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4. PARTICIPATIONS On 31 December 2006 there were participations in the following companies: Affiliated companies and participations WIENER STÄDTISCHE VERSICHERUNG AG VIENNA INSURANCE GROUP Country of domicile Interest in capital (%) Equity (EUR ’000) Last annual financial statements Fully consolidated companies “Grüner Baum” Errichtungs- und Verwaltungsges.m.b.H., Innsbruck . . . . . . . . Austria 100.00 �47 2006 “Neue Heimat” Gemeinnützige Wohnungsund Siedlungsgesellschaft in Oberösterreich GmbH, Linz . . . . . . . . . . . . . . . . . . . . . . . . . Austria 99.81 73,488 2006 “WIENER STÄDTISCHE OSIGURANJE” akcionarsko drustvo za osiguranje, Belgrade . . . . . . . . . . . . . . . . . . . . . . . . . . . Serbia 100.00 10,861 2006 Alpenländische Heimstätte Gemeinnützige Wohnungsbau- und Siedlungsgesellschaft m.b.H., Innsbruck . . . . . . . . . . . . . . . . . . . . Austria 94.00 89,002 2006 AGRAS — Grupul Wiener Städtische S.A., Bucharest . . . . . . . . . . . . . . . . . . . . . . . . . . Romania 88.68 3,668 2006 Andel Investment Praha s.r.o., Prague . . . . . . Czech Republic 100.00 32,698 2006 ARITHMETICA Versicherungs- und Finanzmathematische Beratungs- Gesellschaft m.b.H., Vienna. . . . . . . . . . . . . Austria 100.00 371 2006 <strong>Bank</strong> Austria Creditanstalt Versicherung AG, Vienna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 90.00 31,102 2006 BENEFIA Towarzystwo Ubezpieczeń Maja¸tkowych Spolka Akcyjna, Warsaw. . . . . Poland 100.00 16,983 2006 BENEFIA Towarzystwo Ubezpieczeń na Z˙ ycie Spolka Akcyjna, Warsaw . . . . . . . . . . . . . . . Poland 100.00 6,026 2006 BML Versicherungsmakler GmbH, Vienna . . . . Austria 100.00 236,682 2006 BULGARSKI IMOTI LIFE AG Insurance Company, Sofia . . . . . . . . . . . . . . . . . . . . . . Bulgaria 98.35 3,755 2006 Bulgarski Imoti Non-Life AG Insurance Company, Sofia . . . . . . . . . . . . . . . . . . . . . . Bulgaria 98.36 5,225 2006 Bulgarski Imoti Asistans EOOD, Sofia . . . . . . . Bulgaria 98.36 78 2006 Business Insurance Application Consulting GmbH, Vienna. . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 2,116 2006 Businesspark Brunn Entwicklungs GmbH, Vienna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 2,066 2006 CAPITOL, a.s., Bratislava . . . . . . . . . . . . . . . . Slovakia 100.00 2,836 2006 Celetná 25, s.r.o., Prague . . . . . . . . . . . . . . . . Czech Republic 100.00 10,855 2006 CENTER Hotelbetriebs GmbH, Vienna . . . . . . Austria 82.66 66 2006 Česká podnikatelská pojist’ovna, a.s., Prague . . . . . . . . . . . . . . . . . . . . . . . . . . . . Czech Republic 87.67 33,685 2006 COMPENSA Holding GmbH, Coburg . . . . . . . Germany 100.00 20,383 2006 Cosmopolitan Life dionicko drustvo za osiguranje, Zagreb. . . . . . . . . . . . . . . . . . . . Croatia 73.00 4,836 2006 DBR Friedrichscarrée GmbH & Co KG, Stuttgart . . . . . . . . . . . . . . . . . . . . . . . . . . . Germany 100.00 16,131 2006 DBR Friedrichscarrée Liegenschaften- Verwaltungs GmbH, Stuttgart . . . . . . . . . . . Germany 100.00 24 2006 DBR-Liegenschaften GmbH & Co KG, Stuttgart . . . . . . . . . . . . . . . . . . . . . . . . . . . Germany 100.00 16,069 2006 DBR-Liegenschaften Verwaltungs GmbH, Stuttgart . . . . . . . . . . . . . . . . . . . . . . . . . . . Germany 100.00 24 2006 DONAU Allgemeine Versicherungs- Aktiengesellschaft, Vienna . . . . . . . . . . . . . . Austria 89.47 96,886 2006 F-120
Affiliated companies and participations WIENER STÄDTISCHE VERSICHERUNG AG VIENNA INSURANCE GROUP Country of domicile Interest in capital (%) Equity (EUR ’000) Last annual financial statements DVS Donau-Versicherung Vermittlungs- und Service-Gesellschaft m.b.H., Vienna . . . . . . Austria 100.00 25,216 2006 <strong>Erste</strong> gemeinnützige Wohnungsgesellschaft “Heimstätte Gesellschaft m.b.H.”, Vienna . . . Austria 99.45 74,889 2006 Gesundheitspark Wien-Oberlaa Gesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 25,159 2006 InterRisk Lebensversicherungs- Aktiengesellschaft, Wiesbaden . . . . . . . . . . Germany 100.00 15,058 2006 InterRisk Versicherungs-Aktiengesellschaft, Wiesbaden . . . . . . . . . . . . . . . . . . . . . . . . . Germany 100.00 23,190 2006 I.V., s.r.o., Bratislava . . . . . . . . . . . . . . . . . . . . Slovakia 100.00 533 2006 KÁLVIN TOWER Immobilienentwicklungs- und Investitionsgesellschaft m.b.H., Budapest . . Hungary 100.00 1,742 2006 Kapitol pojist’ovací a financní poradenství, a.s., Brünn . . . . . . . . . . . . . . . . . . . . . . . . . Czech Republic 100.00 6,634 2006 Komunálna poist’ovňa, a.s., Bratislava . . . . . . Slovakia 95.06 11,980 2006 KONTINUITA poist’ovňa, a.s., Bratislava . . . . . Slovakia 100.00 9,252 2006 KOOPERATIVA poist’ovňa, a.s., Bratislava . . . Slovakia 100.00 116,536 2006 Kooperativa pojisˇt’ovna, a.s., Prague. . . . . . . . Czech Republic 87.67 284,746 2006 Kvarner Wiener Städtische osiguranje d.d., Rijeka . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Croatia 98.75 19,023 2006 Kvarner Wiener Städtische Nekretnine d.o.o., Rijeka . