VIG CONFIRMS €400M PROFIT TARGET FOR 2016

Vienna Insurance Group confirmed its goal of doubling full-year pre-tax profits to €400m at its annual general meeting. The AGM also saw approval of VIG’s proposed dividend of €0.60 per share, which will be paid on Friday to shareholders on record as of Thursday. The payout corresponds to a dividend payout ratio of around 78% of net profits, continuing the group’s long-term dividend policy of paying out at least 30% of profits after tax. Last year VIG produced a pre-tax profit of €172.1m, on the back of a combined ratio of 97.3% and gross written premiums of €9bn. VIG is scheduled to announce its first quarter results on May 24.