Company

Business Report

Again a success in its 110th financial year

Geschäftsbericht 2016

RESULT OF ORDINARY BUSINESS ACTIVITIES POSITIVE – EQUITY CAPITAL STRENGTHENED – ACCUMULATED SURPLUS AGAIN AT A HIGH LEVEL

INCREASES WERE RECORDED IN ANNUAL INSURANCE POLICIES, IN THE INCOMING SEGMENT, AND FOR BUSINESS TRIPS

Vienna – 2016 saw a decline in the demand for trips abroad – particularly airline trips – due to developing crises in several of the main holiday destinations. Despite this difficult market environment, Europäische Reiseversicherung was able to maintain its long-time position as a leading Austrian travel insurance company. Mag. Wolfgang Lackner, CEO of Europäische Reiseversicherung AG, attributes this to the increased need for security: “The terror attacks in Europe, the waves of refugees resulting from wars in the Middle East, and especially the turbulent events in Turkey have resulted in a far-reaching sense of insecurity and put a damper on the inclination to travel. At the same time, these events have increased risk awareness and the tendency to seek protection by purchasing travel insurance.”

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Review & Outlook

Letter from the Management Board

2016 was another very challenging year for tourism, characterised by turbulent and in some cases tragic developments. Terror attacks in Europe, migration flows due to wars in the Near East, and in particular the turbulent events in Turkey have led to wide scale uncertainty and a reduction in the desire to travel.

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Figures

Report of the supervisory board

During the financial year the Supervisory Board has been informed by the Management Board on a ongoing basis concerning the development of business and the situation of the company, and has supervised the management activities of the Management Board. At the four meetings attended by the Supervisory Board in 2016, the Management Board has provided detailed verbal and written reports as well as quarterly reports.

Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H., Vienna, has audited the present annual financial statements with management report for the financial year 2016, and according to the final result of the audit has confirmed that these comply with the statutory requirements. The Supervisory Board has noted and approved the audit result.

The Supervisory Board has examined the annual financial statements drawn up by the Management Board, the management report and the proposal concerning the allocation of the profits, and in accordance with the concluding result of its examination has no objections to raise. It approves the annual financial statements for 2016, which are therefore confirmed pursuant to § 96 of the Austrian Companies Act [Aktiengesetz].

The Supervisory Board agrees to the proposal of the Management Board concerning the allocation of the profits, and requests that a corresponding resolution be adopted at the General Meeting.

Vienna, March 2017

For the Supervisory Board
Alfred Leu e.h., Chairman

Report to the solvency and financial situation download

Reports to the solvency and financial situation are available in German:

Im Rahmen des Solvabilitäts-II-Regimes unterliegen Versicherungs- und Rückversicherungsunternehmen einer umfassenderen Überprüfung der Solvabilitätsanforderungen, die die Finanzlage, das Unternehmensprofil und die Risikomanagementstrategie eines Unternehmens stärker berücksichtigen sollen. Eines der zu erstellenden Dokumente ist der jährliche Bericht über die Solvabilität und Finanzlage (Solvency and Financial Condition Report, SFCR), den Sie in diesem Abschnitt herunterladen können.

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