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Croatia 98.75 43 2006 LVP Holding GmbH, Vienna . . . . . . . . . . . . . . Austria 100.00 77,716 2005 Neue Heimat Oberösterreich Holding GmbH, Vienna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 19,792 2006 Omniasig Insurance-Reinsurance Company, Bucharest . . . . . . . . . . . . . . . . . . . . . . . . . . Romania 98.17 51,189 2006 Omniasig Life Insurance, Bucharest . . . . . . . . Romania 50.01 2,787 2006 PFG Liegenschaftsbewirtschaftungs GmbH & Co KG, Vienna . . . . . . . . . . . . . . . . . . . . . . Austria 95.13 34,596 2006 PFG Holding GmbH, Vienna . . . . . . . . . . . . . . Austria 88.70 62,756 2006 PROGRESS Beteiligungsges.m.b.H., Vienna. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 60.00 8,656 2006 Projektbau GesmbH, Vienna . . . . . . . . . . . . . . Austria 89.50 229 2006 Projektbau Holding GmbH, Vienna . . . . . . . . . Austria 89.50 2,491 2006 Royal Polska Towarzystwo Ubezpieczeń na Z˙ ycie S.A., Warsaw . . . . . . . . . . . . . . . . . . . Poland 95.44 7,853 2006 SECURIA majetkovosprávna a podielová s.r.o., Bratislava . . . . . . . . . . . . . . . . . . . . . . Slovakia 100.00 4,476 2006 Senioren Residenz Fultererpark Errichtungsund Verwaltungs GmbH, Innsbruck . . . . . . . Austria 100.00 �4,205 2006 Senioren Residenz Veldidenapark Errichtungs- und Verwaltungs GmbH, Innsbruck . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 66.70 11,434 2006 Towarzystwo Ubezpieczeń i Reasekuracji CIGNA STU S.A., Warsaw. . . . . . . . . . . . . . Poland 92.77 21,528 2006 Towarzystwo Ubezpieczeń “Compensa” Spolka Akcyjna, Warsaw . . . . . . . . . . . . . . . Poland 99.87 42,053 2006 Towarzystwo Ubezpieczeń Na Z˙ ycie Compensa Spolka Akcyjna, Warsaw . . . . . . Poland 100.00 20,415 2006 UNION Biztositó Zrt., Budapest. . . . . . . . . . . . Hungary 100.00 21,900 2006 UNITA S.A., Bucharest . . . . . . . . . . . . . . . . . . Romania 100.00 19,345 2006 Vienna-Life Lebensversicherung Aktiengesellschaft, Schaan . . . . . . . . . . . . . Liechtenstein 100.00 9,565 2006 F-121
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WIENER STÄDTISCHE Versicherung AG
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Stabilization measures. In connecti
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[THIS PAGE INTENTIONALLY LEFT BLANK
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Proceeding Regarding BA-CA Versiche
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in detail factors which may influen
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“Benefia Non-Life” refers to BE
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“Unita” refers to Unita S.A. Vi
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Health insurance products are marke
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The Vienna Insurance Group can give
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The Offer Period and the Employee O
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Entitlement to Dividends: . . . . .
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RISK FACTORS Potential investors sh
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negative effects on the Vienna Insu
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safeguard the stability of the publ
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The Vienna Insurance Group depends
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Since the purchase price of the Tar
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always passed such resolutions as p
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General THE OFFERING The Offering c
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Global Coordinators on the basis of
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PLAN OF DISTRIBUTION Scope of and A
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Termination, Indemnification The Pu
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Japan The Offer Shares have not bee
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CAPITALIZATION The following table
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USE OF PROCEEDS Assuming all of the
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DIVIDEND POLICY All Existing Shares
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The respective country agreements i
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The table below sets forth key fina
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year, the Target Companies derived
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SELECTED FINANCIAL DATA The followi
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Vienna Insurance Group ranked secon
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Year Real economic growth Consumer
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therefore, good growth potential st
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Non-life rate-setting Rate-setting
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has also remained between 9.5 and 1
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Insurance policies generally includ
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Severance obligations Based on stat
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increase also came from insurance c
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of the scope of consolidation throu
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Financial result The following tabl
