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Vienna Insurance Group Q1 result up 9.4% YOY

Vienna Insurance Group AG reported a first-quarter net result after noncontrolling interests of €75.5 million, up 9.4% from €69.1 million a year earlier.

Annualized EPS increased to €2.27 from €2.07.

Gross premiums written reached €2.83 billion in the first quarter, compared to €2.72 billion in the year-ago period. The insurance group's net earned premiums rose over the same period to €2.20 billion from €2.15 billion.

Expenses for claims and insurance benefits remained relatively unchanged at €1.74 billion, while acquisition and administrative expenses widened to €567.8 million from €518.2 million.

Vienna Insurance's financial result dropped to €238.4 million in the first quarter from €247.7 million a year earlier, mainly due to seasonal fluctuations in property maintenance costs.

The net combined ratio reached 96.2% in the period, compared to 96.9% a year earlier.