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Affiliated companies and participations Wiener Städtische AG Country Share of capital (%) Equity (EUR ’000) Most recent annual financial statements St. Magdalen Projektentwicklungs- und Verwertungsgesellschaft m.b.H., Vienna. . Austria 89.00 5,133 2005 Towarzystwo Ubezpieczen “Compensa” Spolka Akcyjna, Warsaw . . . . . . . . . . . . . Poland 99.86 31,826 2005 Towarzystwo Ubezpieczen Na Zycie Compensa Spolka Akcyjna, Warsaw . . . . Poland 100.00 20,105 2005 UNION Biztositó Rt., Budapest . . . . . . . . . . Hungary 100.00 20,549 2005 UNITA S.A., Bucharest . . . . . . . . . . . . . . . . Romania 100.00 14,041 2005 Vienna-Life Lebensversicherung Aktiengesellschaft, Schaan. . . . . . . . . . . . Liechtenstein 100.00 9,620 2005 VLTAVA majetkovosprání a podílová spol.s.r.o., Prague . . . . . . . . . . . . . . . . . . Czech Republic 100.00 2,659 2005 WIENER STÄDTISCHE Beteiligungs GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . Austria 100.00 258,546 2005 WIENER STÄDTISCHE Finazierungsdienstleistungs GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 254,990 2005 Wiener Verein Bestattungs- und Versicherungsservice Gesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . Austria 100.00 1,490 2005 Proportional consolidated companies Union Versicherungs-Aktiengesellschaft, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 45.00 74,812 2005 Equity consolidated companies Benefita, a.s., Prague . . . . . . . . . . . . . . . . . Czech Republic 100.00 �119 2005 Ceská Kooperativa Londy´n Ltd., London . . . Great Britain 100.00 589 2005 COUNTRY INN VIC Hotelerrichtungs- und Betriebsgesellschaft m.b.H, Vienna . . . . . Austria 50.00 �3,504 2005 CROWN-WSF spol. s.r.o., Prague . . . . . . . . Czech Republic 30.00 6,210 2005 Gewista-Werbegesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 33.00 27,218 2005 Global Expert, s.r.o., Pardubice . . . . . . . . . . Czech Republic 100.00 86 2005 IMPERIAL-Székesfehérvár Ingatlankezelési Kft., Budapest . . . . . . . . . . . . . . . . . . . . . Hungary 25.00 11,237 2005 Kámen Ostromer, s.r.o., Ostromer . . . . . . . . Czech Republic 100.00 186 2005 KIP, a.s., Prague . . . . . . . . . . . . . . . . . . . . . Czech Republic 86.43 3,687 2005 Medial Beteiligungs-Gesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 29.63 22,104 2005 PKB Privatkliniken Beteiligungs-GmbH (consolidated financial statements), Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 25.00 19,305 2005 Sanatorium Astoria, a.s., Karlovy Vary . . . . . Czech Republic 86.32 2,308 2005 SHD Komes, a.s., Most . . . . . . . . . . . . . . . . Czech Republic 46.33 15,111 2005 SURPMO a.s., Prague. . . . . . . . . . . . . . . . . Czech Republic 98.54 220 2005 TECH GATE VIENNA Wissenschafts- und Technologiepart GmbH, Vienna . . . . . . . . Austria 60.00 36,358 2005 Unigeo, a.s., Ostrava-Hrabova . . . . . . . . . . . Czech Republic 90.92 5,348 2005 Non-consolidated companies “Heimstätte Gesellschaft m.b.H.” (first nonprofit housing company), Vienna . . . . . . . Austria 99.45 62,849 2004 “Neue Heimat”, Gemeinnützige Wohnungsund Siedlungsgesellschaft in Oberösterreich GmbH, Linz . . . . . . . . . . . Austria 99.81 65,056 2004 F-192
Affiliated companies and participations Wiener Städtische AG Country Share of capital (%) Equity (EUR ’000) Most recent annual financial statements Alpenländische Heimstätte Gemeinnützige Wohnungsbau- und Siedlungsgesellschaft m.b.H., Innsbruck . . . . . . . . . . . . . . . . . . . Austria 94.00 82,629 2004 AREALIS Liegenschaftsmanagement GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . Austria 50.00 Founded 2005 CAPITOL Spolka z o.o., Warsaw . . . . . . . . . Poland 100.00 �32 2004 Close Joint Company Ukrainian Insurance Company “Kniazha”, Kiev . . . . . . . . . . . . . Ukraine 50.01 1,743 2004 DIRECT-LINE Direktvertriebs-GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 192 2005 Eurocenter-Immorent d.o.o., Zagreb. . . . . . . Croatia 100.00 0 2004 EXPERTA Schadenregulierungs- Gesellschaft m.b.H., Vienna . . . . . . . . . . . Austria 100.00 649 2005 FUTURELAB Holding GmbH (consolidated balance sheet), Vienna. . . . . . . . . . . . . . . Austria 50.00 3,895 2004 HORIZONT Personal-, Team- und Organisationsentwicklung GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 153 2005 HUMANOCARE gemeinnützige Betriebsgesellschaft für Betreuungseinrichtungen GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 38 2004 HUMANOCARE Management-Consult GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . Austria 75.00 201 2004 Humanomed Krankenhaus Management Gesellschaft m.b.H., Vienna . . . . . . . . . . . Austria 25.00 678 2004 Insurance Company Globus, Kiev . . . . . . . . Ukraine 51.00 1,303 2004 Insurance Financial Services GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 49.00 263 2004 Joint Belarus-Austrian Insurance Company Kupala, Minsk . . . . . . . . . . . . . . . . . . . . . Belarus 90.97 536 2004 Joint Stock Company Insurance Company “JUPITER”, Kiev . . . . . . . . . . . . . . . . . . . . Ukraine 73.00 1,852 2004 Neutorgasse 2-8 Projektverwertungs GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . Austria 90.00 �187 2004 ÖBV-DIREKT Versicherungsservice GmbH in Liqu., Vienna . . . . . . . . . . . . . . . . . . . . Austria 33.33 450 2004 Österreichisches Verkehrsbüro Aktiengesellschaft, Vienna . . . . . . . . . . . . Austria 