Erste Bank JPMorgan Merrill Lynch International

The following table sets forth by region net earned premiums for the periods presented:
Fiscal year ended December 31,
2007 2006
(in EUR million)
2005
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,856.6 1,693.0 1,508.2
Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293.1 261.6 218.6
Slovakia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196.7 139.9 104.1
Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218.3 116.5 23.5
Romania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.8 13.6 8.9
Remaining CEE markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123.5 80.1 42.5
Other markets (Germany and Liechtenstein). . . . . . . . . . . . . . . . . . . . . 179.4 172.8 213.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,889.4 2,477.5 2,119.0
The increase in Austria between fiscal year 2005 and fiscal year 2006 is due to the increase in
unit-linked life insurance products and in the single-premium area. The strong growth in the Czech
Republic and Slovakia was due to an increased awareness for old age provisions. The close to threefold
increase in net earned premiums in the Remaining CEE markets is due to changes in the scope
of consolidation. The decrease in other markets was due to a reduction in single-premium products.
The increase in Austria between fiscal year 2007 and fiscal year 2006 is due to the first time
consolidation of the BA-CA Versicherung and an increase in unit-linked life insurance with regular
payments of premiums, which offset the volatile development of the single premium business. The
strong growth in the Czech Republic and Slovakia was due to an increased awareness for old age
provisions. The strong increase in Poland is due to the use of new distribution channels and the
strong development in the unit-linked life insurance area with regular payments of premiums. The
increase in the Remaining CEE markets is due to the growth in the Hungarian insurance market.
Financial result
The following table sets forth the financial results for the periods presented:
Fiscal year ended December 31,
2007 2006
(in EUR million)
2005
Current income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822.0 540.3 502.4
Income from write-ups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8 21.9 27.4
Income from the disposal of investments . . . . . . . . . . . . . . . . . . . . . . . . . 308.4 166.7 108.8
Income from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156.2 728.9 638.6
Expenses from investments and interest expenses . . . . . . . . . . . . . . . . . -324.5 -145.4 -104.8
Financial result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 831.7 583.5 533.8
The financial result rose from EUR 533.8 million in fiscal year 2005 to EUR 583.5 million in fiscal
year 2006. This was primarily due to higher current income resulting from a higher volume of
investment. Increased trading profits, equal to the net profit or loss on the disposal of investments,
also contributed to this increase.
The financial result rose from EUR 583.5 million in fiscal year 2006 to EUR 831.7 million in fiscal
year 2007. This was primarily due to higher current income resulting from a higher volume of
investment. Increased trading profits, especially from equity securities, equal to the net profit or loss
on the disposal of investments, also contributed to this increase.
Other income
Other income increased from EUR 14.1 million in fiscal year 2005 to EUR 21.3 million in fiscal
year 2006, primarily due to changes in the scope of consolidation.
Other income decreased from EUR 21.3 million in fiscal year 2006 to EUR 16.7 million in fiscal
year 2007, mainly due to less reversals of valuation allowances.
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