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agreements with other insurers concerning participation in claims. In the opinion of Vienna Insurance Group, provisions in proportion to the amount in dispute have been established for all claims. In none of the proceedings does the retention after reinsurance amount to more than EUR 150,000. Other threatened and pending court and arbitration proceedings Legal action by the Association for Consumer Information (Verein für Konsumenteninformation, VKI) In a class action suit, the Association for Consumer Information has objected to some of the clauses contained in Wiener Städtische AG’s standard contract terms (AVB) for traditional life insurance due to a violation of transparency requirements and has demanded that Wiener Städtische AG waive these clauses in the future. In the meantime, the suit has also been extended to Wiener Städtische AG’s standard contract terms for unit-linked life insurance. Not only Wiener Städtische AG but also other Austrian corporate Groups and most other large Austrian insurance companies use comparable clauses in their standard contract terms. VKI has also filed suits with similar content against UNION and other Austrian insurance companies. Wiener Städtische AG contests VKI’s standing to bring the lawsuit. Moreover, it considers the content of the suit to be unfounded, particularly in view of the fact that the contract clauses criticised by VKI as nontransparent or contrary to law are either made more specific by individual agreements or reflect provisions of law. No reliable information can be provided at the present time concerning the possible outcome of these proceedings. Guarantees The following explanatory notes are provided concerning the contingent liabilities not shown on the balance sheet: Letters of comfort exist for Businesspark Brunn Entwicklungs GmbH in the amount of EUR 799,000 in favour of Marktgemeinde Brunn am Gebirge relating to assumption of the costs for construction of an expressway junction and the development of the property. Furthermore, a written guarantee exists in favour of APC Geschäfts-center Betriebsges. m.b.H. in the amount of EUR 209,000 as well as a joint and several guarantee for loans taken out by COUNTRY INN VIC Hotelerrichtungs- und Betriebsgesellschaft m.b.H. up to a total amount of EUR 10,850 million. The company has also provided guarantees for employee loan repayments to the employees’ savings and loan fund of “Wiener Städtische Allgemeine Versicherung Aktiengesellschaft” reg.Gen.m.b.H. in the amount of EUR 129,000. There is a letter of comfort in the amount of EUR 7,410 million in favour of Central Point IT-Solutions GmbH. In addition, letters of comfort from Kooperativa pojisˇt’ovna, a.s. also exist respectively, in the amounts of EUR 2,729 million in favour of Unigeo, a.s. and EUR 273,000 in favour of Kamen ostromer, s.r.o. 27. NET EARNED PREMIUMS The premiums written and earned in the reporting period of 2006 and in the comparable period of 2005 are broken down by segments as follows: Premiums written in EUR ’000 Property/Casualty 2006 Life 2006 Health 2006 GROSS Direct business . . . . . . . . . . . . . . . . . . . . . . 3,038,811 2,502,848 297,720 5,839,379 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,399,358 1,711,393 297,720 3,408,471 Czech Republic . . . . . . . . . . . . . . . . . . . . 783,686 259,513 0 1,043,199 Slovakia . . . . . . . . . . . . . . . . . . . . . . . . . . 246,392 141,215 0 387,607 Other CEE . . . . . . . . . . . . . . . . . . . . . . . . 547,210 212,116 0 759,326 Other markets . . . . . . . . . . . . . . . . . . . . . 62,165 178,611 0 240,776 Indirect business . . . . . . . . . . . . . . . . . . . . . 28,340 13,611 180 42,131 Premiums written ..................... 3,067,151 2,516,459 297,900 5,881,510 CEDED TO REINSURERS . . . . . . . . . . . . . . . �753,461 �38,415 �983 �792,859 Premiums written — retained ............ 2,313,690 2,478,044 296,917 5,088,651 F-140 Total 2006
Net earned premiums in EUR ’000 Property/Casualty 2006 Life 2006 Health 2006 GROSS Direct business . . . . . . . . . . . . . . . . . . . . . . 2,979,545 2,502,410 297,324 5,779,279 Indirect business . . . . . . . . . . . . . . . . . . . . . 28,937 13,586 180 42,703 Net earned premiums .................. 3,008,482 2,515,996 297,504 5,821,982 CEDED TO REINSURERS . . . . . . . . . . . . . . . �743,778 �38,542 �984 �783,304 Net earned premiums — retained. ........ 2,264,704 2,477,454 296,520 5,038,678 Premiums written in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 GROSS Direct business . . . . . . . . . . . . . . . . . . . . . . 2,550,594 2,144,465 287,832 4,982,891 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,337,220 1,525,888 287,832 3,150,940 Czech Republic . . . . . . . . . . . . . . . . . . . . 