Erste Bank JPMorgan Merrill Lynch International

The following tables show the maturity structure and rating structure of financial investments that
are available for sale:
Maturity structure
Fair value
(financial investments available for sale) 31.12.2006 31.12.2005
in EUR ’000
no maturity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,971,834 2,973,953
up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,605 337,920
from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,813,126 1,335,983
from five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,695,274 2,095,245
more than ten years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,066,096 3,563,448
Total ..................................................... 11,760,935 10,306,549
Rating categories (Standard & Poor’s)
Fair value
(financial investments available for sale) 31.12.2006 31.12.2005
in EUR ’000
fixed-interest
AAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,988,487 1,822,159
AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,215,445 2,049,391
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,895,054 3,508,353
BBB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 882,211 696,261
BB and lower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,504 132,534
no rating (e.g. shares, investment funds) . . . . . . . . . . . . . . . . . . . . . . . . 2,732,234 2,097,851
Total ..................................................... 11,760,935 10,306,549
For financial investments available for sale, the balance sheet value corresponds to the fair value.
The following table shows the maturity structure of the assets recognised at fair value through
profit or loss:
Maturity structure
Fair value
(financial investments recognised at fair value through profit or loss)
in EUR ’000
31.12.2006 31.12.2005
no maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,943 8,089
up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,567 23,354
from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,293 9,089
from five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,175 15,407
more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,322 17,316
Total ........................................................ 128,300 73,255
Bonds
Bonds represented approximately 55% of total investments in the Vienna Insurance Group
securities portfolio on 31 December 2006. When the bond portion of the investment fund is included,
bonds represent approximately 61% of total capital assets. Vienna Insurance Group actively manages
its bond portfolio using estimates of changes in interest rates, spreads, and creditworthiness, taking
into account limits on investments related to individual issuers, creditworthiness, maturity, countries,
currencies and issue volume. Investments in fixed-interest securities are almost always currency
congruent, that is, they are made in the same currency as the obligations to policyholders. The Vienna
Insurance Group is currently not planning any investment strategy changes with respect to its bond
portfolio.
According to the Group’s investment guidelines for Austria, bond investments are made almost
exclusively in investment grade bonds with a Standard & Poor’s rating of AAA to BBB. Investments in
non-investment grade bonds are only made in individual cases and in accordance with decisions to
this effect by the Management Board. The goal is to achieve the greatest possible diversification
among individual issuers, to avoid accumulation risks, to ensure good average creditworthiness, to
control foreign currency effects, and to make the majority of investments in mid to long-term
maturities.
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