden@staedtische.co.at
D
Gmünd
Direct dial 54900
Stadtplatz 17
3950 Gmünd
gmuend@staedtische.co.at
Groß Enzersdorf
Direct dial 52600
Bischof Berthold-Platz 4
2301 Groß Enzersdorf
gr.enzersdorf@staedtische.co.at
Herzogenburg
Direct dial 53600
St. Pöltner Strasse 11
3130 Herzogenburg
herzogenburg@staedtische.co.at
117
D
Hollabrunn
Direct dial 51900
Bahnstrasse 12
2020 Hollabrunn
Mistelbach
Direct dial 52200
Ernstbrunnerstrasse 8
2130 Mistelbach
Stockerau
Direct dial 51800
Hauptstrasse 4
2000 Stockerau
hollabrunn@staedtische.co.at
mistelbach@staedtische.co.at
stockerau@staedtische.co.at
Horn
Direct dial 54600
Schützenplatz 2
3580 Horn
horn@staedtische.co.at
Mödling
Direct dial 52800
Klostergasse 14
2340 Mödling
moedling@staedtische.co.at
Ternitz
Direct dial 53200
Hans Czettel-Platz 1
2630 Ternitz
zernitz@staedtische.co.at
Klosterneuburg
Direct dial 54200
Am Renninger 2
3400 Klosterneuburg
klosterneuburg@staedtische.co.at
Neulengbach
Direct dial 53500
Hauptplatz 27
3040 Neulengbach
neulengbach@staedtische.co.at
Tulln
Direct dial 54400
Königstetter Strasse 60
3430 Tulln
tulln@staedtische.co.at
Korneuburg
Direct dial 52100
Wiener Ring 16
2100 Korneuburg
korneuburg@staedtische.co.at
Neunkirchen
Direct dial 53100
Schwarzottstrasse 2a
2620 Neunkirchen
neunkirchen@staedtische.co.at
Waidhofen/Thaya
Direct dial 54700
Bahnhofstrasse 8
3830 Waidhofen/Thaya
waidhofen.thaya@staedtische.co.at
Krems
Direct dial 54500
Ringstrasse 11
3500 Krems
krems@staedtische.co.at
Poysdorf
Direct dial 52400
Brunngasse 4
2170 Poysdorf
poysdorf@staedtische.co.at
Waidhofen/Ybbs
Direct dial 54000
Riedmüllerstrasse 3a/1
3340 Waidhofen/Ybbs
waidhofen.ybbs@staedtische.co.at
Laa/Thaya
Direct dial 52300
Stadtplatz 38
2136 Laa/Thaya
laa.thaya@staedtische.co.at
Retz
Direct dial 52000
Hauptplatz 21
2070 Retz
retz@staedtische.co.at
Wolkersdorf
Direct dial 65100
Wiener Strasse 1
2120 Wolkersdorf
wolkersdorf@staedtische.co.at
Lilienfeld
Direct dial 53700
Babenbergerstrasse 36
3180 Lilienfeld
lilienfeld@staedtische.co.at
Scheibbs
Direct dial 53800
Rathausplatz 11
3270 Scheibbs
scheibbs@staedtische.co.at
Wr. Neustadt
Direct dial 53300
Ferdinand Porsche-Ring 2
2700 Wr. Neustadt
wr.neustadt@staedtische.co.at
Melk
Direct dial 54100
Hauptstrasse 9
3390 Melk
melk@staedtische.co.at
Schwechat
Direct dial 52700
Wiener Strasse 9
2320 Schwechat
schwechat@staedtische.co.at
Zistersdorf
Direct dial 65500
Schlossgasse 2
2225 Zistersdorf
zistersdorf@staedtische.co.at
118
Zwettl
Direct dial 54800
Neuer Markt 13
3910 Zwettl
zwettl@staedtische.co.at
gmunden@staedtische.co.atGrieskirch
en
Direct dial 56600
Roßmarkt 30
4710 Grieskirchen
Ried/lnnkreis
Direct dial 57200
Thurnerstrasse 16
4910 Ried/lnnkreis
ried@staedtische.co.at
grieskirchen@staedtische.co.at
UPPER AUSTRIA
Head Office for Upper Austria
Direct dial 42000
Untere Donaulände 40
4020 Linz
ld-ooe@staedtische.co.at
Bad Ischl
Direct dial 56900
