Erste Bank JPMorgan Merrill Lynch International

Description of the Six Most Important Individual Operating Companies
The Vienna Insurance Group has pursued its multi-brand strategy on the Polish market. On the
other hand, the segment back office is taking advantage of synergies through greater cooperation and
the bundling of competencies.
Towarzystwo Ubezpieczeń Compensa S.A. Vienna Insurance Group (Compensa Non-Life)
and Towarzystwo Ubezpieczeń na Z˙ ycie “Compensa S.A.” Vienna Insurance Group (Compensa
Life)
Compensa Non-life and Compensa Life were both founded in 1990 and are among the bestknown
insurers in Poland. The Vienna Insurance Group has held a participating interest in Compensa
Non-Life since 2001. The majority of the company’s portfolio is made up of motor vehicle insurance
products, which should be balanced in the future through the promotion of the non-motor classes of
business. The primary source of the losses generated in 2006 was eliminated by the 2006 restructuring
of the motor vehicle liability insurance business, which was not profitable in certain sub-segments.
Compensa Life concentrates on the traditional life insurance business including group insurance and
single-premium plans with a strong agent network of its own, as well as multilevel marketing and
brokers. Compensa Non-Life and Compensa Life have a well developed nationwide sales network
consisting of approximately 2,800 agents and over 110 branches as of December 31, 2007.
BENEFIA Towarzystwo Ubezpieczeń Majatkowych S.A. Vienna Insurance Group (Benefia
Non-Life) und der BENEFIA Towarzystwo Ubezpieczeń na Z˙ ycie S.A. Vienna Insurance
Group (Benefia Life)
Benefia Life and Benefia Non-Life operate in a niche market. The latter specializes in cooperative
arrangements with auto dealers and offers its products predominantly in the motor-vehicle segment.
Since the end of 2006, Benefia Non-Life has also sold its products over the Internet. Benefia Life
concentrates on the bank insurance business, online sales and other alternative marketing channels.
These two companies do not have a separate network of agents for insurance.
Royal Polska Towarzystwo Ubezpieczeń na Z˙ ycie S.A. Vienna Insurance Group (Royal
Polska)
Acquired in 2005, Royal Polska operates in the life insurance business. It sells its products
through an independent company, which operates throughout Poland with 300 agents and was also
taken over by the Vienna Insurance Group. Royal Polska concentrates on the bank insurance
business. In addition, it sells index-linked life insurance products in the individual and group insurance
segments.
TU Interrisk S.A. Vienna Insurance Group (formerly TUiR CIGNA STU S.A) (Interrisk
Poland)
A non-life insurer specializing in the non-vehicle classes, Interrisk Poland has belonged to the
Vienna Insurance Group since 2006. In addition to non-life insurance, Interrisk Poland sells private
health insurance. As of December 31, 2007 Interrisk Poland had a well developed national insurance
sales network consisting of approximately 1,800 agents and 40 branches.
Romania
Romania is the Vienna Insurance Group’s fifth largest insurance market in terms of gross
premiums written, which amounted to EUR 413.5 million or 6.0% of the Vienna Insurance Group’s
total gross premiums written in fiscal year 2007. For detailed information about the Romanian
insurance market, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations – Significant Factors Affecting Business Operations”.
The Vienna Insurance Group is represented in Romania by the four companies Unita S.A. Vienna
Insurance Group, Agras Vienna Insurance Group S.A., Omniasig Asigurari de Viata S.A. (Life) and
S.C. Omniasig S.A. Vienna Insurance Group (Non-Life). Unita Vienna Insurance Group S.A. (Unita),
was founded in 1990 as the first private insurance company in Romania and has been part of the
Vienna Insurance Group since 2001. Since October 2002, Unita has held a majority interest in the
Romanian insurance company Agras Vienna Insurance Group S.A.; its stake as of December 31,
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