AUSTRIA: WIENER STADTISCHE HOPING FOR UPTURN

Article Abstract:

The Austrian insurance company Wiener Stadtische expects a 76% improvement in results in 2001. In 2000 group profit on ordinary activities dropped 23.5% to Sch 455mn, as Wiener Stadtische AG was hit by the adverse development of the stock markets. Premium income grew 11.6% to Sch 35.541bn, to which non-life insurance contributed Sch 21.922bn (up 10.4%) and life and pension insurance Sch 13.618bn (up 13.6%). Wiener Stadtische managed to raise premiums for motor vehicle and health insurance. Gunter Geyer, designated head of Wiener Stadtische, expects savings of Sch 70mn to 100mn per year from further personnel measures. Most of the back office staff (about 200) that retire will not be replaced. In the past three years Wiener Stadtische already managed to cut administrative cost ratio from 7.5% to 6% of premium income. By 2003 the former communist countries of central eastern Europe should contribute half of Wiener Stadtische's premium income. Currently the rate is 20%. Premium income from this region is expected to reach Sch 8.2bn in 2001, compared with Sch 7bn in 2000, up 80%.

Sales, profits & dividends, Eastern Europe, Insurance industry, Wiener Stadtische AG

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HUNGARY: GLORIA-SWISS LIFE TO WIENER STADTISCHE

Article Abstract:

Rentenanstalt/Swiss Life has sold its 51% stake in the Hungarian insurance company Gloria-Swiss Life to Wiener Stadtische. The Austrian insurance company now holds the entire stock of Gloria.

Asset sales & divestitures, Acquisitions & mergers, Switzerland, Life Insurance, Direct Life Insurance Carriers, Hungary, Wiener Stadtische Wechselseitige Versicherungsanstalt, Rentenanstalt

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AUSTRIA: GENERALI, WIENER STADTISCHE COOPERATION

Article Abstract:

In Austria the insurance companies Generali and Wiener Stadtische are to set up a common Output Center for managing mail processing from printing to filling the envelopes.

Joint ventures, Generali

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