Vienna Insurance Group AG (VIG) Earnings Call Transcript & Summary

In my capacity as Chairman of the Supervisory Board, I open this 29th AGM, and welcome you most warmly. It takes place here in this Vienna stockholder. Unfortunately, due to the COVID-19 crisis, we cannot welcome you personally here. After postponing the date, which was planned for May, the Management Board decided to protect the shareholders and other participants to have a virtual AGM. So today, we will have a virtual AGM in compliance with the company law COVID-19 act, and the AGM will be completely transmitted on the Internet. I welcome all shareholders and all in those interested who are following us via the Internet. In the assembly hall, I welcome the members of the Managing Board, the First Deputy Chairman of the Supervisory Board, Dr. Rudolf Ertl; the Second Deputy Chairperson, Mag. Maria Kubitschek; and the Chair of the Audit Committee, Mag. Dr. Gertrude Tumpel-Gugerell. Notar Mag. Stefan, he will certify the resolutions and will record them pursuant to Section 120 of the Stock Corporation Act. I welcome the representatives of the auditors for the financial year 2019, KPMG Austria GmbH Wirtschaftsprfungs- und Steuerberatungsgesellschaft. And our 4 special proxy holders, Dr. Michael Knap; from the Association of Investors; Dr. Christoph Nauer; the notary, Dr. Arno Weigand; and Dr. Richard Wolf. I welcome the lawyer, Dr. Arlt, he will -- she will read out the questions of the shareholders. And of course, I also welcome the technical staff. The other members of the Supervisory Board can be reached, if required. The AGM will be broadcast in full. Should the AGM take longer, I will pass the chair to Dr. Arlt. So the chair may alternate between him and me. The AGM will be broadcast in full on the Internet in real-time in audiovisual format. The real-time livestream gives the shareholders the option to follow the general debate and the presentation just like in a regular AGM. And this means that, within the general debate, you still can post questions. After the end of the general debate, all items on the agenda are taken to the vote. To be on the safe side, we prepared 2 livestreams so that you can follow this AGM in the audiovisual format. Should there be a total breakdown, we will interrupt the AGM and continue once the livestream is working again. We inform you that the VIG is only responsible for the technical communication devices with its own remit. The official language pursuant to Section 18 Paragraph 4 of the Articles of Association is German. Thus, the AGM will be held in German. Conducting this AGM as a virtual, AGM leads to modifications of the usual procedure and the exercising of the shareholders' rights. For the shareholders, the following modifications arise. Mag. Stefan will now reinform you about the information and speaking rights.

The shareholders are asked to ask their questions before the AGM. Some shareholders have followed this. And the questions that we have on hand will be answered within the general debate. The shareholders also have the option to send their text questions by e-mail during the AGM. The address is fragen.vig@hauptversammlung.at. Please note that all questions have to be in German. Please use the e-mail address fragen.vig@hauptversammlung.at and also the query form published on the -- on our website. If you want to send your question as an e-mail, please indicate your first and second name, your date of birth, the corporate name and the registration of the shareholders so that the identity is in compliance with the depot confirmation. To ensure an efficient conduct of the AGM, the written questions should be short and concise. Pursuant to Section 3 Paragraph 1 of the company law COVID-19 regulation, reasonable time limits can be established for the floor requests. Just like in a regular AGM, the conduct will be structured. Towards the end, the chairperson will announce a time limit until which questions can be posed. After all requests have been tackled, the end of the debate will be declared in time so that the voting procedure can follow. For the entire AGM, a sign language interpreter will be present. Also note that the voting right and the right to put motions, the right to raise objections can only be carried out by the proxy holders.

Thank you, Mag. Stefan. The shareholders, before the AGM, could authorize a proxy holder and give instructions to him. But during the AGM, the shareholders also have the option to give instructions to their proxy holders. They can give new instructions or change their instructions. Please write an e-mail to the e-mail address of your proxy holder, to which you have also submitted the proxy: Mr. Knap, knap.vig@hauptversammlung.at; Nauer, nauer.vig@hauptversammlung.at; Mr. Weigand, weigand.vig@hauptversammlung.at; Mr. Wolf. wolf.vig@hauptversammlung.at. For the communication with your proxy holder, please use only the e-mail format. This goes for proposing a resolution, casting a vote or raising an objection. For exercising your information and speaking right, please use exclusively the e-mail address, fragen.vig@hauptversammlung.at and the question form published on the website. Please -- for further details, please consult the participant information that was published on the website. Before moving on to the agenda, I note, first, the convocation was published in the Vienna website of the 25th of August 2020. Furthermore, the convocation was published on the website of the company, announcing the agenda and -- or containing all information pursuant to Section 106 Stock Corporation Act and via the electronic dissemination system, Euro ad hoc on the 25th of August 2020. Second, all required documents are available on our website -- have been available since the 25th of August. The registration list shows that within the registration period, 107,499,202 shares were registered. Supplementary or modification proposals have not been received so that we will discuss and adopt only the items on the published agenda. Today's AGM is quoted in line with the Stock Corporation Act. The attendance level of today's AGM will be newly determined for each voting procedure and announced by me. I will put up the list of attendees before the first voting procedure with the notary. The attendance level will then be announced after each voting procedure. First, we will present the reports and the resolutions on block. Afterwards, the special proxy holders will read out their proposed resolutions. Then, we'll have the general debate on all items on the agenda, and we will answer all questions during the AGM. At the end of the general debate, I will ask again for amendments to motions before we will decide and vote on block on all proposed resolutions. So much for the brief summary concerning the conduct of today's virtual AGM. And this takes us to our agenda. And Mr. Stefan will read out the agenda and the proposed resolutions.

Number one, presentation of the approved annual financial statements for 2019, including the management report, the consolidated corporate governance report 2019, the sustainability report 2019, consolidated nonfinancial report, the consolidated financial statements for 2019, including the group management report, the proposal for the appropriation of profits and the report of the Supervisory Board Section 96 of the Austrian Stock Corporation Act.

Thank you, Mr. Stefan, for reading this out. All reports have been available since the 25th of August 2020 as documents for this AGM, where available on our home page. The annual financial statements and the consolidated financial statements were audited by the KPMG Austrian and issued with an unqualified audit opinion. The management and group management report are in compliance with the annual financial and consolidated financial statements. The principles of the remuneration system are described in detail in the consolidated corporate governance report. Please consult the explanations in the 2019 report. In addition, refer to the remuneration policy, the proposed resolutions and the appropriate explanations on our home page. And now, Mr. Stefan will read out the proposals for resolutions on all items on the agenda.