669,420 218,963 0 888,383 Slovakia . . . . . . . . . . . . . . . . . . . . . . . . . . 225,675 105,266 0 330,941 Other CEE . . . . . . . . . . . . . . . . . . . . . . . . 259,690 75,795 0 335,485 Other markets . . . . . . . . . . . . . . . . . . . . . 58,589 218,553 0 277,142 Indirect business . . . . . . . . . . . . . . . . . . . . . 12,725 11,964 255 24,944 Premiums written ..................... 2,563,319 2,156,429 288,087 5,007,835 CEDED TO REINSURERS . . . . . . . . . . . . . . . �696,397 �34,929 �873 �732,199 Premiums written — retained ............ 1,866,922 2,121,500 287,214 4,275,636 Net earned premiums in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 GROSS Direct business . . . . . . . . . . . . . . . . . . . . . . 2,498,110 2,142,631 287,628 4,928,369 Indirect business . . . . . . . . . . . . . . . . . . . . . 11,679 11,651 255 23,585 Net earned premiums .................. 2,509,789 2,154,282 287,883 4,951,954 CEDED TO REINSURERS . . . . . . . . . . . . . . . �674,955 �35,255 �873 �711,083 Net earned premiums — retained. ........ 1,834,834 2,119,027 287,010 4,240,871 Gross premiums written — Property/casualty insurance in EUR ’000 Gross 2006 Ceded to reinsurers 2006 Retained 2006 Direct business Fire and business interruption due to fire . . . . . . 404,634 �263,603 141,031 339,467 Household insurance. . . . . . . . . . . . . . . . . . . . . 165,942 �20,340 145,602 147,217 Other non-life insurance . . . . . . . . . . . . . . . . . . 251,912 �118,819 133,093 257,731 Motor vehicle liability insurance . . . . . . . . . . . . . 903,947 �161,275 742,672 750,528 Other motor vehicle insurance. . . . . . . . . . . . . . 599,171 �51,732 547,439 481,621 Casualty insurance . . . . . . . . . . . . . . . . . . . . . . 214,307 �34,737 179,570 190,751 Liability insurance . . . . . . . . . . . . . . . . . . . . . . . 209,641 �34,844 174,797 186,018 Legal expenses insurance . . . . . . . . . . . . . . . . . 42,158 �344 41,814 39,957 Marine, aviation, and transport insurance . . . . . 44,103 �25,319 18,784 38,323 Credit and guarantee insurance. . . . . . . . . . . . . 35,007 �3,786 31,221 11,440 Other insurance . . . . . . . . . . . . . . . . . . . . . . . . 167,989 �25,761 142,228 107,541 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,038,811 �740,560 2,298,251 2,550,594 Indirect business Marine, aviation, and transport insurance . . . . . 1,022 0 1,022 463 Other insurance . . . . . . . . . . . . . . . . . . . . . . . . 27,318 �12,901 14,417 12,262 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,340 �12,901 15,439 12,725 Total .................................. 3,067,151 �753,461 2,313,690 2,563,319 A portion of the earned premiums of EUR 28,937 million (EUR 11,679 million) from indirect property/casualty insurance business had been deferred one year before being recognised in the F-141 Total 2006 Total 2005 Total 2005 Gross 2005
Page 1:
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
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The Supervisory Board is composed o
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the Austrian Stock Corporation Act
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SIGNIFICANT EVENTS AFTER THE BALANC
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REPORT OF THE SUPERVISORY BOARD The
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INDEPENDENT AUDITOR’S REPORT We h
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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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Page 322 and 323: Information on the companies that a
Page 324 and 325: Accounting policies for specific it
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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 350 and 351: 4. PARTICIPATIONS On 31 December 20
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 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
Page 400 and 401: negative, taking into account capit
Page 402 and 403: factors including contract and mark
Page 404 and 405: The creditworthiness of each contra
Page 406 and 407: formed at the individual policy lev
Page 408 and 409: The reserves are recognised at the
Page 410 and 411: The other capital assets item consi
Page 412 and 413: date, real estate has not represent
Page 414 and 415: Embedded value sensitivity analysis
Page 416 and 417: IBNR provisions are formed to offse
Page 418 and 419: 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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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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Erste Bank JPMorgan Merrill Lynch International

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