Wiener Staedtische pretax profits up 50%

VIENNA, Austria— Wiener Staedtische Versicherung AG, Vienna Insurance Group, said Tuesday its pre-tax profits rose 50% in the first half of the year, spurred by premium growth in its Central and Eastern European operations.

The group's profit increased to € 215.40 million ($290.16 million), up 50.3% compared to the same period last year.

In total, the group's premiums written amounted to €3.49 billion ($4.70 billion), up 15.3%, the company reported.

In the CEE countries, premiums amounted to €1.41 billion ($1.90 billion), surpassing the previous year's total by 32.8%.

"In all CEE markets that we operate in, we post a sustained high level of premium growth," said Gunter Geyer, chief executive officer of the Vienna Insurance Group in a news release. "In the CEE countries above all, we have achieved growth rates in the upper double-digit range and are on a constant upward trend. The share of the CEE companies in the total premium volume of the Vienna Insurance Group has surpassed the 40% mark in all, and for the first time in a half-year period is at over 50% in the property/casualty segment."