30 | Premiums written

Direct business		2007 € 000	2006 € 000
1.	Property and casualty insurance	2,157,697	1,996,674
2.	Health insurance	907,375	888,902
3.	Life insurance	1,393,344	1,577,346
Total (fully consolidated values)		4,458,416	4,462,923
Of which written in:
1.	Austria	3,036,834	3,071,160
2.	Other member states of the EU and other signatory states of the Treaty on the European Economic Area	1,271,167	1,280,195
3.	Other countries	150,415	111,568
Total (fully consolidated values)		4,458,416	4,462,923

Indirect business		2007 € 000	2006 € 000
1.	Property and casualty insurance	40,052	40,473
2.	Health insurance	384	898
3.	Life insurance	29,037	27,844
Total (fully consolidated values)		69,473	69,214

	2007 € 000	2006 € 000
Total (fully consolidated values)	4,527,889	4,532,137

Premiums written in property and casualty insurance	2007 € 000	2006 € 000
Direct business
Fire and business interruption insurance	179,233	166,131
Household insurance	166,501	157,768
Other property insurance	203,727	188,244
Motor TPL insurance	554,404	511,755
Other motor insurance	373,768	335,076
Casualty insurance	240,664	224,076
Liability insurance	219,831	210,712
Legal expenses insurance	49,568	44,663
Marine, aviation and transport insurance	102,136	100,525
Other insurance	67,865	57,725
Total	2,157,697	1,996,674
Indirect business
Marine, aviation and transport insurance	2,407	2,529
Other insurance	37,645	37,943
Total	40,052	40,473
Total direct and indirect business (fully consolidated values)	2,197,749	2,037,147

Reinsurance premiums ceded	2007 € 000	2006 € 000
Property and casualty insurance	307,547	293,678
Health insurance	1,397	1,085
Life insurance	79,505	77,603
Total (fully consolidated values)	388,449	372,366

31 | Premiums earned

		2007 € 000	2006 € 000
1.	Property and casualty insurance	1,858,355	1,715,604
	Gross	2,160,721	2,008,241
	Reinsurers’ share	–302,366	–292,637
2.	Health insurance	905,623	886,672
	Gross	907,028	887,746
	Reinsurers’ share	–1,405	–1,074
3,	Life insurance	1,342,399	1,527,391
	Gross	1,421,897	1,604,998
	Reinsurers’ share	–79,498	–77,607
Total (fully consolidated values)		4,106,377	4,129,666

Premiums earned in indirect business	2007 € 000	2006 € 000
Property and casualty insurance	39,969	41,155
Posted immediately	10,457	10,836
Posted after up to one year	29,512	30,318
Posted after more than one year	0	0
Health insurance	384	898
Posted immediately	384	495
Posted after up to one year	0	0
Posted after more than one year	0	0
Life insurance	29,037	27,844
Posted immediately	4,131	5,452
Posted after up to one year	24,906	22,339
Posted after more than one year	0	53
Total (fully consolidated values)	69,391	69,896

Earnings from indirect business	2007 € 000	2006 € 000
Property and casualty insurance	7,880	11,985
Health insurance	–52	–137
Life insurance	1,391	866
Total (fully consolidated values)	9,218	12,714

32 | Income from fees and provisions

Reinsurance commission and profit shares from reinsurance business ceded	2007 € 000	2006 € 000
Property and casualty insurance	59,842	59,539
Health insurance	106	122
Life insurance	11,478	21,203
Total (fully consolidated values)	71,426	80,865

33 | Net investment income

By segment I. Properties held as financial investments II. Shares in associated companies III. Variable-yield securities 1. Available for sale 2. Reported in the income statement IV. Fixed interest securities 1. Held to maturity 2. Available for sale 3. Reported in the income statement V. Loans and other investments 1. Loans 2. Other investments VI. Derivative financial instruments VII. Expenditures for asset management, interest expenditures and other Total (fully consolidated values)

Property and casualty insurance Health insurance Life insurance Consolidated financial statements 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 –19,336 2,757 8,399 8,726 6,344 3,370 –4,593 14,852 201,148 36,426 64,383 –496 37,544 9,088 303,075 45,017 50,086 69,131 14,454 53,930 222,522 302,237 287,062 425,298 45,460 63,100 9,886 47,015 168,165 257,310 223,511 367,425 4,626 6,031 4,568 6,915 54,357 44,927 63,551 57,873 31,721 33,156 15,050 28,231 180,141 209,024 226,912 270,411 0 0 0 0 0 0 0 0 31,509 32,284 14,570 25,663 172,587 188,906 218,666 246,853 212 872 480 2,568 7,554 20,118 8,247 23,559 20,684 13,877 17,690 20,244 11,543 27,735 49,917 61,856 10,259 13,107 13,770 16,074 11,426 14,835 35,455 44,017 10,425 770 3,920 4,169 117 12,900 14,462 17,839 14,170 8,753 14,851 6,882 128,762 80,599 157,783 96,233 –16,777 –12,448 –1,306 –3,717 –9,068 –7,160 –27,152 –23,326 281,696 151,652 133,521 113,798 577,788 624,892 993,005 890,342

