VIG has just released its 1Q13 results. Figures slightly exceed market consensus on profit levels. Consolidated premiums written of 2.7 bln. EUR is 1.5% down y/y mainly due to the fact that the short-term single premium business in Poland (last year premiums main driver) has been downsized as well as premiums went further down in Romania. We consider results as NEUTRAL.
VIG cons. (10) Conference call: 28th May at 15:00 (CET) Financial result went down 2.5 % to 270 mln. EUR which is a slower pace of the decrease than we have anticipated. Nevertheless, we expect a low bond yields to remain an issue for the financial income this year. The Management of VIG did not give any specific comment on this year outlook, just that the economic environment and the insurance market remain challenging without any uniform trend in CEE.