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DJ DGAP-Adhoc: Ergo Versicherungsgruppe AG: ERGO publishes preliminary figures for 2008

DJ DGAP-Adhoc: Ergo Versicherungsgruppe AG: ERGO publishes preliminary figures for 2008

ERGO Versicherungsgruppe AG / Preliminary Results/Dividend 04.02.2009 Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. =-------------------------------------------------------------------------- According to preliminary figures, ERGO's operating profits before impairments on goodwill are expected to fall to EUR 584 (1,070) million. The decline was caused by the drop of the investment result to EUR 2.87 (5.35) billion due to the crisis on financial markets. The balance from gains and losses from disposals as well as from write-ups and write-downs amounted to EUR -1.1 (+0.9) billion. The consolidated Group result according to IFRS was also influenced by goodwill impairments of EUR 177 (8) million and higher financing costs of EUR 61 (22) million. The consolidated Group result is expected to amount to EUR 92 (781) million. The Board of Management of ERGO Versicherungsgruppe AG will propose not to pay a dividend for 2008. In the previous year, an extraordinarily high dividend of EUR 13.25 per share had been distributed as one measure of ERGO's active capital management. From a technical perspective, business once again went excellently in 2008. The combined ratio in non-life insurance was at 90.7 percent, thus clearly undercutting the long-term target of 95 percent. In Germany, the combined ratio amounted to 87.5 percent. Lower administration expense ratios in all segments contributed to this. ERGO increased total premium income by 1.9 percent to EUR 17.7 (17.4) billion. The growth was driven by international business (+12.5 percent), primarily induced by strong gains in Central and Eastern Europe, but also following acquisitions such as the integration of Bank Austria Creditanstalt Versicherung in Austria. Premium income in Germany went back by 1.1 percent compared to the previous year. In non-life insurance, premiums rose by 1.4 percent, in health insurance by 1.6 percent. In contrast, life insurance recorded a decline of 4.4 percent. In particular, single premiums had been lower due to the crisis on financial markets in the second half of 2008. ERGO Versicherungsgruppe AG The Board of Management Contact: Dr. Alexander Becker, +49-211-4937-1510 04.02.2009 Financial News transmitted by DGAP =-------------------------------------------------------------------------- Language: English Issuer: ERGO Versicherungsgruppe AG Victoriaplatz 2 40198 Düsseldorf Deutschland Phone: +49 211 49 37-0 Fax: +49 211 49 37-15 00 E-mail: [email protected] Internet: www.ergo.com ISIN: DE0008418526 WKN: 841852 Listed: Regulierter Markt in Frankfurt (General Standard), Düsseldorf; Freiverkehr in Berlin, Hannover, Hamburg, München, Stuttgart End of News DGAP News-Service =--------------------------------------------------------------------------

(END) Dow Jones Newswires

February 04, 2009 02:10 ET (07:10 GMT)

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