Bloomberg News

Vienna Insurance to Increase Dividend to 10% to 1.10 Euros

March 29, 2012

Vienna Insurance Group AG (VIG), eastern Europe’s biggest insurer, is proposing to increase its dividend by 10 percent to 1.1 euros a share.

Net income rose 7 percent to 406.7 million euros ($542 million) from 379.8 million euros a year earlier, the Vienna- based company said in a statement today. It was expected to report a profit of 420.2 million euros, according to the average estimate of 12 analysts surveyed by Bloomberg.

Vienna Insurance, which makes more than half of its earnings in the former communist bloc, already hinted that it would increase its dividend by 10 percent when it announced preliminary earnings on Jan. 24.

“The priority in 2012 will be on promoting further organic growth and on increasing profitability on a continuous basis,” the company said in the statement. “As far as the situation in the European markets is concerned, the group expects if at all selective stagnating revenues due to restrained consumption.”

To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net


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