Erste Bank JPMorgan Merrill Lynch International

Premiums
The following table sets forth gross premiums written for the periods presented:
Fiscal year ended December 31,
2007 2006
(in EUR million)
2005
Property and casualty insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,671.2 3,067.2 2,563.3
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,934.2 2,516.5 2,156.4
Health insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306.6 297.9 288.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,911.9 5,881.5 5,007.8
The following table sets forth net earned premiums for the periods presented:
Fiscal year ended December 31,
2007 2006
(in EUR million)
2005
Property and casualty insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,746.8 2,264.7 1,834.8
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,889.4 2,477.5 2,119.0
Health insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305.5 296.5 287.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,941.7 5,038.7 4,240.9
Gross premiums written rose by 17.5%, from EUR 5,007.8 million in fiscal year 2005 to
EUR 5,881.5 million in fiscal year 2006, while net earned premiums rose by 18.8%, from
EUR 4,240.9 million in fiscal year 2005 to EUR 5,038.7 million in fiscal year 2006. Premium growth
essentially relates to the organic growth in the life insurance area as a result of increased sales of
policies for unit-linked products and government-supported retirement products, and to the property
and casualty area as a result of an increase in the number of corporate customers, and tariff
adjustments in all classes. The first time consolidation of newly acquired companies in the CEE region
also had an effect, producing approximately 25% of the net growth in premiums as compared to fiscal
year 2005.
Gross premiums written rose by 17.5% from EUR 5,881.5 million in fiscal year 2006 to
EUR 6,911.9 million in fiscal year 2007, while net earned premiums rose by 17.9% from
EUR 5,038.7 million in fiscal year 2006 to EUR 5,941.7 million in fiscal year 2007. Premium growth
essentially relates to the organic growth in the life insurance area as a result of increased sales of
policies for unit-linked products and government supported retirement products, and to the property
and casualty area as a result of an increase in the motor vehicle insurance area, an increase in the
corporate customers and ongoing tariff adjustments in all business areas. The increase is also
partially due to the first time full consolidation of the BA-CA Versicherung, which accounts for
approximately one quarter of the premium increase.
The following table sets forth by region net earned premiums from direct business for the periods
presented:
Fiscal year ended December 31,
2007 2006
(in EUR million)
2005
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,304.5 3,100.4 2,838.7
Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919.0 827.6 695.3
Slovakia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398.8 281.4 229.0
Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483.9 262.8 46.5
Romania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314.9 193.5 96.9
Remaining CEE markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300.3 161.4 84.2
Other markets (Germany and Liechtenstein). . . . . . . . . . . . . . . . . . . . . 220.3 211.6 250.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,941.7 5,038.7 4,240.9
The 18.8% increase in net earned premiums from EUR 4,240.9 million in fiscal year of 2005 to
EUR 5,038.7 million in fiscal year of 2006 was primarily due to strong growth in the CEE region, in
particular in the Czech Republic, Romania and Poland. In addition to organic growth, part of this
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