May 20, 2020 / 6:08 AM / 14 days ago

BRIEF-Vienna Insurance Group Q1 Premiums Rise 7% To EUR 3.1 Bln

May 20 (Reuters) - Vienna Insurance Group AG Wiener Versicherung Gruppe:

* Q1 PREMIUMS RISE TO EUR 3.1 BILLION (+7.2%)

* EFFECTS OF COVID-19 PANDEMIC EXPECTED STARTING IN Q2 2020, IN SPITE OF GOOD START OF YEAR

* Q1 PROFIT (BEFORE TAXES) DECREASES TO EUR 121.9 MILLION (-4.4%)

* Q1 NET RESULT INCREASES TO EUR 85.8 MILLION (+2.8%)

* Q1 COMBINED RATIO 95.1% (-1.7 PERCENTAGE POINTS)

* PREMIUM LOSSES DUE TO A DECREASE IN NEW BUSINESS WILL PRIMARILY BE NOTICEABLE STARTING IN Q2 OF 2020

* PREMIUM LOSSES ARE EXPECTED TO CONTINUE FOR REMAINDER OF FINANCIAL YEAR Source text - bit.ly/2yiHEph Further company coverage: (Gdansk Newsroom)

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