ERGO Group AG
ERGO Versicherungsgruppe AG: Interim announcement of the group within the 1st half-year 2007
ERGO Versicherungsgruppe AG / Release of an announcement according to article 37 WpHG [German Securities Trading Act] Interim report according to article 37 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- The ERGO Insurance Group made a good start to the year 2007: The operating result increased by 32.1 % to EUR 328 (248) million. The consolidated result after taxes amounts to EUR 258 (145) million for the first quarter, a significant step-up of 78.0 %. Gross premiums written display a plus of 1.8 % to EUR 4.4 (4.3) billion in all segments. Whereas a decline by 0.6% to EUR 3.50 (3.52) billion was recorded in Germany, international operations grew by a strong 13.0 %. The pleasing increase abroad was primarily caused by the acquisition of the Turkish company Isviçre in 2006. In life insurance, total premiums declined by 2.7%. Premiums in health insurance increased significantly and recorded an increase of 5.1 %. In composite insurance, too, growth exceeded the 5% level: in property/casualty insurance, premiums rose by 5.4 %, in legal expenses insurance by 5.7 %. Compared to the previous year's first quarter, investment income rose significantly by 76.8 % to EUR 2.0 (1.1) billion. High earnings from disposals of shares and real estate in particular contributed to the increase. The disposal of commercial and residential real estate during 2006 which has been completed in the first quarter 2007 aims at the optimisation of the structural and regional composition of the real estate portfolio. Whereas general claims development profited from the mild winter, the winter storm Kyrill which hit large parts of Europe in mid-January led to net claims of about EUR 60 million for the ERGO Insurance Group, causing an increase of the combined ratio in property and casualty insurance to 103.0 (95.2) % in the first quarter. However, the annual target of a combined ratio of under 95 % is not endangered. Düsseldorf, May 2007 The Board of Management DGAP 04.05.2007 ---------------------------------------------------------------------- Language: English Issuer: ERGO Versicherungsgruppe AG Victoriaplatz 2 40198 Düsseldorf Deutschland www: www.ergo.com End of News DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found