By income type I. Properties held as financial investments II. Shares in associated companies III. Variable-yield securities 1. Available for sale 2. Reported in the income statement IV. Fixed interest securities 1. Held to maturity 2. Available for sale 3. Reported in the income statement V. Loans and other investments 1. Loans 2. Other investments VI. Derivative financial instruments VII. Expenditures for asset management, interest expenditures and other Total (fully consolidated values)

Ordinary income Write-ups and unrealised capital gains Realised capital gains Write-offs and unrealised capital losses Realised capital losses Consolidated financial statements Of which value adjustment 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 48,223 43,985 0 0 1,516 8,820 –54,251 36,630 –81 –1,323 –4,593 14,852 –25,000 –11,451 18,288 45,017 211,416 0 73,593 0 0 0 –222 0 303,075 45,017 0 0 129,863 153,107 107,174 44,400 318,192 333,091 –192,286 –88,807 –75,881 –16,493 287,062 425,298 –40,832 –32,530 109,757 122,585 8,178 661 265,103 303,447 –94,063 –53,011 –65,465 –6,257 223,511 367,425 –40,832 –32,530 20,106 30,522 98,996 43,739 53,089 29,644 –98,223 –35,797 –10,416 –10,235 63,551 57,873 0 0 518,154 440,069 75,851 2,141 38,099 43,857 –358,301 –166,729 –46,891 –48,928 226,912 270,411 –140,012 –91,154 0 0 0 0 0 0 0 0 0 0 0 0 0 0 488,146 410,441 66,638 1,553 35,578 42,017 –327,715 –159,091 –43,982 –48,068 218,666 246,853 –140,012 –91,154 30,008 29,627 9,213 589 2,521 1,840 –30,587 –7,638 –2,909 –860 8,247 23,559 0 0 62,171 67,740 162 2,399 0 0 –12,414 –8,283 –3 0 49,917 61,856 0 0 39,703 49,901 0 2,399 0 0 –4,245 –8,283 –3 0 35,455 44,017 0 0 22,468 17,839 162 0 0 0 –8,169 0 0 0 14,462 17,839 0 0 –22,707 –26,327 117,997 65,361 153,434 139,993 –66,217 –22,420 –24,724 –60,373 157,783 96,233 0 0 –27,152 –23,326 0 0 0 0 0 0 0 0 –27,152 –23,326 0 0 726,840 700,265 512,601 114,302 584,834 525,761 –683,469 –322,869 –147,801 –127,116 993,005 890,342 –205,844 –135,136

The updating of the value correction applies to both appreciation and depreciation of financial investments, with the exception of the trading portfolio and financial assets at fair value through profit or loss. The interest income from impaired portfolio items amounts to €42.415 million (31 Dec. 2006: €116.578 million).

The amortisations and unrealised losses of €683.469 million include expenses from currency fluctuations to the value of €207.818 million. These expenses from currency fluctuations are offset by income from hedging business amounting to €178.131 million, which are shown under income from derivative financial instruments.

Of which securities, available for sale Type of investment III. Variable-yield securities 1. Available for sale Shares in associated companies Shares Equity fonds Debenture bonds. not capital guaranteed Other variable-yield securities Participating interests and other investments IV. Fixed interest securities 2. Available for sale Fixed interests

Ordinary income Write-ups and unrealised capital gains Realised capital gains Write-offs and unrealised capital losses Realised capital losses Consolidated financial statements Of which value adjustment 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 109,757 122,585 8,178 661 265,103 303,447 –94,063 –53,011 –65,465 –6,257 223,511 367,425 –40,832 –32,530 1,709 –1,264 0 0 3,984 9 0 0 –31 –9 5,662 –1,263 0 0 17,107 20,498 597 35 132,013 217,794 –45,166 –18,482 –42,935 –527 61,615 219,318 –33,982 –16,221 12,513 11,126 0 0 67,280 52,053 –8,501 –1 –12,174 –2,081 59,119 61,097 –5,427 0 21,636 29,528 129 581 42,731 24,233 –31,776 –17,860 –1,646 –99 31,075 36,382 0 0 51,353 26,622 7,452 84 347 117 –4,942 –2,229 –8,202 –2,920 46,007 21,675 2,254 –2,229 5,439 36,074 0 –39 18,749 9,240 –3,677 –14,438 –476 –621 20,035 30,216 –3,677 –14,080 488,146 410,441 66,638 1,553 35,578 42,017 –327,715 –159,091 –43,982 –48,068 218,666 246,853 –140,012 –91,154

34 | Other income

				2007 € 000	2006 € 000
a)	Other actuarial income			13,247	18,771
	Property and casualty insurance			10,858	15,538
	Health insurance			516	2,558
	Life insurance			1,874	675
b)	Other non-actuarial income			22,263	19,534
	Property and casualty insurance			16,461	14,443
	Health insurance			530	4,435
	Life insurance			5,272	655
		of which
			Services rendered	7,619	7,312
			Changes in exchange rates	4,350	3,629
			Other	10,294	8,593
c)	Other income			1,621	3,579
	From foreign currency conversion			1,629	2,967
	From other			–9	612
Total (fully consolidated values)				37,131	41,884