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The following table sets forth by r
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Health insurance segment The follow
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individual subsidiaries are respons
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Currently, neither the Management B
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EMBEDDED VALUE OF WIENER STÄDTISCH
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Group Embedded Value The following
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Overview BUSINESS With approximatel
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Life Insurance The life insurance b
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for a strong demand for these produ
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For more information regarding comp
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that entity. In 1938, “Gemeinde W
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In 2005, the Issuer acquired a part
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The following table sets forth the
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damages. The changes in the Vienna
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Corporate Customers In the property
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medical treatment, medicines (inclu
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In connection with endowment insura
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Wiener Städtische AG offers produc
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premiums written in fiscal year 200
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The Vienna Insurance Group conducts
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KOMUNÁLNA Poist’ovňa, a.s. Vien
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Description of the Six Most Importa
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11.8%), with premiums increasing by
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subsidiary of TBIH) transferred its
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The investment policy is more conse
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at equity). The table below provide
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ought against them will have a mate
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Trademarks and Patents The names
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Risk Management Organization The Gr
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Auditing In keeping with the minimu
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Reinsurers with a lower rating are
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Real Estate Risk The value of the r
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On the basis of the Group’s inter
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INSURANCE SUPERVISION Wiener Städt
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an ongoing basis. Insurance compani
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Persons that would like to directly
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In addition to his responsibilities
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Chairman of the supervisory board o
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Member of the supervisory board of
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General director (retired) KR Dr. K
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Members of the Extended Board The f
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Members of the Group Management Boa
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the extended Group board since 2008
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Member of management board, supervi
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Shares and Stock Options Held by Me
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Human Resources Committee (committe
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DESCRIPTION OF SHARE CAPITAL AND SU
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through a resolution of the shareho
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After the capital increase resolved
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The following measures require purs
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Neither Austrian law nor the Articl
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Dividend Rights The offered New Sha
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the purchase price exceeds 10% of t
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The executive bodies of WST-Versich
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esolution on the formal approval of
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Taxation in Austria TAXATION Taxes
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Capital Gains Resident Shareholders
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tax consequences that may be releva
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liability and may entitle such hold