Regarding the item 2 on the agenda, the resolution on the balance sheet profit. The Managing Board and the Supervisory Board proposed that the Annual General Meeting approved the following resolution: The net profit for the year in the amount of EUR 300,950,530.64 as recognized in the annual financial statements for '19 shall be appropriated as far as in accordance with the proposal made by the Managing Board and approved by the Audit Committee; distribution for ordinary shares, EUR 1.15 dividend per share for 128 million ordinary shares, that is a total of EUR 147,200,000. The dividend payment day shall be the 20th September '20 day. The record day shall be the 29th September 2020 and the ex-dividend date for this dividend shall be the 28th of September 2020. Accordingly, the total amount distributed will be EUR 147,200,000 profit carried forward. The residual amount shall be carried forward. Item 3, the resolution on the discharge of the Managing Board. The Managing Board and the Supervisory Board proposed the following resolution, discharge shall be granted to the members of the Managing Board for the financial year 2019 for the resolution on discharging the Supervisory Board members for the financial year 2019. The Managing Board and the Supervisory Board proposed that the AGM approve the following resolution. This chart shall be granted to the members of the Supervisory Board for the financial year 2019. Five, election of the auditor and group auditor for the financial year 2021. The Supervisory Board proposed at the AGM approve the following resolution. KPMG Austria GmbH Wirtschaftsprfungs- und Steuerberatungsgesellschaft shall be appointed auditor and group auditor for the financial year 2021. Item 6, election to the Supervisory Board. The Supervisory Board proposes that the AGM approve the following resolution. Currently, the Supervisory Board of VIENNA INSURANCE GROUP AG Wiener Versicherung fulfills the minimum requirement pursuant to Section 86 of the Stock Corporation Act and consists of 10 members, of which there are 4 women and 6 men. Maria Kubitschek has resigned her seat on the Supervisory Board as of the end of the Annual General Meeting. The Supervisory Board shall continue to consist of 10 members elected by the AGM. Therefore, an additional member must be elected to the Supervisory Board in order to restore the previous number of 10 members. Article 10 (2) of the Articles of the Association of the VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe stipulates that the Supervisory Board shall consist of 3 to 10 members elected by the AGM. The Supervisory Board of Vienna Insurance Group AG must be comprised of at least 3 women and at least 3 men. Resolution. The following person is hereby nominated to be elected as a member of the Supervisory Board: Katarina Slezakova. The election is valid from the end of today's AGM until the end of the AGM that resolves on the discharge of the Supervisory Board for the financial year 2020. The 7 Resolution. On the reassessment of the remuneration of the Supervisory Board members, the following resolution shall be taken. The remuneration shall be reassessed as follows, Supervisory Board remuneration: Chairman of the Supervisory Board, EUR 6,800 per month; Deputy Chairman of the Supervisory Board, EUR 4,200 per month; members of the Supervisory Board, EUR 3,400 per month. Supervisory Board remuneration shall be paid monthly in advance via transfer. Members of the Supervisory Board who resigned from their function during the month shall still receive full remuneration for the month in question. The newly determined remuneration scale shall apply from the month following this resolution and shall be adjusted according to inflation. Inflation adjustment shall be carried out in accordance with the Consumer Price Index 2015, base year 2015, as published by the statistics Austria or in accordance with the superseding index, whereby increases up to and including 5% shall not be taken into account. Commercial full-decimal approximations shall apply when adjustments are made. The new amount and the index valid at the time of the adjustment shall from the basis for calculating the subsequent inflation adjustment. Meeting attendance fee. For the Supervisory Board and for the Supervisory Board Committees, EUR 1,800 per meeting. The fee is paid via transfer retroactively for participation in meetings for the Supervisory Board and its committees. The reassessed attendance fee shall apply from the month following this resolution. Eight, resolution on the remuneration policy. The Supervisory Board proposes that the AGM approve the following resolution. The remuneration policy, principles for remunerating the members of the Managing Board and the Supervisory Board of the VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe shall be approved.

Thank you, Mr. Stefan. And now, I'm asking Prof. Elisabeth Stadler to take the floor and to give us her report on the financial year 2019. Thank you.