Karl Wiesinger-Strasse 2
4820 Bad Ischl
bad_ischl@staedtische.co.at
Bad Leonfelden
Direct dial 65200
Böhmerstrasse 7
4190 Bad Leonfelden
bad_leonfelden@staedtische.co.at
Braunau/lnn
Direct dial 57300
Ringstrasse 47
5280 Braunau/lnn
braunau@staedtische.co.at
Eferding
Direct dial 55500
Bahnhofstrasse 19
4070 Eferding
eferding@staedtische.co.at
Freistadt
Direct dial 55700
Zemannstrasse 25
4240 Freistadt
freistadt@staedtische.co.at
Gmunden
Direct dial 56800
Schiffslände 1
4810 Gmunden
Kirchdorf/Krems
Direct dial 56200
Linzer Strasse 2
4560 Kirchdorf/Krems
kirchdorf@staedtische.co.at
Kremsmünster
Direct dial 56100
Rathausplatz 9
4550 Kremsmünster
kremsmuenster@staedtische.co.at
Leonding
Direct dial 55400
Michaelsbergstrasse 5
4060 Leonding
leonding@staedtische.co.at
Linz, Kleinmünchen
Direct dial 55100
Zeppelinstrasse 4
4032 Linz, Kleinmünchen
linz_kleinmuenchen@staedtische.co.at
Linz, Urfahr
Direct dial 55200
Freistädter Strasse 16
4040 Linz, Urfahr
linz_urfahr@staedtische.co.at
Mondsee
Direct dial 61100
Herzog-Odilostrasse 14
5310 Mondsee
mondsee@staedtische.co.at
Perg
Direct dial 55800
Dr. Schober-Strasse 25
4320 Perg
perg@staedtische.co.at
Rohrbach
Direct dial 55600
Pfarrgasse 4
4150 Rohrbach
rohrbach@staedtische.co.at
Schärding
Direct dial 56700
Linzer Strasse 29
4780 Schärding
schaerding@staedtische.co.at
Scharnstein
Direct dial 56400
Hauptstrasse 22
4644 Scharnstein
scharnstein@staedtische.co.at
Schörfling
Direct dial 57100
Hauptstrasse 7b/Top 3
4861 Schörfling
schoerfling@staedtische.co.at
D
119
Steyr
Direct dial 55900
Leopold-Werndl-Strasse 10a
4400 Steyr
steyr@staedtische.co.at
Traun
Direct dial 55300
Kremstalerstrasse 20
4050 Traun
traun@staedtische.co.at
Vöcklabruck
Direct dial 57000
Linzerstrasse 61
4840 Vöcklabruck
voeklabruck@staedtische.co.at
wels@staedtische.co.at
Windischgarsten
Direct dial 65700
Gleinkerseestrasse 1
4580 Windischgarsten
windischgarsten@staedtische.co.at
Gleisdorf
Direct dial 57900
Businesspark 4
8200 Gleisdorf
gleisdorf@staedtische.co.at
Kapfenberg
Direct dial 58900
Mariazellerstrasse 1
8605 Kapfenberg
STYRIA
Gratkorn
Direct dial 57700
Grazer Strasse 50
8101 Gratkorn
gratkorn@staedtische.co.at
Knittelfeld
Direct dial 59300
Hauptplatz 15
8720 Knittelfeld
knittelfeld@staedtische.co.at
Graz, Andritz
Direct dial 65400
Andritzer Reichstrasse 26
8045 Graz
graz_andritz@staedtische.co.at
Leibnitz
Direct dial 58400
Bahnhofstrasse 9
8430 Leibnitz
leibnitz@staedtische.co.at
Graz, Elisabethstrasse
Direct dial 66200
Elisabethstrasse 59
8010 Graz
graz_ld@staedtische.co.at
Leoben
Direct dial 59200
Franz Josef-Strasse 1
8700 Leoben
leoben@staedtische.co.at
Graz, Seiersberg
Direct dial 057600
Kärnterstrasse 525-527
8054 Seiersberg
graz_seiersberg@staedtische.co.at
Liezen
Direct dial 59700
Werkstrasse 30
8940 Liezen
liezen@staedtische.co.at
Gröbming
Direct dial 59800
Poststrasse 336
8962 Gröbming
