Erste Bank JPMorgan Merrill Lynch International

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General Information ............... 1 Forward-Looking Statements . . . . . . . . 1 Reference to Sources of Market Information and Other Statistical Information. . . . . . . . . . . . . . . . . . . . 2 List of Sources With Definitions for Later Use in the Prospectus . . . . . . . 2 Financial Data . . . . . . . . . . . . . . . . . . . 3 Embedded Value . . . . . . . . . . . . . . . . . 3 Rounding. . . . . . . . . . . . . . . . . . . . . . . 3 Definitions . . . . . . . . . . . . . . . . . . . . . . 3 Summary of the Prospectus ......... 7 Company Profile . . . . . . . . . . . . . . . . . 7 Strategy . . . . . . . . . . . . . . . . . . . . . . . . 8 Risks . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Summary of the Offering . . . . . . . . . . . 10 Selected Financial Data for the Vienna Insurance Group . . . . . . . . . . . . . . . 14 Selected Indicative Financial Data of the Target Companies . . . . . . . . . . . 15 Risk Factors ..................... 16 Risks Related to the Business . . . . . . . 16 Risks Relating to the Acquisition of the Target Companies . . . . . . . . . . . . . . 23 Risks Associated with the Controlling Shareholder . . . . . . . . . . . . . . . . . . . 25 Risks Arising from the Offering . . . . . . 26 The Offering ..................... 28 General . . . . . . . . . . . . . . . . . . . . . . . . 28 Exercise of Subscription Rights . . . . . . 29 Special Considerations for the Rights Offering and Global Offering in the Czech Republic . . . . . . . . . . . . . . . . 30 Special Considerations for U.S. Shareholders regarding the Rights Offering...................... 30 Plan of Distribution ................ 32 Scope of and Agreements on the Subscription of Shares . . . . . . . . . . . 32 Fees, Expenses. . . . . . . . . . . . . . . . . . 32 Stabilization, Share Lending and Over- Allotment Option . . . . . . . . . . . . . . . 33 Lock-up . . . . . . . . . . . . . . . . . . . . . . . . 33 Termination, Indemnification . . . . . . . . 34 Other Relationships . . . . . . . . . . . . . . . 34 Own Account Trading . . . . . . . . . . . . . 34 Selling Restrictions . . . . . . . . . . . . . . . 35 Restrictions on Resale. . . . . . . . . . . . . 36 Market Price of Wiener Städtische AG Shares ........................ 37 Capitalization .................... 38 Dilution ......................... 39 TABLE OF CONTENTS i Use of Proceeds .................. 40 Recent Developments .............. 41 Dividend Policy ................... 42 Acquisition of the Target Companies and Long-Term General Distribution Agreement ..................... 43 Description of the Acquisition and the Long-Term General Distribution Agreement . . . . . . . . . . . . . . . . . . . . 43 Disposition of Assets in Connection with the Acquisition . . . . . . . . . . . . . 45 Description of the Target Companies . . 46 Strategy and Reasons for the Acquisition . . . . . . . . . . . . . . . . . . . . 51 Financing the Acquisition . . . . . . . . . . . 52 Selected Financial Data ............ 54 Management’s Discussion and Analysis of Financial Condition and Results of Operations ............ 55 Introduction . . . . . . . . . . . . . . . . . . . . . 55 Significant Factors Affecting Business Operations . . . . . . . . . . . . . . . . . . . . 56 Factors Having a Significant Effect on the Company’s Results of Operations . . . . . . . . . . . . . . . . . . . . 63 Comparison of Fiscal Years 2007, 2006 and 2005 at the Group Level . . 68 Comparison of Fiscal Years 2007, 2006 and 2005 at the Segment Level ........................ 73 Liquidity . . . . . . . . . . . . . . . . . . . . . . . . 79 Investments . . . . . . . . . . . . . . . . . . . . . 80 Off-Balance Sheet Commitments . . . . . 83 Embedded Value of Wiener Städtische Versicherung AG Vienna Insurance Group ......................... 84 Introduction . . . . . . . . . . . . . . . . . . . . . 84 Summary of Results . . . . . . . . . . . . . . 85 External Review. . . . . . . . . . . . . . . . . . 87 Business ........................ 88 Overview....................... 88 Business Lines . . . . . . . . . . . . . . . . . . 89 Strategy . . . . . . . . . . . . . . . . . . . . . . . . 90 The Companies of the Vienna Insurance Group . . . . . . . . . . . . . . . 93 History of the Vienna Insurance Group. . . . . . . . . . . . . . . . . . . . . . . . 95 Insurance Business . . . . . . . . . . . . . . . 98 Capital Assets . . . . . . . . . . . . . . . . . . . 125 Employees. . . . . . . . . . . . . . . . . . . . . . 129 Credit Rating . . . . . . . . . . . . . . . . . . . . 131 Legal and Arbitration Proceedings . . . . 131
Page 1: WIENER STÄDTISCHE Versicherung AG
Page 4 and 5: Stabilization measures. In connecti
Page 8 and 9: Proceeding Regarding BA-CA Versiche
Page 10 and 11: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 12 and 13: in detail factors which may influen
Page 14 and 15: “Benefia Non-Life” refers to BE
Page 16 and 17: “Unita” refers to Unita S.A. Vi
Page 18 and 19: Health insurance products are marke
Page 20 and 21: The Vienna Insurance Group can give
Page 22 and 23: The Offer Period and the Employee O
Page 24 and 25: Entitlement to Dividends: . . . . .
