(1059 CZK, -0,19%) has just released 3Q13 results which came slightly below consensus expectations. Net income of 77 mln. EUR is down 30% y/y affected by heavy losses in Romania and Italy. Nevertheless, please note that said NOV-12 that volatilities in the 3Q13 result should be expected due to the continuing difficult market conditions in Romania and the adverse situation of Donau Versicherung’s motor insurance business in Italy.
- 3Q13 Results
| Premium written gross | 2 143 | 2 020 | 2 139 | -6% | -6% |
| Net earned premium | 2 088 | 1 957 | - | -6% | - |
| Profit before taxes | 142 | 110 | 100 | -22% | 10% |
| Profit after minorities | 110 | 77 | 79 | -30% | -3% |
| EPS | 0,86 | 0,60 | 0,62 | -30% | -3% |
Reuters cons. (9)
Conference call: 28th November at 15:00 (CET); Dial-in number: +44-203-059-5869;
There is a stable business development on VIG’s largest markets – Austria and Czech Republic. Slovakia is performing well (+6.6 % growth of premiums). Positive development is continuing also in Poland. On the other hand – Romania is still loss making with -20% y/y decline in premiums and also additional write-downs have contributed to a loss of 36.1 mln.
EUR in in the first three quarters of 2013.
We do not expect any major reaction on released results as the company posted profit-warning NOV-12.