groebming@staedtische.co.at
Murau
Direct dial 59600
Anna-Neumann-Strasse 9
8850 Murau
murau@staedtische.co.at
Hartberg
Direct dial 58000
Ressavarstrasse 12-14
8230 Hartberg
hartberg@staedtische.co.at
Mürzzuschlag
Direct dial 59100
Kirchengasse 10
8680 Mürzzuschlag
muerzzuschlag@staedtische.co.at
State Head Office for Styria
Direct dial 43000
Brockmanngasse 32
8010 Graz
ld-stmk@staedtische.co.at
Bad Aussee
Direct dial 59900
Kirchengasse 31
8990 Bad Aussee
bad_aussee@staedtische.co.at
D
120
Judenburg
Direct dial 59400
Jägersteig 2
8750 Judenburg
Fürstenfeld
Direct dial 58100
Realschulstrasse 2a
8280 Fürstenfeld
fuerstenfeld@staedtische.co.at
Wels
Direct dial 56300
Bauernstrasse 9
4600 Wels
Bad Radkersburg
Direct dial 58500
Emmenstrasse 21-27
8490 Bad Radkersburg
bad_radkersburg@staedtische.co.at
Bruck/Mur
Direct dial 58800
Mittergasse 4
8600 Bruck/Mur
bruck_mur@staedtische.co.at
Deutschlandsberg
Direct dial 58600
Frauentalerstrasse 44
8530 Deutschlandsberg
deutschlandsberg@staedtische.co.at
Feldbach
Direct dial 58200
Bismarckstrasse 16
8330 Feldbach
feldbach@staedtische.co.at
judenburg@staedtische.co.at
kapfenberg@staedtische.co.at
Voitsberg
Direct dial 58700
Hauptplatz 1
8570 Voitsberg
Villach
Direct dial 60400
Moritschstrasse 5
9500 Villach
Bischofshofen
Direct dial 61400
Franz-Mohshammer-Platz 14
5500 Bischofshofen
voitsberg@staedtische.co.at
villach@staedtische.co.at
bischofshofen@staedtische.co.at
Weiz
Direct dial 57800
Marburgerstrasse 47
8160 Weiz
weiz@staedtische.co.at
Völkermarkt
Direct dial 60000
Klagenfurter Strasse 12
9100 Völkermarkt
voelkermarkt@staedtische.co.at
Hallein
Direct dial 61200
Bürgermeisterstrasse 13
5400 Hallein
hallein@staedtische.co.at
CARINTHIA
Wolfsberg
Direct dial 60300
Wiener Strasse 5
9400 Wolfsberg
wolfsberg@staedtische.co.at
Mattighofen (Upper Austria)
Direct dial 61000
Stadtplatz 18
5230 Mattighofen
mattighofen@staedtische.co.at
EAST TYROL
Saalfelden
Direct dial 61900
Bahnhofstrasse 12/Top4
5760 Saalfelden
saalfelden@staedtische.co.at
State Head Office for Carinthia
Direct dial 44000
St. Veiter-Ring 13
9010 Klagenfurt
ld-ktn@staedtische.co.at
Feldkirchen
Direct dial 60500
Dr.-Arthur-Lemisch-Strasse 1
9560 Feldkirchen
feldkirchen@staedtische.co.at
Lienz
Direct dial 60800
Andreas-Hofer-Strasse 1a
9900 Lienz
lienz@staedtische.co.at
Ferlach
Direct dial 60100
Hauptplatz 5
9170 Ferlach
ferlach@staedtische.co.at
SALZBURG
Hermagor
Direct dial 60600
Hauptstrasse 33
9620 Hermagor
hermagor@staedtische.co.at
Spittal/Drau
Direct dial 60700
Bahnhofstrasse 2
9800 Spittal/Drau
spittal_drau@staedtische.co.at
St. Veit/Glan
Direct dial 60200
Platz am Graben 3
9300 St. Veit/Glan
st.veit_glan@staedtische.co.at
State Head Office for Salzburg
Direct dial 45000
Max-Ott-Platz 3
5020 Salzburg
ld-sbg@staedtische.co.at
Abtenau
Direct dial 61300
Au 87
5441 Abtenau
abtenau@staedtische.co.at
Bad Gastein
Direct dial 61700
