UPDATE 1-Vienna Insurance embedded value rises 11 pct

Thu Apr 10, 2014 2:30am EDT

Related Topics

* Vienna Insurance pretax profit 355 mln euros, premiums 9.2 bln

* Peer Uniqa's embedded value rises 45 pct in 2013 (Adds Uniqa data)

VIENNA, April 10 (Reuters) - Vienna Insurance Group's embedded value rose 11 percent after taxes to 6.2 billion euros ($8.6 billion) at the end of 2013, it said on Thursday while releasing final 2013 results in line with its preliminary figures.

Emerging Europe's biggest insurer had said in January its 2013 pretax profit dropped 40 percent to about 350 million euros due to one-off effects in Italy and Romania.

Final figures showed pretax profit of 355.1 million euros on premiums of 9.2 billion euros, below the 9.4 billion it had said before.

Embedded value is the net asset value of an insurer plus the present value of potential future profits from existing life and health insurance contracts.

Austrian peer Uniqa said its embedded value rose 45 percent last year to 4.22 billion euros, boosted by a capital increase and a change in interest rate levels.

($1 = 0.7234 Euros) (Reporting by Michael Shields; Editing by Georgina Prodhan)

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