31.58 96,804 2004 PFG Liegenschaftsbewirtschaftungs GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 76.93 41 2005 Privatklinik Villach Gesellschaft m.b.H. & Co.KG, Klagenfurt . . . . . . . . . . . . . . . . . . Austria 23.29 1,871 2004 Realitätenverwaltungs- und Restaurantbetriebs-Gesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 100.00 419 2005 Renaissance Hotel Realbesitz GmbH, Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 67.00 6,093 2005 Ringturm Kapitalanlagegesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . . . . . . . Austria 91.00 3,016 2005 RISK CONSULT Sicherheits- und Risiko- Managementberatung Gesellschaft m.b.H., Vienna . . . . . . . . . . . . . . . . . . . . . Austria 51.00 272 2004 Ruster Hotel Bau- und Betriebsgesellschaft m.b.H. & Co KG, Vienna . . . . . . . . . . . . . Austria 47.86 �3,171 2004 F-193
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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
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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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Information on the companies that a
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Accounting policies for specific it
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Financial investments Financial inv
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Active tax deferrals are not recogn
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policyholders. These reserves are f
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Operating expenses Group personnel
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To manage these underwriting risks,
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The Vienna Insurance Group has made
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Investments segment Health Life in
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Equities As of 31 December 2006, Vi
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The following table shows the Vienn
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The shareholder margin is calculate
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Reinsurance The Vienna Insurance Gr
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Development of purchased insurance
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4. PARTICIPATIONS On 31 December 20
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The information required under § 2
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For financial investments available
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9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
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14. SUBORDINATED LIABILITIES Subord
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Health insurance mathematical reser
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Maturities in EUR ’000 31.12.2006
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23. OTHER PROVISIONS Detail in EUR
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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
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.
Page 424 and 425: Affiliated companies and participat
Page 426 and 427: For financial instruments available
Page 428 and 429: 10. CASH AND CASH EQUIVALENTS Detai
Page 430 and 431: existing preferred shares may be is
Page 432 and 433: 17. RESERVE FOR OUTSTANDING CLAIMS
Page 434 and 435: 22. OTHER PROVISIONS Detail in EUR
Page 436 and 437: Other threatened and pending court
Page 438 and 439: Premiums written, total account Pro
Page 440 and 441: 29. OTHER INCOME Detail in EUR ’0
Page 442 and 443: Detail in EUR ’000 Property/Casua
Page 444 and 445: 35. OTHER INFORMATION The Superviso
Page 446 and 447: The Management Board is comprised o
Page 448 and 449: in the area of pension funds in Bul
Page 450 and 451: Tax-free reserves In the consolidat
Page 452 and 453: AUDITOR’S REPORT We have audited
Page 454 and 455: Banker’s blanket bond The Banker
Page 456 and 457: Expense ratio The ratio of premium
Page 458 and 459: Loss ratio The percentage ratio of
Page 460 and 461: Shares of minority shareholders in
Page 462 and 463: experience are normal and are to be
Page 464 and 465: The FOG and the Cost of Non-Market
Page 466 and 467: The NBV has only been calculated fo
Page 468 and 469: policyholder behaviors, i.e. some a
Page 470 and 471: The yields shown are risk-free euro
Page 472 and 473:
Sensitivity Analysis EEV The follow
Page 474 and 475:
B&W Deloitte GmbH Magnusstra�e 11
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Embedded Value of the Target Compan
Page 478 and 479:
3.2 Value of In-Force The VIF is th
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5. Sensitivity Analysis The followi
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Page 486 and 487:
ZUSAMMENFASSUNG DES PROSPEKTS Diese
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Gewinn vor Steuern von rund 1,05 Mr
Page 490 and 491:
Sollten es die bisherigen Aktionär
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Mai 2008 ablaufen. Die Bezugsrechte
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diesem Prospekt enthaltenen Konzern
Page 496 and 497:
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
Page 504 and 505:
Vybrané informativní finanční
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