Page 26 and 27: RISK FACTORS Potential investors sh
Page 28 and 29: negative effects on the Vienna Insu
Page 30 and 31: safeguard the stability of the publ
Page 32 and 33: The Vienna Insurance Group depends
Page 34 and 35: Since the purchase price of the Tar
Page 36 and 37: always passed such resolutions as p
Page 38 and 39: General THE OFFERING The Offering c
Page 40 and 41: Global Coordinators on the basis of
Page 42 and 43: PLAN OF DISTRIBUTION Scope of and A
Page 44 and 45: Termination, Indemnification The Pu
Page 46 and 47: Japan The Offer Shares have not bee
Page 48 and 49: CAPITALIZATION The following table
Page 50 and 51: USE OF PROCEEDS Assuming all of the
Page 52 and 53: DIVIDEND POLICY All Existing Shares
Page 54 and 55: The respective country agreements i
Page 56 and 57:
The table below sets forth key fina
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
year, the Target Companies derived
Page 64 and 65:
SELECTED FINANCIAL DATA The followi
Page 66 and 67:
Vienna Insurance Group ranked secon
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Year Real economic growth Consumer
Page 70 and 71:
therefore, good growth potential st
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Non-life rate-setting Rate-setting
Page 74 and 75:
has also remained between 9.5 and 1
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Insurance policies generally includ
Page 78 and 79:
Severance obligations Based on stat
Page 80 and 81:
increase also came from insurance c
Page 82 and 83:
of the scope of consolidation throu
Page 84 and 85:
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
Page 96 and 97:
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
Page 104 and 105:
For more information regarding comp
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that entity. In 1938, “Gemeinde W
Page 108 and 109:
In 2005, the Issuer acquired a part
Page 110 and 111:
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
Page 118 and 119:
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
Page 130 and 131:
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11.8%), with premiums increasing by
Page 134 and 135:
subsidiary of TBIH) transferred its
Page 136 and 137:
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
Page 152 and 153:
Real Estate Risk The value of the r
Page 154 and 155:
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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Page 182 and 183:
Page 184 and 185:
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
Page 202 and 203:
The executive bodies of WST-Versich
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esolution on the formal approval of
Page 206 and 207:
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
Page 214 and 215:
THE VIENNA STOCK EXCHANGE The infor
Page 216 and 217:
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
Page 224 and 225:
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
Page 264 and 265:
measurement of the value of a compa
Page 266 and 267:
that occurred in the current and al
Page 268 and 269:
amount, the closely held corporatio
Page 270 and 271:
Unrealised profits and losses are a
Page 272 and 273:
Affiliated companies and participat
Page 274 and 275:
Page 276 and 277:
Detail: Acquisition Costs Carried F
Page 278 and 279:
9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
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Development in EUR ’000 Property/
Page 284 and 285:
Development in life insurance 31.12
Page 286 and 287:
Development in severance obligation
Page 288 and 289:
24. LIABILITIES Detail in EUR ’00
Page 290 and 291:
Off-balance sheet commitments The f
Page 292 and 293:
Premiums written — Direct life in
Page 294 and 295:
Detail — income in EUR ’000 Cur
Page 296 and 297:
Detail — expenses in EUR ’000 D
Page 298 and 299:
Detail in EUR ’000 Property/Casua
Page 300 and 301:
Page 302 and 303:
The Supervisory Board is composed o
Page 304 and 305:
the Austrian Stock Corporation Act
Page 306 and 307:
SIGNIFICANT EVENTS AFTER THE BALANC
Page 308 and 309:
REPORT OF THE SUPERVISORY BOARD The
Page 310 and 311:
INDEPENDENT AUDITOR’S REPORT We h
Page 312 and 313:
Page 314 and 315:
CONSOLIDATED SHAREHOLDERS’ EQUITY
Page 316 and 317:
CONSOLIDATED CASH FLOW STATEMENT FR
Page 318 and 319:
SEGMENT REPORTING CONSOLIDATED INCO
Page 320 and 321:
28 does not exist, since Wiener St
Page 322 and 323:
Information on the companies that a
Page 324 and 325:
Accounting policies for specific it
Page 326 and 327:
Financial investments Financial inv
Page 328 and 329:
Active tax deferrals are not recogn
Page 330 and 331:
policyholders. These reserves are f
Page 332 and 333:
Operating expenses Group personnel
Page 334 and 335:
To manage these underwriting risks,
Page 336 and 337:
The Vienna Insurance Group has made
Page 338 and 339:
Investments segment Health Life in
Page 340 and 341:
Equities As of 31 December 2006, Vi
Page 342 and 343:
The following table shows the Vienn
Page 344 and 345:
The shareholder margin is calculate
Page 346 and 347:
Reinsurance The Vienna Insurance Gr
Page 348 and 349:
Development of purchased insurance
Page 350 and 351:
4. PARTICIPATIONS On 31 December 20
Page 352 and 353:
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
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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
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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
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:
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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Page 424 and 425:
Page 426 and 427:
For financial instruments available
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10. CASH AND CASH EQUIVALENTS Detai
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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:
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
Page 482 and 483:
[THIS PAGE INTENTIONALLY LEFT BLANK
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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
Page 494 and 495:
diesem Prospekt enthaltenen Konzern
Page 496 and 497:
SHRNUTÍ PROSPEKTU Toto shrnutí pr
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Dne 26. brˇezna 2008 uzavrˇely sp
Page 500 and 501:
Uplatnění Upisovacích práv ze s
Page 502 and 503:
prˇedstavují právo prˇevodu na
Page 504 and 505:
Vybrané informativní finanční
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