Erste Bank JPMorgan Merrill Lynch International

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income statement. A portion of the earned premiums of EUR 13,586 million (EUR 11,651 million) from indirect life insurance business had been deferred one year before being recognised in the income statement. Premiums written — Direct life insurance business in EUR ’000 2006 2005 Regular premium policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,461,630 1,297,234 Endowment insurance, not including risk insurance . . . . . . . . . . . . . . . . . . 736,956 697,856 Risk insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,241 59,834 Pension insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,151 171,059 Unit-linked insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,211 278,231 Index-linked insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,866 0 Government-sponsored pension plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,205 90,254 Single premium policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041,218 847,231 Endowment insurance, not including risk insurance . . . . . . . . . . . . . . . . . . 504,163 344,310 Risk insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,465 12,425 Pension insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,606 234,401 Unit-linked insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259,397 207,875 Index-linked insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,696 43,788 Government-sponsored pension plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,891 4,432 Total direct life premiums written ................................ 2,502,848 2,144,465 of which: Policies with profit participation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,646,190 1,477,766 Policies without profit participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 856,658 666,699 of which: Individual policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,290,767 2,034,293 Group policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,081 110,172 Please refer to the relevant individual financial statements for information on investments of unitand index-linked life insurance. Gross premiums written — Health insurance in EUR ’000 2006 2005 Direct business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,720 287,832 Individual policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,945 201,299 Group policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,775 86,533 Indirect business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 255 Group policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 255 Total health premiums written ..................................... 297,900 288,087 28. RESULT FROM SHARES IN AFFILIATED AND ASSOCIATED COMPANIES Detail — income in EUR ’000 Property/Casualty 2006 Life 2006 Health 2006 Current income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,111 23,864 6 26,981 Gains from disposal of investments. . . . . . . . . . . . . . . . 50 3,427 0 3,477 Total ...................................... 3,161 27,291 6 30,458 Detail — income in EUR ’000 Current income 2006 Gains from disposal of investments 2006 Shares in fully consolidated affiliated companies . . . . . . . . . . . . . . . . 0 3,434 3,434 Shares in unconsolidated affiliated companies . . . . . . . . . . . . . . . . . . 22,660 43 22,703 Shares in associated companies valued at equity . . . . . . . . . . . . . . . . 4,321 0 4,321 Total ................................................. 26,981 3,477 30,458 F-142 Total 2006 Total 2006
Detail — income in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 Current income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,909 4,883 �216 7,576 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,668 0 0 4,668 Total ....................................... 7,577 4,883 �216 12,244 Detail — income in EUR ’000 Current income 2005 Shares in unconsolidated affiliated companies . . . . . . . . . . . . . . . . . . . . . . 3,197 0 3,197 Shares in associated companies valued at equity . . . . . . . . . . . . . . . . . . . . 4,379 4,668 9,047 Total ..................................................... 7,576 4,668 12,244 Detail — expenses in EUR ’000 Property/Casualty 2006 Life 2006 Other 2005 Health 2006 Depreciation on investments . . . . . . . . . . . . . . . . . . . . . 291 20,931 0 21,222 Losses from disposal of investments. . . . . . . . . . . . . . . 2,530 1,705 0 4,235 Total ...................................... 2,821 22,636 0 25,457 Detail — expenses in EUR ’000 Depreciation on investments 2006 Total 2005 Total 2005 Total 2006 Losses from disposal of investments 2006 Total 2006 Shares in unconsolidated affiliated companies . . . . . . . . . . . 21,222 4,235 25,457 Total .......................................... 21,222 4,235 25,457 Detail — expenses in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 Depreciation on investments . . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 8 Losses from disposal of investments . . . . . . . . . . . . . . . . . . . 666 3 0 669 Total ........................................... 674 3 0 677 Detail — expenses in EUR ’000 Depreciation on investments 2005 Total 2005 Losses from disposal of investments 2005 Total 2005 Shares in unconsolidated affiliated companies . . . . . . . . . . . 8 669 677 Total .......................................... 8 669 677 29. RESULT FROM OTHER INVESTMENTS Detail — income in EUR ’000 Property/Casualty 2006 Life 2006 Health 2006 Current income . . . . . . . . . . . . . . . . . . . . . . . . . . 222,464 540,289 37,472 800,225 Income from write-ups . . . . . . . . . . . . . . . . . . . . . 9,549 21,858 996 32,403 Income from the disposal of investments . . . . . . . 36,751 166,715 10,489 213,955 Total .................................. 268,764 728,862 48,957 1,046,583 F-143 Total 2006
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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28 does not exist, since Wiener St
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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 370 and 371: agreements with other insurers conc
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
Page 420 and 421: 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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