Vienna Insurance Group 2Q 20 - Results in line with preliminaries, stronger fin. income
On August 10 Vienna Insurance Group announced goodwill impairments of ca. EUR 120 mn (actual EUR 118 mn) and a profit before tax of EUR 200 mn (2Q EUR 78 mn) for 1H, supported by a good claims performance. The result published today was in line with the previous release on PBT, however a large contribution to the solid performance despite the impairments in 2Q also came from investment income, which was significantly above RCBe and consensus expectations, supported by realization gains from portfolio reallocations due to market volatility. PBT came in at EUR 79.3 mn (vs. RCBe EUR 77.7 mn, cons. EUR 81.5 mn) while the combined ratio was at 95.9% in 2Q, slightly better than 96.0% in 2Q 19 and significantly behind RCBe of 92.5% and consensus expectations (ca. 91%).Vienna Insurance is an insurance group based in Austria. Co. is engaged in the provision of insurance services in both life and non-life areas in 24 countries of Central and Eastern Europe. The business lines in which Co. operates are property/casualty, life and health insurance. Outside its Austrian core market, Co. is active in Albania, Belarus, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Germany, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine. Co. also has branch offices in Italy and Slovenia.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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