Thank you very much. Good morning, ladies and gentlemen. Dear shareholders, I would very much like to welcome you on behalf of the entire Managing Board of Vienna Insurance Group. Cordial, welcome to this year's Virtual Annual General Meeting on the financial year 2019. As we've heard, we started a bit late this year due to COVID-19. Thank you very much for your interest in our group. Ladies and gentlemen, well, diversity. Let me start off by talking about diversity. This has been at the core of our business structure and also the implementation of our business model. It becomes clear when we look at our local business structure, I'm fully convinced that as the VIG diversity makes us more successful, the broad diversification in sales channels, brands and the like makes us, of course, less dependent on fluctuations. Due to our decentralized structures, we are always close to our customers, close to their needs, and therefore, decisions can be taken much more flexibly. Different perspectives really and really an open mind are the driver of innovation, and that creates an attractive working environment for our employees. Well, also, we reflect diversity in our Board by the gender, of course, by nationality and by know-how. Besides our CFO, Ms. Hirner, you know Mr. Peter Höfinger and Dr. Peter Thirring. Since the start of this year, also Mr. Lahner, Gábor Lehel and Mr. Riener are part -- or have been part really of my team. Also, I would like to take this opportunity to cordially welcome the members of the Supervisory Board and also the colleagues coming from our group companies from 30 countries as well as all employees from VIG, helping us when it comes to answering your questions. They are all following this AGM online, many actually from their home office. Well, dear shareholders, 2019 -- or in 2019, I concluded my outlook to a continuation really of further stable business development. And it is with great pleasure that the estimates -- well, this year, again, be surpassed. Diversity. Well, this is a buzzword you're going to hear a couple of times. Diversity is reflected really in 50 societies in 30 countries. For more than 30 years, our compass has been pointing towards the east. Immediately after the fall of the iron curtain, our group was a so-called first mover in the countries in Eastern Europe. Early on, we utilized opportunities, we leveraged on these opportunities and we showed great pioneering spirit. And by doing that, we proved to be #1. Growth. Growth opportunities and a market of 180 million potential customers, well, all of this is actually what this market means for us. More than 25,000 employees work in the markets of Austria as well as Eastern Europe, and they take care of a lot of customers. We started as early as 1824 in Austria. And you can see the time line here, and step-by-step, we expanded into countries like Hungary; Serbia really; Slovenia; Ukraine; and last but not least, Northern Europe. So that from 1 billion premium volumes in Austria, working with 3 companies after 30 years, EUR 10.5 billion in terms of premium volume is what we can report on. We worked in roughly 50 companies, and we have more than 25,000 employees. Diversification also between the CEE and the non-CEE region, well, what can we say? In the meantime, the CEE region makes a contribution of roughly 50%, specifically 53%. And this is a share really that is also reflected when it comes to premium, where the share is 57% contributed by the CEE Europe. Well, our focus, our home is Austria and Eastern Europe, and this is where we continue to see great potential that we are going to leverage on and even expand in the future. Diversification by countries. Well, that is also shown here. What is not so much diversified, however, is our ambition. We are clearly committed to being the leading provider in every country where we are represented. Let me just give you a couple of examples. In Austria, we hold a market share of roughly 23%. We are undoubtedly #1. The same goes for the Czech Republic with a share of more than 31%. The same figures apply for the Slovak Republic. Also in Romania, we are #1, holding a market share of 20%. Also, in the Baltic regions, we have occupied the #1 position, holding a market share of 24%. Our 5 largest markets, the Czech Republic, Austria, Poland, republic countries and the Czech Republic and Slovak Republic continue to offer great opportunities also for the future. I've already mentioned that our business operations have also been expanded to Northern Europe. In the meantime, we're happy to tell you that we're represented in that region as well. We will continue you to maintain our business strategy to have our focus in Austria and in the Central European region. However, we do believe it makes great sense to leverage other geographic opportunities, and we have been doing that by showing or taking a foothold really in Northern Europe, building a bridge to the Baltic countries, and especially of Finnish and Scandinavian companies operate in the Baltic region where, as I've explained, we are the undoubted and clear market leader. We take care of corporate customers in Northern Europe. By doing that, we want to create added value for our existing customers. And also, this is a profitable market, and we are committed really to opening up this market for our industrial customers. We already have a presence in Stockholm, Oslo and Copenhagen in our own branches, and the Finnish customers will be serviced within the framework of the freedom to provide services. Well, diversification is also reflected in our distribution structure. We have our own employed sales representatives. Also, we cooperate with brokers, agencies, multilevel marketing, direct and digital sales. However, and this is something you know, as shareholders, is the importance of bancassurance. For many countries now, we have closely been cooperating with Erste Group in 11 countries, and that is something that has been working extremely well in all of those 11 countries where this banking partner is present. Now in the previous 4 years, our results have created a stable foundation on which the future development of VIG can be established. And this foundation has already -- also really proven quite helpful in tackling the COVID crisis. We remain true to the principle of sustainability and a conservative business policy. We have proven to be a reliable partner also in critical times, in times of dynamic change. And in my opinion, these are excellent prerequisites really for mastering future challenges. Dear shareholders, this is my fifth AGM, and with great pleasure, I can report on the continuous profitable development in the years from 2016 to 2019. When it comes to the gross written premiums, we started out with roughly EUR 9 billion. And now, we have stepped this up enormously, an increase of 15%. The profit before taxes from roughly EUR 400 million was stepped up to EUR 521 million, and the combined ratio was changed from 97% to 95.4% at the end of 2019, a clear market improvement. Also, and now, I would like to give you a detailed presentation of the financial results 2019. We can report top results. We have clearly fulfilled the budgeted goals, and great commitment really was shown by our staff. And at this point in time, I would like to say a big thank you to all of our employees. And it is really on their behalf that I can present these top results. Thank you very much for showing great commitment and loyalty. to our group. Together, really, we have achieved those great results. In gross written premiums, for the first time in the history of VIG and actually for the first time in Austria, we have surpassed the EUR 10 billion threshold. And also, the result before taxes shows a big increase, a plus of 7.5%. In a year-on-year comparison, the combined ratio was improved by 0.6%. And also, here, we are clearly pursuing our goal. You know this from previous AGMs, we want to reach a long-term combined ratio of 95% or even smaller. Diversification by lines of business. Non-life, of course, they are dominating our growth path. In all lines of business, we have been showing a clear upturn. Motor third-party liability shows an excellent plus of 5.5%. Motor own damage, a plus of 10%. I would like to stress that in both lines, actually, the plus in the motor business is not just new business. But in many countries, we have managed to make adjustments in the premium volume for existing insurance products. Also, we saw a less of 9.4% in other PC life current, a plus of 1.7%, and this against the backdrop of the difficult interest environment. Single premium life business, well, what can I say? After a continuation of a decrease of figures, a stabilization was shown. And health insurance shows the strongest increase in terms of percentage, a plus of 11.5%, and we're happy to report EUR 71.7 million in this segment. Well, diversification by lines of business. Once again, premium portfolio, we're slowly moving towards other PC entails and 58% goes to -- or excuse me, 25.9% goes to life current premium, and you see the risk portrait here. And this portfolio, in my opinion, reflects really the need or also the interest for customers, especially in Eastern European countries for security. Material certainty is certainly the focus in those countries. And then people take care of their own families and their own health. The potential is certainly big. The per hit income on average is just 1/10th in the CEE region of what we spend in Austria. But a lot in that region is about creating risk awareness, understanding. And really an explanation and information as to the risk is certainly something we need to leverage on that. It's still quite small in that region. On the next slide, I would like to show you our solvency ratio. The solvency ratio of the VIG group shows a satisfactory rate of 210% at the end of 2019. I have also shown you the half year figures for 2020 for you to get a feel. Of course, here, the capital market turbulences at the end of the first half has left an impact. Since then, the capital market has shown some recovery. And right now, we're seeing a stabilization at a rate of 183%. This is, of course, the solvency ratio for the entire group. The VIG share a brief overview for the entire fiscal year. VIG shares closed the year 2019 at a price of EUR 25.4. This represents a year-on-year increase of 25.2%. The share reached its peak with a price of EUR 25.85 on the 23rd of December. This was a bit of a Christmas gift, if you will. This increase of around 1/4 versus the closing price of 2018 was similar to the gains recorded by the industry. The insurance index stocks Europe 600 insurance, you can see here, recorded an increase of 24.4%. The insurance industry, therefore, once again, achieved a very good performance in a generally positive stock market environment. VIG shares were one of the clear price winners. Actually, the 6th place out of 20 in the Austrian Index, ATX, which recorded a gain of 16.1%. Now I would like to present a development in 2020. You can see here that the VIG share started off excellently in the beginning of the year on 10th January 2020. It reached the peak so far at a price of EUR 26.35. When the corona pandemic at the end of February took hold of Europe, we all know that share prices took a nose dive. And of course, the VIG share was not spared by that development on March 18, 2020. The share reached its low with a price of EUR 13.9. And since that date, we have seen a continuous upturn. And on September 15, we saw the high with EUR 21.05 -- or actually, it was not a high, that was the closing price at that date. Well, since 1994, we've always distributed a dividend. And that, of course, can be held in favor of the stability of the group. In 2008, despite a difficult stock market environment, a bonus dividend was paid out in recognition of the shareholders' loyalty. Dear shareholders, the Supervisory Board and the Managing Board have decided this year to propose to the AGM a dividend distribution proposal. We are going to propose an increase of the dividend distribution to EUR 1.15. That's an increase of 15%. That would mean a dividend yield of 4.5%, and 44.4% will be the payout ratio. Last year, we distributed roughly 48%. On the right-hand side, you see our dividend payout that we have pursued so far. Always, we have tried to be in the range of 30% to 50% of group profits after taxes and noncontrolling interest. Ladies and gentlemen, let me briefly talk about the current situation. I would like to stress that, of course, our Board have closely followed other recommendations, and also the AGM has been moved to September in order to have greater certainty as to our future development. We carefully made reviews and also the relevant legal and economic parameters have been reviewed. And on the basis of the following arguments, we have decided on this basis. I've already presented the solvency ratio for the group. The dividend is paid by the holding. The holding has an excellent operating position. The solvency ratio, even after the challenging first quarter on June 30, is at 36% -- 360%, excuse me. Clearly, surpassing legal recommendations. And of course, our free reserves are also satisfactory. That means that at the VIG holding, we have a stable capital basis. Also, liquidity is secured. The dividend is secured by sufficient liquidity. We are closely monitoring liquidity, not just in the holding, but throughout the group in these challenging times. Also, of course, we are committed to having you, dear shareholders, participate in our success. The excellent results of the year 2019 should also be reflected, of course, in the dividend policy. We have a lot of retail shareholders. Retail shareholders hoping for added income, especially in times of crisis. But also our institutional investors is -- especially pension funds, would be hit hard by a loss. It would weaken them. And of course, they would pass this on to retirees. In connection with the COVID-19 crisis, VIG Holding has not made use of short-term work or government subsidies. We have continued to employ all of our employees without any cuts. I would like to mention that group companies also, of course, operate autonomously. And closely, they have been following all legal measures. Whatever they are doing, this has been in line with our continuous practice in terms of all ways cooperating with the regulator. And in doing that, our group companies are in line with European-wide practice. And all of these measures do not have any