Erste Bank JPMorgan Merrill Lynch International

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Premiums written, total account Property/Casualty insurance in EUR ’000 Total account 2005 Reinsurers’ share 2005 Retention 2005 Total account 2004 Direct business Fire and business interruption due to fire . . . . . . 339,467 �235,322 104,145 284,449 Household insurance. . . . . . . . . . . . . . . . . . . . . 147,217 �16,286 130,931 131,007 Other non-life insurance . . . . . . . . . . . . . . . . . . 257,731 �99,305 158,426 281,784 Motor vehicle liability insurance . . . . . . . . . . . . . 750,528 �168,234 582,294 621,928 Other motor vehicle insurance. . . . . . . . . . . . . . 481,621 �59,163 422,458 365,979 Casualty insurance . . . . . . . . . . . . . . . . . . . . . . 190,751 �33,734 157,017 134,126 Liability insurance . . . . . . . . . . . . . . . . . . . . . . . 186,018 �23,988 162,030 162,895 Legal expenses insurance . . . . . . . . . . . . . . . . . 39,957 �98 39,859 38,777 Marine, aviation and transit insurance . . . . . . . . 38,323 �21,525 16,798 36,711 Credit and guarantee insurance. . . . . . . . . . . . . 11,440 �5,543 5,897 154 Other insurances. . . . . . . . . . . . . . . . . . . . . . . . 107,541 �19,999 87,542 103,791 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,550,594 �683,197 1,867,397 2,161,601 Indirect business Marine, aviation and transit insurance . . . . . . . . 463 0 463 613 Other insurance . . . . . . . . . . . . . . . . . . . . . . . . 12,262 �13,200 �938 16,864 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,725 �13,200 �475 17,477 Total .................................. 2,563,319 �696,397 1,866,922 2,179,078 Premiums written — direct business, life insurance in EUR ’000 2005 2004 thereof Individual insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,034,293 1,565,823 Group insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,172 63,575 thereof Policies with a single premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847,231 521,915 Policies with regular premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,297,234 1,107,483 thereof Policies with profit participation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,477,766 1,169,189 Policies without profit participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,805 65,597 Unit-linked life insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486,106 354,483 Index-linked life insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,788 40,129 Premiums written — total account, health insurance in EUR ’000 2005 2004 Direct business Individual insurance policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,299 194,430 Group insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,533 84,897 Indirect business Group insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 588 27. INCOME FROM CAPITAL ASSETS OF AFFILIATED COMPANIES AND ASSOCIATES 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 Property/Casualty 2004 Life 2004 Health 2004 Current income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,675 0 235 2,910 Total ....................................... 2,675 0 235 2,910 F-208 Total 2005 Total 2004
Detail — expenses in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 Depreciation of capital assets . . . . . . . . . . . . . . . . . . . . . . . . 8 0 0 8 Loss from the disposal of capital assets . . . . . . . . . . . . . . . . 666 3 0 669 Total ........................................... 674 3 0 677 Detail — expenses in EUR ’000 Property/Casualty 2004 Life 2004 Health 2004 Loss from the disposal of capital assets . . . . . . . . . . . . . . . . 417 0 0 417 Other expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 0 0 53 Total ........................................... 470 0 0 470 28. INCOME FROM OTHER CAPITAL ASSETS Detail — income in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 Current income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,149 502,407 32,400 630,956 Income from write-ups . . . . . . . . . . . . . . . . . . . . . . 4,885 27,429 223 32,537 Income from the disposal of capital assets . . . . . . . 50,043 108,778 5,833 164,654 Total. ................................... 151,077 638,614 38,456 828,147 Detail — income in EUR ’000 Property/Casualty 2004 Life 2004 Health 2004 Current income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,112 442,755 35,954 592,821 Income from write-ups . . . . . . . . . . . . . . . . . . . . . . 5,131 12,647 0 17,778 Income from the disposal of capital assets . . . . . . . 20,406 50,363 3,965 74,734 Total. ................................... 139,649 505,765 39,919 685,333 Detail — expenses in EUR ’000 Property/Casualty 2005 Life 2005 Health 2005 Depreciation of capital assets . . . . . . . . . . . . . . . . . 76,677 39,468 4,803 120,948 Exchange rate differences. . . . . . . . . . . . . . . . . . . . �181 947 52 818 Realised capital losses . . . . . . . . . . . . . . . . . . . . . . 5,593 18,471 3,001 27,065 Interest expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 24,980 26,437 5,098 56,515 Personnel provision . . . . . . . . . . . . . . . . . . . . . . . 13,991 11,615 2,668 28,274 Interest on borrowed capital . . . . . . . . . . . . . . . . 10,989 14,822 2,430 28,241 Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,488 19,495 1,958 28,941 Total. ................................... 114,557 104,818 14,912 234,287 Detail — expenses in EUR ’000 Property/Casualty 2004 Life 2004 Health 2004 Depreciation of capital assets . . . . . . . . . . . . . . . . . . 61,285 34,238 9,442 104,965 Realised capital losses . . . . . . . . . . . . . . . . . . . . . . . 28,436 22,130 3,096 53,662 Interest expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,948 17,149 6,671 43,768 Personnel provision . . . . . . . . . . . . . . . . . . . . . . . . 15,953 8,877 3,551 28,381 Interest on borrowed capital . . . . . . . . . . . . . . . . . 3,995 8,272 3,120 15,387 Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,680 18,525 2,310 36,515 Total. .................................... 125,349 92,042 21,519 238,910 F-209 Total 2005 Total 2004 Total 2005 Total 2004 Total 2005 Total 2004
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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
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income statement. A portion of the
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Detail — income in EUR ’000 Cur
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The Other income of EUR 7,091 milli
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33. OTHER EXPENSES Detail in EUR
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The Supervisory Board is comprised
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The Managing Board is comprised of
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Significant events after the balanc
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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
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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 422 and 423: Affiliated companies and participat
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 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
Page 476 and 477: Embedded Value of the Target Compan
Page 478 and 479: 3.2 Value of In-Force The VIF is th
Page 480 and 481: 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
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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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