Bahnhofsplatz 7
5640 Bad Gastein
gastein@staedtische.co.at
Salzburg, Lasserstrasse
Direct dial 60900
Lasserstrasse 32
5020 Salzburg
salzburg@staedtische.co.at
D
121
Seekirchen
Direct dial 65300
Bahnhofstrasse 5
5201 Seekirchen
seekirchen@staedtische.co.at
St. Johann/Pongau
Direct dial 61600
Hans Kappacherstrasse 1
5600 St. Johann/Pongau
st.johann_pongau@staedtische.co.at
Tamsweg
Direct dial 61500
Kirchengasse 13
5580 Tamsweg
tamsweg@staedtische.co.at
D
122
Zell am See
Direct dial 61800
Brucker Bundesstrasse 67
5700 Zell am See
zell.see@staedtische.co.at
Wörgl
Direct dial 62200
Steinbacherstrasse 1
6300 Wörgl
wörgl@staedtische.co.at
Jennersdorf
Direct dial 64000
Eisenstädter Strasse 1
8380 Jennersdorf
jennersdorf@staedtische.co.at
TYROL
VORARLBERG
State Head Office for Tyrol
Direct dial 46000
Dr. Carl Pfeiffenbergerstrasse 14
6020 Innsbruck
ld-tirol@staedtische.co.at
State Head Office for Vorarlberg
Direct dial 47000
Waldfriedgasse 2
6800 Feldkirch
ld-vlbg@staedtische.co.at
Mattersburg
Direct dial 63600
Schubertstrasse 42
7210 Mattersburg
mattersburg@staedtische.co.at
Imst
Direct dial 62700
Pfarrgasse 32
6460 Imst
imst@staedtische.co.at
Bludenz
Direct dial 63000
Färberstrasse 10
6700 Bludenz
bludenz@staedtische.co.at
Kufstein
Direct dial 62300
Arkadenplatz 6
6330 Kufstein
kufstein@staedtische.co.at
Bregenz
Direct dial 63400
Rheinstrasse 42
6900 Bregenz
bregenz@staedtische.co.at
Landeck
Direct dial 62800
Malser Strasse 19
6500 Landeck
landeck@staedtische.co.at
Dornbirn
Direct dial 63200
Schwefel 91
6850 Dornbirn
dornbirn@staedtische.co.at
Reutte
Direct dial 62900
Mühlerstrasse 19
6600 Reutte
reutte@staedtische.co.at
BURGENLAND
Schwaz
Direct dial 62100
Swarovskistrasse 25a
6130 Schwaz
schwaz@staedtische.co.at
Telfs
Direct dial 62600
Anton Auer Str. 5
6410 Telfs
telfs@staedtische.co.at
State Head Office for Burgenland
Direct dial 48000
Kalvarienbergplatz 7
7000 Eisenstadt
ld-bgld@staedtische.co.at
Güssing
Direct dial 63900
Hauptplatz 10
7540 Güssing
guessing@staedtische.co.at
Neusiedl/See
Direct dial 63500
Altenburgerstrasse 20/Top 1
7100 Neusiedl/See
neusiedl_see@staedtische.co.at
Oberpullendorf
Direct dial 63700
Hauptstrasse 22
7350 Oberpullendorf
oberpullendorf@staedtische.co.at
Oberwart
Direct dial 63800
Waldmüllergasse 6
7400 Oberwart
oberwart@staedtische.co.at
GLOSSARY
Result from ordinary activities Sum of the the underwriting
result, financial result and other non-actuarial income and
expenses before tax expense.
Share of the premiums to which the reinsurer is entitled in
return for reinsuring certain risks.
Equity
Net earned premiums
Consists of share capital and reserves.
The portion of premiums written that is allocated to the current financial year.
Single-premium policy
Administrative expenses
Commissions, personnel expenses, cost of materials and
other expenses for distribution and administration of insurance policies.