impact on the solvency ratio of the VIG group. And last, but not least, and I have prepared a separate slide for that, we're the best traded company in the ATX. And Standard & Poor's also has confirmed our A+ rating with a stable outlook. This happened yesterday, actually. Once again, I would briefly like to talk about the Agenda 2020. Our strategic working paper, we have been implementing that in previous years. And next year, we are going to take stock at the AGM. And we are already working at the follow-up program that is called Target 2025. The aims have been clear: To be the leader in Austria and CEA to record profitable growth. We will remain true to our principle, which is to say to have a conservative focus and especially, in times like this, this has been an excellent and a viable management principle. I've, on numerous occasions, explained our local entrepreneurship principle. And also, we have been pursuing a multichannel distribution and a multi-brand strategy. Principles. The Agenda 2020 has rested on 3 pillars. You all know them, ensuring future viability, on the one hand, the optimization of the business model and also the organization and cooperation within the group. So when I say ensuring future viability, let me briefly explain that. We have identified 4 business fields, 4 areas really where we were committed to grow. We have been very successful here. First of all, health insurance, bancassurance and reinsurance. We have recorded growth rates in all of these 3 markets in the markets that we defined as a target markets. Now also, I can say that digitalization has been high up on our agenda. We are pursuing 180 ongoing digitalization projects, and we have made EUR 200 million investments in digitalization project. Just to mention what we mean by insurance of the future, for example, plug-and-play is one partnership. We have set up a global innovation platform, and this has enabled us to have access to more than 15,000 start-ups all over the world. Also, we have been cooperating with the digital impact lab in Leipzig, Germany. Beesafe is our latest project. This is a digital insurer in pilot, and quite recently, we started this. Assistance, a very important business line not just in our core business, but actually we already determined and committed to creating added value here. All in all, I can tell you that 900,000 such claims have been handled since the beginning of the Agenda 2020 start. In the meantime, we have created 5 such assistance companies in 8 CEE countries, and the next one is about to be set up. Well, how can we optimize our business models? What you see here is the measures that we have set up directly that make us more flexible, faster. Shared services have been set up in many countries. Mergers also, of course. And also, of course, we are determined to tap on economies of scale benefits. In addition, we focused on anti-fraud management, and also closed file review is a project that is high up on our agenda. This is a project dealing with the optimization of processes. Ladies and shareholders, last but not least, I would like to talk about sustainability. This is an issue that is not just important for the Vienna Insurance Group, but for the industry as a whole for all of us. Well, sustainability really has been embedded in the core of our business. And in the insurance industry, this is something that goes without saying. And this is something we have been pursuing, and this has been a stable -- a pillar of our development. We are a reliable, a responsible, a forward-looking company, and we're committed to linking our financial targets with social and environmental aspects. Now for us, we have defined 5 areas of activity. First and foremost, CSR in our core business. This is sustainable of business operations. Of course, this goes hand-in-hand with compliance, with rules and regulations. But sustainability is also important when it comes to our customers, with our employees, with society and, of course, the environment. I'm going to show you now that sustainability is not just something we are paying lip service to. E stands for the environment; S for social -- societal commitment; and G, really for long-term business. It's something that has been firmly rooted. Let me start off by talking about the environment coal. We have set up a gradual withdrawal from the coal sector policy. Also, we are stepping up our investments in green bonds. In 2019, our investments here were doubled. And also, when it comes to distribution and sales, we are offering sustainability-oriented unit-linked product in cooperation with Erste Bank in Europe. So this was launched to the market. Social societal issues, a couple of other slides I'm going to show you. High up on the agenda, for more than 30 years, nonprofit social housing has been promoted. In the meantime, 130 -- excuse me, 100,000 apartments have been made available. And especially in times like this, especially when we're combating COVID-19, we are planning a lot when it comes to social commitment. Let me just give you an example. For example, our participation in the biotech company, but more about this later on can be mentioned. Up high on this biologics company. It goes without saying that diversity management has been pursued for a long time. We are diversity -- we are diversified by age, gender, country, job experience and also religion. When it comes to sustainable management, we have a Code of Business Ethics, posting 15 clear principles. And of course, the Austrian Code of Corporate Governance is fully observed by the IT. Social commitment. For many years, this has been very important for us. The most outstanding example is the VIG Kids Camp. This is a holiday camp, offering children, let us say, trips. And also, the Social Active Day is something you know from previous years. In 2011, the European year of voluntary work was the background for the social active day that we established. This is an initiative where employees of our group and, of course, the local companies, will be given 1 day off to show social commitment. In my opinion, this is an excellent idea to give our employees this opportunity. This opportunity, really, to show social commitment. We have 39 participating group companies in 21 countries, and roughly 6,000 employees spent roughly 48,000 hours of work. I did some calculations. I'm a Mathematician, and almost 1 employee spent 1 day per year showing social commitment. And I do believe that this is an outstanding contribution by each and every employee and our group. If you're interested in more details as to our social corporate activities, I would like to invite you to read our sustainability report that was under this year's motto together. Also, I would like to report some local activities. In Austria, the project, a Caregiver with a Heart, is widely known. Well, this is something that puts all caregivers center stage. This was an initiative that was carried out together with Wiener Stadtische Versicherung, and in Wiener Stadtische Versicherung, it was set up in 2012. And this is an initiative that finds a lot of recognition, really. And of course, it is also met with great enjoyment. Also, Donau, our second company supports, for example, the Danube National Park, and they had their social active day. And they cleaned up the flat planes, for example. Also, NGOs will be supported continuously. The Caritas Children's campaign, for example, the [indiscernible] for poverty campaign, this so-called epiphany campaign, I could go on mentioning numerous such campaigns. Last, but not least, a couple of awards. I should mention, well, the Vienna Insurance Group is Austria's most diverse. We have been elected. We received really the BCG Gender Diversity Index Austria 2019 award. But also, we are among the 3 leading companies. And the [ BCG ] elected us as the most diverse insurance company. In Austria, our company was awarded the most women and family-friendly company in Vienna. I would just like to mention, for example, our corporate nursery school. All of these are initiatives that are supported by our employees. And by doing that, actually, we help our employees find a balance between their private lives and jobs. Also, in Croatia, Wiener osiguranje performed a hat trick when it comes to brand awareness campaign. Also, the best search the financial and insurance services. Also, I would like to mention Ray Sigorta, our Turkish company, that was certified as the -- Certified Great Place to Work. Let us now move on to figures. I've already mentioned the Standard & Poor's rating. Well, on September 23, our A+ rating, with a stable outlook, was performed. And what they particularly mentioned was the leading market position in Central and Eastern Europe. Also, our diverse product portfolio. And this is something I have spoken on elaborately. Product portfolio, premium diversification and also when it comes to our distribution strategy. And the continuously positive operational result of all our companies have been emphasized by Standard & Poor's. Now I would like to conclude by showing you 3 slides when it comes to current challenges. The COVID-19 pandemic. Diversification, once again, has proven to be extremely helpful and supportive. Of course, like many other businesses, we made emergency risk bonds to protect really our customers. We send them to the home office early on, providing them really with laptops. And also, the use of digital tools has been secured quickly. We continued -- or we try to set up intensive communication within the group, with the holding, but also with our partners and our employees. So within the group. But of course, also, after a good start into 2020, the second quarter due to corona, of course, when it comes to the new business related to the lockdown has been severely impacted. However, we saw regional differences in individual countries where we develop. I'm happy to report that since June, the development has clearly moved in the -- towards the positive side. April and May, clear decline of business. But after what we saw, an increase in the premium business. In some countries, in the meantime, we have reached the pre-corona level. And of course, that gives us reason, especially in light of current development to show cautious positive outlook. Well, the broad diversification model across products, across markets, has proven fruitful. I've already mentioned that our employees have always communicated with their own customers. In Poland, for example, we saw a doubling of premium income in the first half. Austria, I should like to say has quickly moved towards digitalization, a lot faster actually than we planned. Also, we saw that health was a big issue, an issue that has moved high up on the customer's agenda. And also, of course, digitalization has been an issue that has proven to be more important in our companies. Digital birth of preparation, of course, in Austria, for example, has been made with great interest. Once again, and also, in this connection, I would like to point out that diversification is, of course, something that will be extremely positive for our future. The expected development of the real GDP has been shown here, and we can see here that even though the global economy is projected to contract more strongly than in the crisis of 2008, 2009, there will be some recovery. When you look at this chart, you will see that countries like Hungary, Poland, the Czech Republic, the Slovak Republic will recover a lot faster than Austria. After carrying out several analyses, the impact of the COVID crisis will have a -- not as dramatic of an impact than in Western Europe. This is why our near assuring is a potential future opportunity for the development of our group. We've already mentioned previously that we have taken up an investment in APEIRON. This is an Austrian biotech company. This is a company that deals in the development of novel cancer therapy and also with the development of a drug to be used in COVID-19 patients. And here, the famous Dr. Josef Penninger plays an important role. The direct participation of our group is roughly 3%, and we have invested EUR 7 million. Also, I could report on other group activities regarding this field, social investment in the COVID crisis. In the Czech Republic, for example, Kooperativa has supported by financial aid when it comes to a protective clothing, drugs, et cetera. Also, our Georgian insurance company, GBI Holding, has set up a fund to raise money support to support doctors and medical staff. The Romanian Omnia Sick provided EUR 50,000 to finance urgently needed medical equipment in state hospitals to treat COVID-19 patients. And also, of course, we show social commitment for our NGOs. In addition to the existing cooperation with Caritas and [ ForEx Silfa ], we supported the Corona Emergency Fund. For example, we provided, for example, face masks and [indiscernible] in Hungary, a wonderful project. A digital home camp was set up or rather supported in order to be able to care for sick children and their families during corona. And last but not least, I would like to show you our half year figures for 2020. Well, despite the vast challenges we have met during the corona crisis and also, after that, we have managed to increase our gross written premiums by 2.4% to a total of EUR 5.6 billion. Primarily, this has to do with the reason that we started off excellently in the year 2020. And due to our different activities and measures in the individual countries, we were able to respond quickly to the corona challenges. We can report a result, before taxes, in the amount of EUR 201.2 million even though we had to make huge depreciations and amortizations. In some countries, the combined ratio shows an improvement of 0.9% in comparison with the previous year. That has to do primarily with a lower claims, of course, and lower nat cats. Well, ladies and gentlemen, it is difficult to give you an outlook, an outlook to 2020 to year-end. However, and let me say, we show cautious optimism that in 2020, we will be able to show you sound results. We have shown that the premium development has come back to pre-corona levels. On the other hand, however, we had to find that the claim situation has come back to original levels. However, with these current half yearly results that I can show you today, we are quite satisfied, and this is a sound result actually, and we do believe that for the second half, we have a reason to be cautiously optimistic. Thank you very much, dear shareholders. That completes my presentation.