35 | Insurance benefits

Property and casualty insurance Expenditure for claims Claims paid Change in provision for outstanding claims Total Change in actuarial provision Change in other actuarial provisions Expenditure for profit-unrelated and profit-related premium refunds Total amount of benefits Health insurance Expenditure for claims Claims paid Change in provision for outstanding claims Total Change in actuarial provision Change in other actuarial provisions Expenditure for profit-unrelated and profit-related premium refunds Total amount of benefits Life insurance Expenditure for claims Claims paid Change in provision for outstanding claims Total Change in actuarial provision Change in other actuarial provisions Expenditure for profit-unrelated and profit-related premium refunds and/or (deferred) profit participation Total amount of benefits Total (fully consolidated values)

Gross Reinsurers’ share Retention 2007 € 000 2006 € 000 2007 € 000 2006 € 000 2007 € 000 2006 € 000 1,296,433 1,204,312 –183,900 –150,890 1,112,534 1,053,422 147,397 60,800 –32,660 –4,053 114,737 56,746 1,443,830 1,265,112 –216,559 –154,943 1,227,271 1,110,169 –104 –1,723 5 –4,157 -99 –5,880 –1,672 –491 –9 –1 –1,681 –492 26,082 24,933 –188 1,328 25,894 26,262 1,468,136 1,287,832 –216,751 –157,773 1,251,385 1,130,059 653,484 649,390 –968 –616 652,516 648,774 996 –2,474 58 –726 1,053 –3,199 654,480 646,9175 –910 –1,342 653,570 645,575 126,213 132,727 134 133 126,347 132,861 0 0 0 0 0 9 31,336 27,352 -3 -2 31,333 27,350 812,028 807,004 –779 –1,210 811,250 805,794 1,532,342 975,275 –60,214 –48,192 1,472,128 927,083 17,050 5,807 –1,975 3,997 15,074 9,804 1,549,392 981,082 –62,190 –44,195 1,487,202 936,887 –144,232 638,341 –15,136 –20,207 –159,368 618,134 253 –2,418 –41 0 212 –2,418 206,344 227,085 0 206,344 227,180 1,611,757 1,844,089 –77,367 –64,307 1,534,390 1,779,782 3,891,922 3,938,925 –294,897 –223,290 3,597,024 3,715,635

36 | Operating expenses

		2007 € 000	2006 € 000
Property and casualty insurance
a)	Acquisition costs
	Payments	455,648	424,170
	Change in deferred acquisition costs	–10,356	-12,342
b)	Other operating expenses	220,234	216,582
		665,527	628,410
Health insurance
a)	Acquisition costs
	Payments	86,806	86,845
	Change in deferred acquisition costs	–816	64
b)	Other operating expenses	43,301	49,878
		129,290	136,787
Life insurance
a)	Acquisition costs
	Payments	269,870	252,282
	Change in deferred acquisition costs	–7,492	-42,576
b)	Other operating expenses	69,909	72,902
		332,287	282,608
Total (fully consolidated values)		1,127,104	1,047,805

37 | Other expenses

		2007 € 000	2006 € 000
a)	Other actuarial expenses	58,586	74,391
	Property and casualty insurance	20,119	33,129
	Health insurance	2,773	5,101
	Life insurance	35,694	36,161
b)	Other non-actuarial expenses	26,875	27,009
	Property and casualty insurance	24,316	23,513
	Health insurance	513	565
	Life insurance	2,047	2,931
of which
	Services rendered	1,391	2,155
	Exchange rate losses	6,703	8,821
	Motor vehicle registration	6,603	6,404
	Other	12,178	9,629
c)	Other expenses	1,107	5,623
	For foreign currency translation	469	304
	For other	638	5,320
Total (fully consolidated values)		86,569	107,024

38 | Tax expenditure

Income tax	2007 € 000	2006 € 000
Actual tax in reporting year	33,052	52,218
Actual tax in previous year	–9,600	9,086
Deferred tax	47,811	2,117
Total (fully consolidated values)	71,263	63,422

Reconciliation statement			2007 € 000	2006 € 000
A.	Profit from ordinary activities		340,256	238,487
B.	Anticipated tax expenditure (A * Group tax rate)		85,206	85,206
	Adjusted by tax effects from
	1) Tax-free investment income		–7,191	-10,943
	2) Other		–6,752	14,742
		Amortisation of goodwill	4,622	91
		Non-deductible expenses /other tax-exempt income	–3,446	1,406
		Changes /deviations in tax rates	–6,028	–45
		Deviations in tax rates	6,336	370
		Taxes previous year	–9,600	9,086
		Lapse of loss carried forward and other	1,364	3,849
C.	Income tax expenditure		71,263	63,422
Average effective tax burden in %			20,9	26,6

In principle, the expected Group income tax rate 25% applied to all segments. To the extent that the minimum taxation is applied in life insurance at an assumed profit participation of 85%, a different corporate tax rate applies here.