Vienna Insurance Group - 3Q profit warning and FY guidance release
Vienna Insurance Group has pre-released its 3Q headline numbers and also issued a guidance for FY 20. Both are lower than our (and for the FY 20 guidance also consensus expectations). 3Q PBT will be around EUR 65 mn vs. RCBe of EUR 93 mn which is a decline from 2Q 20 (EUR 79 mn) when the company also recorded a goodwill impairment of ca. EUR 120 mn. The drop is being spurred by a slump in the financial result, which only comes in at EUR 125 mn in the quarter (vs. EUR 200 mn in 3Q 19). The premium development is still slightly positive in 1-3Q 20, according to the company. We reckon that part of the reason is the VIG´s accounting policy that only requires asset impairments once valuations have been subdued for an extended period of time.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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