Thank you, Professor Stadler for this extensive presentation. And on behalf of all, I would like to thank the management present -- Board for their untiring efforts. Now to Item 6. The candidate issued a declaration according to Section 87 Paragraph 2 of the Stock Corporation Act, which can be found on our website. In our selection, we considered particularly the provisions of Section 87 Paragraph 2A of the Stock Corporation. In addition to these regulations and the Austrian Corporate Governance code, all regulations of the Insurance Provision Act were considered and included in our proposal. The candidate declared her impartiality according to the criteria, which the Supervisory Board has determined according to rule C53 of the Austrian Corporate Governance Code. The new candidate, Katarina Slezakova, will now personally introduce herself via video. I refer to the particular professional experience of Ms. Slezakova. We are now going to see the video.

Dear, ladies and gentlemen, operator and anybody, good day, permit me to introduce myself. I am Katarina Slezakova, I come from beautiful Slovakia. For more than 20 years, I've been active in international technology companies, have a lot of technical competence, and I can tell you that I will certainly fulfill my position to your full satisfaction. During my studies at the University of Economics in Bratislava, in addition to my studies, I could gather first experience with Volkswagen Bratislava, an important stop in my career. And then for 16 years, I worked with Siemens. As to the subsidiaries, which deal with information technology and the information services, I was active in all these fields. I was also in charge of the marketing and communication activities of all Siemens AG companies in Slovakia. Indeed, grateful for the extensive experience I could gather and the personal relations and friendships that have risen from this. Colleagues with all of Europe are good friends of mine. I'm also a member of the [ PPT Group ], was head of marketing. My team and I are in charge of the communication measures. I'm also in charge of extending the electronic toll system in Slovakia. We've already successfully implemented part of this in several European countries. Thank you for listening to me in person. Of course, I'm looking forward to a meeting in person with you. Thank you, and goodbye.