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THE VIENNA STOCK EXCHANGE The infor
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Trading Volume In 2006, the aggrega
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Czech languages. The dissemination
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Takeover Commission and must prepar
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THE PRAGUE STOCK EXCHANGE The follo
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est quotation. During the closed ph
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obligations; or (iv) a criminal off
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Operating private hospitals in the
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RESPONSIBILITY STATEMENT PURSUANT T
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CONSOLIDATED BALANCE SHEET AS OF 31
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CONSOLIDATED SHAREHOLDERS’ EQUITY
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CONSOLIDATED CASH FLOW STATEMENT FR
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SEGMENT REPORTING CONSOLIDATED INCO
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total of 29 domestic and 41 foreign
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In the third quarter, the Celetná
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existing on the balance sheet repor
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For both owner-occupied and third p
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The credit quality of each contract
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not set to zero for Group subsidiar
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The calculations for 31 December 20
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RISK REPORTING The Vienna Insurance
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internal processes, strategic procu
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Concentration risk Concentration ri
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Other securities Financial investme
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The following table shows Vienna In
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measurement of the value of a compa
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that occurred in the current and al
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amount, the closely held corporatio
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Unrealised profits and losses are a
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Affiliated companies and participat
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Detail: Acquisition Costs Carried F
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9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
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Development in EUR ’000 Property/
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Development in life insurance 31.12
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Development in severance obligation
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24. LIABILITIES Detail in EUR ’00
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Off-balance sheet commitments The f
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Premiums written — Direct life in
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Detail — income in EUR ’000 Cur
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Detail — expenses in EUR ’000 D
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Detail in EUR ’000 Property/Casua
Page 300 and 301: Detail in EUR ’000 Property/Casua
Page 302 and 303: The Supervisory Board is composed o
Page 304 and 305: the Austrian Stock Corporation Act
Page 306 and 307: SIGNIFICANT EVENTS AFTER THE BALANC
Page 308 and 309: REPORT OF THE SUPERVISORY BOARD The
Page 310 and 311: INDEPENDENT AUDITOR’S REPORT We h
Page 312 and 313: CONSOLIDATED BALANCE SHEET AS OF 31
Page 314 and 315: CONSOLIDATED SHAREHOLDERS’ EQUITY
Page 316 and 317: CONSOLIDATED CASH FLOW STATEMENT FR
Page 318 and 319: SEGMENT REPORTING CONSOLIDATED INCO
Page 320 and 321: 28 does not exist, since Wiener St
Page 322 and 323: Information on the companies that a
Page 324 and 325: Accounting policies for specific it
Page 326 and 327: Financial investments Financial inv
Page 328 and 329: Active tax deferrals are not recogn
Page 330 and 331: policyholders. These reserves are f
Page 332 and 333: Operating expenses Group personnel
Page 334 and 335: To manage these underwriting risks,
Page 336 and 337: The Vienna Insurance Group has made
Page 338 and 339: Investments segment Health Life in
Page 340 and 341: Equities As of 31 December 2006, Vi
Page 342 and 343: The following table shows the Vienn
Page 344 and 345: The shareholder margin is calculate
Page 346 and 347: Reinsurance The Vienna Insurance Gr
Page 348 and 349: Development of purchased insurance
Page 352 and 353: Affiliated companies and participat
Page 354 and 355: The information required under § 2
Page 356 and 357: For financial investments available
Page 358 and 359: 9. RECEIVABLES Detail in EUR ’000
Page 360 and 361: 13. CONSOLIDATED SHAREHOLDERS’ EQ
Page 362 and 363: 14. SUBORDINATED LIABILITIES Subord
Page 364 and 365: Health insurance mathematical reser