Policy where the policyholder is obligated to make a single
lump-sum premium payment at the beginning of the term of
the policy that covers the entire term of the policy.
Financial result
Paid insurance benefits plus the change in provisions for
losses that have already occurred, but are not yet processed,
plus the costs for claim settlement, loss investigation (e.g.
Fees for expert witnesses, legal fees) and loss prevention.
Investment and interest income less expenses. This includes,
for example, income from securities, loans, real estate, participations, and bank interest, and expenses incurred in the
financial area, such as scheduled depreciation on owned
real estate, write-downs of securities to stock exchange
prices, bank fees, etc.
Gross/net
Financial Market Authority (FMA)
In insurance terminology, “gross/net” means before or after
reinsurance has been deducted (“net” is also used to mean
“for own account”). In connection with income from participations, the term “net” is used when related expenses have
been deducted from income (e.g., depreciation, amortisation,
write-downs and disposal losses). This means that (net)
income from participations is the profit or loss on these
shares.
See insurance supervisory authority.
Fund-linked life insurance
In this special form of life insurance, the amount of the benefit payment depends on the performance of a portfolio of
assets in a fund. The policyholder bears the investment risk
and therefore has the opportunity to directly participate in
above-average performance of the fund, but must also take
into account the risk of losses.
Combined ratio
Ratio for assessing development of the property and casualty
insurance business. All actuarial expenses after deducting
reinsurers' shares, except for the change in the equalisation
provision, as a percentage of net earned premiums after
deducting reinsurers' shares (=sum of net expense ratio and
net claim ratio). Does not include any financial income.
GBVVU
Financial Market Authority (FMA) regulation of 20 October
2006 on profit participation in the life insurance industry
(Gewinnbeteiligungs-Verordnung).
Profit participation
See Premium refund (profit-related).
A reserve calculated according to mathematical principles
for future insurance benefits in the life and health insurance
segments. In the health insurance segment, this is also referred to as an ageing reserve.
Retained earnings
Direct business
Indirect business
Business acquired in-house, including coinsurance shares
assumed, less surrendered coinsurance shares.
Assumed reinsurance business (inwards reinsurance).
Retained earnings are profits earned by the Company that
are not distributed as dividends or carried forward to the
following year.
D
123
Index-linked life insurance
Premium refund (profit-unrelated)
Life insurance where income depends upon the performance
of an underlying stock index.
Contractual refund of premiums to the policyholder.
Unearned premiums
Investments
Assets such as securities, loans, real estate and participations that are primarily used to cover obligations arising from
the insurance business.
The portion of premium income that represents fees paid for
the policy term following the balance sheet date, i.e. premiums that have not yet been earned as of the balance sheet
date. Unearned premiums are reported in the balance sheet
under underwriting provisions.
Consolidation
The parent company combines its annual financial statements and those of its subsidiaries when preparing its consolidated financial statements. During this process, equity
holdings, interim results, receivables and payables, and
income and expenses within the Group are eliminated.
Annuity tables
Group of consolidated companies
Annuity tables are the most important calculation tool used
in life and health insurance. The annuity tables used by insurers are based on the mortality tables derived from the
population census. These are revised every ten years to take
into account changing conditions, such as medical advances
and improved living conditions.
Consists of the parent company and all subsidiaries included
in the consolidated financial statements.
Risks/risk
Insured individuals, objects, hazards or interests
Consolidated financial statements
Annual financial statements prepared by the parent company that present the net assets, financial position and results of operations of the group. Also see Consolidation.
D
124
Reinsurance
Insurance coverage for insurance companies, whereby one
insurance company uses another insurance company, the
reinsurer, to insure a portion of its risk.
Expense ratio
Ratio of administrative expenses to net earned premiums.
Reinsurance company
Market value
A company that will assume risks from a primary insurer or
another reinsurer (retrocession) for an agreed premium.
The value of a balance sheet item that can be realised by
selling it in the market to a third party.
Loss reserve
Non-life
Provision for outstanding claims (claims incurred but not yet
settled or only partially settled).
Non-life insurance includes the property & casualty and
health insurance segments.
Claim ratio
Non-motor vehicle classes
Ratio of expenses for claims and insurance benefits to net
earned premiums.