Thank you for this presentation. Let me state that Mrs. Slezakova declared that should she be elected, she will accept her job. As to Item 7, the remuneration was first decided on in the 7th -- 27th AGM on the 25th of May 2018. A comparison with the remunerations of Supervisory Board members of other companies shows that their remunerations are much higher. Of course, the Supervisory Board members now have more responsibility because of internationalization. And of course, there are more tasks and audit duties, especially with listed insurance companies. The remuneration of the Supervisory Board members should therefore be reassessed and be increased by more than -- by around 20%. Expenses such as travel costs and training costs are borne by the company. The chair of the Supervisory Board will also receive an office infrastructure, if required. So Item 8 of the agenda, [ Magisto Hul ], Head of Personnel will explain the situation.

Remuneration policy 2020. The remuneration policy 2020, determined by the Supervisory Board, well, is also contained in the corporate governance code. Further regulations concerning the individual parts are listed. In addition, the situation is shown where remuneration policy differs from other regulations. The remuneration policy 2020 does not only determine the maximum limit of the variable components in relation to the fixed components, but it also shows the relation between fixed components, contractual bonus payments and special allowances. Information is given on the most usual key indicators to -- for the achievement of the targets. Of course, the targets have to be adjusted to the individual situations. And thus, the targets will be described in detail. The remuneration policy 2020 describes in detail the rules, which support the bonus payments to the management board and also shows a chart what effect this has. The remuneration policy 2020 shows that Management Board members will only receive a company pension if they have been active in their functions for at least 5 years, and that the amount depends on the duration of this function. In addition, perks to management but members such as anniversary bonus, company cars, et cetera, are described in greater detail.

Thank you, Magista [ Hul ]. So this ends the presentation of the report and proposed resolutions. I now announced the current attendance. According to the registration list 548 shareholders are represented by 4 special proxy holders who are authorized to cast 170,171,838 votes. The AGM is thus quartered on all items on the agenda. And now, I will sign the list of attendees and put it up for inspection, and I'm asking the notary to an exit to the minutes. And now, I will turn to our special proxyholders and ask whether resolutions are tabled by the shareholders. If yes, please read them out. If no -- not, please confirm that you have not received any proposed resolution so far. Dr. Knap?

Mr. Chairman, Dr. [ Gayat ], thank you for giving me the floor. I represent 541 shareholders out of the 548 and not a single proposed resolution has been made. Mr. Nauer?

Thank you. I can confirm that no further proposed resolutions have been received. Dr. Began?