Page 366 and 367: Maturities in EUR ’000 31.12.2006
Page 368 and 369: 23. OTHER PROVISIONS Detail in EUR
Page 370 and 371: agreements with other insurers conc
Page 372 and 373: income statement. A portion of the
Page 374 and 375: Detail — income in EUR ’000 Cur
Page 376 and 377: The Other income of EUR 7,091 milli
Page 378 and 379: 33. OTHER EXPENSES Detail in EUR
Page 380 and 381: The Supervisory Board is comprised
Page 382 and 383: The Managing Board is comprised of
Page 384 and 385: Significant events after the balanc
Page 386 and 387: AUDITOR’S REPORT We have audited
Page 388 and 389: REPORT OF THE SUPERVISORY BOARD The
Page 390 and 391: CONSOLIDATED BALANCE SHEET AS OF 31
Page 392 and 393: CONSOLIDATED INCOME STATEMENT FOR T
Page 394 and 395: SEGMENT REPORTING CONSOLIDATED BALA
Page 396 and 397: NOTES TO THE CONSOLIDATED FINANCIAL
Page 398 and 399: During the reporting period from 1
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negative, taking into account capit
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factors including contract and mark
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The creditworthiness of each contra
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formed at the individual policy lev
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The reserves are recognised at the
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The other capital assets item consi
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date, real estate has not represent
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Embedded value sensitivity analysis
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IBNR provisions are formed to offse
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Private customer activities. Privat
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Detail in EUR ’000 31.12.2005 31.
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For financial instruments available
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10. CASH AND CASH EQUIVALENTS Detai
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existing preferred shares may be is
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17. RESERVE FOR OUTSTANDING CLAIMS
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22. OTHER PROVISIONS Detail in EUR
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Other threatened and pending court
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Premiums written, total account Pro
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29. OTHER INCOME Detail in EUR ’0
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Detail in EUR ’000 Property/Casua
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35. OTHER INFORMATION The Superviso
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The Management Board is comprised o
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in the area of pension funds in Bul
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Tax-free reserves In the consolidat
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AUDITOR’S REPORT We have audited
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Banker’s blanket bond The Banker
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Expense ratio The ratio of premium
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Loss ratio The percentage ratio of
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Shares of minority shareholders in
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experience are normal and are to be
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The FOG and the Cost of Non-Market
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The NBV has only been calculated fo
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policyholder behaviors, i.e. some a
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The yields shown are risk-free euro
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Sensitivity Analysis EEV The follow
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B&W Deloitte GmbH Magnusstra�e 11
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Embedded Value of the Target Compan
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3.2 Value of In-Force The VIF is th
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5. Sensitivity Analysis The followi
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ZUSAMMENFASSUNG DES PROSPEKTS Diese
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Gewinn vor Steuern von rund 1,05 Mr
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Sollten es die bisherigen Aktionär
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Mai 2008 ablaufen. Die Bezugsrechte
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diesem Prospekt enthaltenen Konzern
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SHRNUTÍ PROSPEKTU Toto shrnutí pr
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Dne 26. brˇezna 2008 uzavrˇely sp
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Uplatnění Upisovacích práv ze s
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prˇedstavují právo prˇevodu na
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Vybrané informativní finanční
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