Non-motor vehicle classes are property & casualty
classes that are not motor vehicle related.
Equalisation provision
Agreed fee paid in exchange for assumption of risk by an
insurance company.
The equalisation provision is an underwriting provision used
to smooth out fluctuations in future claims. It is built up in
years with below-average claims and used in years with
above-average claims.
Premium refund (profit-related)
Secondary market yield
The policyholder’s profit participation in the profit of the
insurance class in question (mandatory for traditional life
insurance)
The secondary market yield is the average return on all fixedinterest securities in circulation with an agreed term of more
than four years. The secondary market yield therefore reflects level of capital market interest rates.
Premium
Solvency
Insurance benefits
Solvency is the capital available to an insurance company
(free and unencumbered assets). It is governed by § 53c(1)
VAG.
See Expenses for claims and insurance benefits
VersVG
Incurred but not reported (IBNR)
The Austrian Insurance Contract Act (Versicherungsvertragsgesetz), which governs general insurance contract law.
Claims incurred in the current financial year but not reported
until following years.
Volatility
Hidden reserve
Fluctuations in security prices, exchange rates, and interest
rates.
A hidden reserve is created when the actual value (market
value) of a balance sheet asset is higher than its carrying
amount, e.g. if the price of a security rises, but the security is
not written up in the balance sheet.
UGB
VVO
The Austrian Insurance Association (Versicherungsverband
Österreich) is an umbrella association for Austrian insurance
companies in the Austrian Federal Economic Chamber
(Wirtschaftskammer Österreich).
Austrian Corporate Code (Unternehmensgesetzbuch)
VAG
The Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz) includes provisions governing the organisation
and supervision of insurance companies.
Affiliated company
A parent company and its subsidiaries are considered to be
affiliated companies if the parent company is able to exert
control over the business policies of the subsidiary. Examples
of this are where the parent company directly or indirectly
holds more than half of all voting rights, a controlling agreement exists, or it is possible to appoint the majority of the
members of the managing board or other executive bodies of
the subsidiary (§ 244 UGB).
D
125
Premiums written
Policyholder premiums stipulated in the insurance policies,
not including taxes, levies and fees.
Insurance supervisory authority
The Austrian insurance supervisory authority is the Financial
Market Authority (FMA), an independent government agency
that supervises the operations of all insurance companies,
banks, and employee retirement and pension funds in Austria.
Underwriting provisions
These consist of the provision for outstanding claims
(mathematical reserve), unearned premiums, provisions for
profit-related and profit-unrelated premium refunds, the
equalisation provision, and other underwriting provisions.
ADDRESS
GENERAL INFORMATION
WIENER STÄDTISCHE Versicherung AG
Schottenring 30
1010 Vienna
Phone: +43 (0) 50 350 350
kundenservice@staedtische.co.at
www.wienerstaedtische.at
Editor and media owner
Company register: 333376i
Data Processing Register No (DVR): 4001506
Production & Design
be.public
Werbung Finanzkommunikation GmbH
General Secretariat
Contact person: Doris Janik
Produced in-house using FIRE.sys
Michael Konrad GmbH Corporate Media Solutions
Photos
NOTICE
D
126
This annual report includes forward-looking statements
based on current assumptions and estimates that were
made by the management of WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group to the best of its knowledge. Statements using the words “expectation”, “target” or
similar formulations indicate such forward-looking statements. Forecasts related to the future development of the
Company are estimates made on the basis of information
available as of the date this annual report went to press.
Actual results may differ from the forecasts if the assumptions underlying the forecast prove to be wrong or if unexpectedly high risks occur.
Rounding differences may occur when rounded amounts or
percentages are added.
The annual report was prepared with great care to ensure
that all information was complete and accurate. The possibility of rounding, type-setting or printing errors can, however,
not be ruled out completely.
Editorial deadline: 29 February 2012
Ian Ehm
Young & Rubicam
Christian Hofer / Fernwärme
Wiener Städtische
Printing
Gutenberg GmbH, Wiener Neustadt
Environmentally responsible paper:
Forest Stewardship Council (FSC), from sustainably managed forests was used.
17PG001/AGE11
Foresight
shown.
Showing
Foresight.

rule - Wiener Städtische

Transcription

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