Dear chairperson, I have one motion on Item 8 by [ Josef Baumuller], which I will read out the text. The resolution concerning the remuneration has been reassessed and redetermined at the next AGM. Criteria should be -- additional criteria should be mentioned -- should be considered. This criteria should be established with the financial criteria. And of course, performance indicators are particularly important in that context. And the remuneration should be variably remunerated accordingly. Moreover, sustainability-related criteria should be in connection with the nonfinancial affairs and so the nonfinancial character should be stressed and should be delineated accordingly. As to a modification of the Executive Director contract should be made the reason. The document on the remuneration policy, especially for the Management Board, has to be reassessed. Should be adopted minded concerning the sustainability and the responsibility in the interest of accompanied shareholders and the stakeholders. The core of the criticism refers to the negligent nonconsideration of sustainability aspects for special perks for a Management Board. That's the key element of modern corporate governance. But VIG does not act in a timely way and does not follow the principles of sustainability in a proper way. Let me just quote an online block from the company. For a livable tomorrow, insurance is sustainable. We try to avoid dangers, and we're livable for -- we're working for a livable tomorrow. Responsible action in our core business is important. We relate to our customers, where we have the right product design, we have the new forms of mobility and motivate people for a healthier lifestyle. This concerns personnel management, where we have a variety of options. And of course, we also have act with our resources in a responsible way. Companies have a social responsibility because there is not only the core business but also people who perform. So the term sustainability appears quite frequently in your annual report. There are many facets but with you, it has only one meaning on Page 7, a period of sustainability, that this is a long-term financial success in profit and dividends and company and value. On Page 9, there's only one point concerning nonfinancial objectives. So the nonfinancial objectives referred to social responsibility only. I remember that the so-called social active day was used as a bonus basis. However, this is far away from the usual standards of professional integration of nonfinancial targets. And this also does not tally with the sentence at the beginning of the document on sustainability, the sustainability. Every -- the management board must receive remuneration according to the performance of the company and no further data I include. Sustainability and sustainable management can also be understood as an ethical and moral responsibility. But as to the VIG, it shows that there is also a financial significance to this on Page 138 of the annual report. This is mentioned, but no further actions are followed. Event or changed conditions in the environment and in the social sphere can have a negative influence on the group. Climate change -- and this requires more stricter measures concerning the sustainability, and it also requires more requirements concerning a sustainable and social environment. In the VIG group, sustainability risks are included and "nonfinancial objectives have to be implemented, but they are not mentioned in detail." So there is not enough content to these nonfinancial objectives, although the nonfinancial objectives are very significant. The stakeholders and the capital markets, of course, are very determined on this. It cannot be understood why the financially oriented perks are stressed, whereas the sustainability is pushed into the background. A clear link with objective indicators is not mentioned. It leaves open, whether the tough key indicators should be over [indiscernible]. Of course, the members of the Supervisory Board do not really have the ability to stress this nonfinancial component explanations such as the Executive Director, tried hard anyway, is not enough and is not satisfactory and, thus, also not reflect the required performance for the PERC. It should also be supplemented that no direct relation is made to the nonfinancial reporting, which would be indeed necessary. An objective assessment would be possible. However, the sustainability strategy online permits to look at indicators for assessing the remuneration, but this is not enough. Also, more -- this is an example of how nonfinancial objectives could be considered as demonstrated by Kapsch TrafficCom. Here, you have a relevant excerpt on Page 6, which could serve as an inspiration. The committee for Management Board of [ Kapsch ] determines nonfinancial target, and 2 targets have to be achieved over many years. And when selecting the targets, the committee can decide on these targets. In order to achieve these targets, Management Board member receives EUR 10,000. The payout of this remuneration is in the November. And if an Executive Director leaves the Management Board, then he's -- he receives payment for the past years. So a company such as Kapsch, which is famous for its rather problematic governance structures, can create a very clear picture here, whereas VIG cannot. So the perspective concerning future developments makes us worry even further. The development what -- or the trading of sustainability issues has become more and more important, which is also shown in EU regulations. And this becomes even more relevant in future. So focusing on sustainability requires more sensitivity on the part of the VIG because the remuneration system does not adequately reflect these new ideas. Of course, it's also -- it should also be stressed that this nonfinancial reporting could be considered as green and blue washing, as it is at the moment. Further stakeholder interests are protected by contracts is presented, and the well-being of the shareholders is guaranteed. Of course, this is a component that is also shown in literature, but very often, it's been contracted, and it's in no way compatible with the economics and discussions of today. Unfortunately, we cannot see any special mention in the remuneration policy of VIG. To my knowledge, VIG invests in sustainability with own experts. However, in the remuneration policy, this is not adequately reflected. Also, there's the Stadtische Versicherun, which represent itself as follows. In its function as a main shareholder, the Stadtische Versicherun supports VIG cultural and social affairs. To my mind, a material performance in the field of sustainability should only be left to the main shareholder, because the main shareholder profits the most from the perk systems. Insurance services can, of course, be understood as sustainable. And this can serve as a mindset for the declaration. However, there is a certain component of insurance services, which are much more difficult to describe. Let me just mention investments, and the -- investments and capital markets. And the requirements of many stakeholders, which have a critical look at these connections and require, of course, measures to be taken accordingly. Less trust me and more show me is what is required. Of course, sustainability is a many faceted problem, and it is not adequately addressed by VIG, especially when it comes to remunerations. I'm therefore asking you whether you have asked special advisers and consultants in working out the remuneration policy. Should this not have been the case, could you please explain which internal parties were involved in this process. Also, what the peer group was and what the overall targets were. Please explain how the document on the remuneration policy can be understood, especially if a compulsory basis for sustainability oriented company should be created that way. In other words, nonfinancial objectives sort of should be considered. What are the future ideas about this? Also -- in the nonfinancial reporting, we should also have key indicators that have so far not been excluded. So I'm asking you to include all this in the remuneration policy. The experience of my AGMs has shown that sustainability subjects are not considered sufficiently, starting with a certain biological age of the persons responsible. Of course, since this is an AGM -- a virtual AGM, and I know that my motion does not stand a good chance, but let me give you one message. What is in the foreground is the money factor. And this is something that I do not share. Although the annual report, of course, focuses on many other things as well, but money is always in the foreground. Also finally, let me make one further remark. We're all aware that we live in a time of decline, decline, the -- a decline in the German language but also in the professional use of the German language. So the interest conflict is talked about all the time. And in the documents of -- yes, the differentiation between male and female is missing at times. And I would say that one should look at the wording of the management -- of the annual report once more. And yes, there is -- you use [ interessent ] conflict in German, but it should be used. This is a term -- a word that is not properly used. So this is the end of the deliberations of Mr. Baumueller.

Thank you very much. I would now like to ask Dr. Wolf, whether from his point of view, there are any further motions.

Well, Dear Chairman, no motions have been presented.

Thank you very much. Ladies and gentlemen, before we now come to the Q&A period, we're now going to have a 20-minute break. This would give you the opportunity to present additional questions should you wish to do so. Thank you very much. [Break]

Ladies and gentlemen, we are now entering the general debate. And we'll answer all questions that were asked before and during the AGM. Should the question be too extensive or repetitive or should the AGM run late, the requests will be read not at all or only in part. Let me inform about the e-mail address once more, to which questions should be sent fagen.vig@hfsa.ag. All shareholders' questions are read out by the independent lawyer, Dr. Arlt. Dr. Arlt will ensure the orderly reading of the questions. We're now starting reading out the questions by Dr. Knapp. Dr. Arlt?

Thank you very much, Mr. Chairman. Let me start off by the questions from Mr. Knapp, northern Europe. He asked about our annual report. The other markets are Germany and Liechtenstein. I would now like to refer to the pages. Northern Europe is not covered, apparently has not really been covered by reporting. Can you also comment on the previous contributions of Northern Europe to premiums and the profit? What are your medium-term expectations? I would now like to ask Mr. Höfinger to answer this.

Well, last year, we started out with a small underwriting team in the second half 2019 with branches in Sweden, Norway and Denmark. Even though we started out in the second half, we had a previous period only in the renewal season, but we were able to generate a lot in terms of premium up to the half 2020. We have generated -- or rather, we have obtained more than EUR 3 million in stock. So all in all, quite positive. Timing was also quite positive. And so far that in the Nordic countries, the price level in the corporate business is going up. And we do assume that by the end of 2021, our expected premium volume of EUR 10 million to EUR 11 million will be reached. As the branches, Sweden, Denmark, et cetera, are branches of the holding and not separate units. Reporting is included in the centralized functions.

Let us now move on to Reinsurance, 2009 annual report, Pages 69, 113 and 118. First 2 questions. Total premium volume in 2019 of the IT reprog? That is a question. 2018, EUR 457 million, according to the information in the AGM 24th of May, share of external cede in the total premium of 2019 of the IT reprog 2018, EUR 135 million. Second question, b, will the cooperation with Erste Reinsurance as a Luxembourg, the captive reinsurer of Erste Group, will that be continued? Answer to the question, well, the total premium volume of the IG Re amounted to 5,000 -- excuse me, EUR 527.5 million. They're our third-party business, EUR 190 million, roughly corresponding to more than 1/3.

Next question. How do you explain the change of minus 0.34% each in VIG Re and Vina Re. You can find this on the annual report 2019, Page 113, even though the capital share on Page 179 remains 100%. Well, the representation of the consolidated financial statements.

Okay. Let's take the next question. The person that was supposed to answer the question has some technical issues. Let's move on to the next question. IFRS 17, insurance contracts report 2019, Pages 16, 90 and 91. A. The date of the first-time adoption of IFRS 7 has been postponed by 2 years as to January 1, 2023. Doe this provide clarity about the implementation costs we Are facing a very high double-digit million euro amount that was announced last year. Has that become larger? Ms. Hirner, please.

Well, we are continuously working as concerns to implementation of IFRS 17 and 9. Uncertainties have clearly decreased as concerns the entry of effect of the standard. However, we are intensively preparing an IT solution that is viable. The adoption into EU law is still outstanding, which is the endorsement. Still a couple of issues need to be debated. The current parameter are being developed. So therefore, it is really hard to come up with a specific cost estimate. Like last year, we continue to recon with a very high double-digit million amount.

Thank you very much. Well, maybe one more follow-up question. And this question will also be answered by Ms. Hirner. In 2019, in disconnection, were we charged, for example, for additional IT expenditure? Are we already making provision for the implementation costs as a whole? And if so, to what extent?

Well, due to the regulatory uncertainties, all costs that were incurred in 2018 and '19 were already recognized in operational costs. However, it remains our clear target that the burden will remain as small as possible in follow-up periods.

Okay. Now maybe we can read the questions. Okay. The total -- okay. The change of minus 0.34% in VIG Re and Vina Re. Will the presentation of the consolidated financial statements reflect the change of minority shares that can be explained as follows? In 2019, Wiener Stadtische Versicherungsverein acquired 50% of the shares from VIG in VIG Re, which means that the shareholder structure as of the end of December changed as follows: Donau Versicherung AG, Vienna Insurance Group, 10% each; Kooperativa, 10% -- Kooperativa Vienna Insurance Group, 10%, et cetera. So as Wiener Stadtische Versicherungsverein AG and Erste Group Bank AG, each hold 2.15%. So all of these are nonconsolidated companies. This means that due to the transfer of the shares of VIG Re shares is reduced by 0.34%. On Page 197, you will find the capital share, and that is in line with the relationships prior to this being taken into account. And like in the previous year, a capital share of 100% is reported for both companies. Please also refer to the footnote on Page 200.

Thank you very much. Could you please read out the next question asked by Dr. Knapp? This question has already been answered. Nonprofit housing associations, question 4. This is found on Pages 18, 113, 198 in the report and also in the newspaper, Kronen Zeitung, dated 18th of July. What has been done in the meantime to stop such loss-making practices in the future? Were there any consequences in terms of personnel et cetera? Now according to media reports, our subsidiaries, EGW, [ Hampstead and Noland ], which are consolidated at equity, have invested enormous sums. Even if total cost of EUR 32 million have been lost, this apparently has not affected our consolidated financial statements.

If you allow me.

Ms. Stadler, please.

As generally known, those nonprofit housing associations are no longer consolidated. Most recently, the statutory environment has changed to the effect that there is just a minimal impact on taxation. The malfeasance really regarding commercial bank, from today's point of view, cannot be defined if they even have any impact at all. So even if that is the case, we expect that the impact is just marginal. There are comprehensive systems of control regarding these nonprofit housing associations. And also, of course, they have been implemented under the supervision of the auditor. And we usually obtain offers from various banks, and they are rated on the basis of interest rates and other parameters. And on the part of the management of nonprofit housing associations, of course, we also made inquiries with Crédit roots for band. And also the DPA has given a positive opinion certificates. So this basically means that all legal requirements have been met, and an independent audit confirmed that. This -- this means that the management of the nonprofit housing associations are not guilty of any malfeasance.

Next question will also be answered by Ms. Stadler.

APEIRON Biologics, Vienna and article from the Korean newspaper press release also from May 18, 2020 and June 3, 2020. Within the framework of a capital increase, we have acquired a EUR 7 million stake in APEIRON Biologics and are thus contributing a share for the secured financing of the study to develop a truck for the treatment of severely ill COVID-19 patients. Well, the answer to the question, we want to protect really what is important that has to do with our social commitment. And of course, this is a long-term investment, plus investments in biotech and in the pharmaceutical industry always take a longer term. For the purpose of sustainability, we did not commit to any further capital contributions. APEIRON has a broad range -- a broad range of drugs. And with every further development, for example, from Phase I into a Phase II trial, the value, as it were, will increase. For example, because one huge pharmaceutical company will most likely chip in and acquire this company. So due this circumstances and also for reasons of the portfolio and the fact that this will have to be utilized, we are of the opinion that this will be a long-term value-creating investment.

Thank you very much. On to the next question, Agenda 2020 follow-up program up to 2025. This is found on Page 3 of the report. Can you briefly present the Agenda '22 follow-up program up to 2025? If that is not the case, for whatever reason, when will this be the case? And another follow-up question, and the follow-up question to the 2019 annual report. Ms. Elisabeth Stadler discusses the Agenda 2020 management program and very briefly also the strategic follow-up program up to 2025. Ms. Stadler?

Well, Mr. Knapp, Right now, the name of the program is Target 2025. This is an updated strategy update. And in the course of this activity, we do expect, of course, new challenges up to the period until 2025. We are going to develop new challenging goals. And in response to the question as to what we are doing to implement them, of course, we are going to develop strategic approaches and supplement them with specific initiatives. And most certainly at the next AGM, we'll be able to give you a detailed report. We are in the process of preparing this report. And in the upcoming weeks and months, we are going to coordinate this with the management of the local companies and present the details at the next AGM.

Thank you very much. The next question asked by Dr. Knapp, "What about the dividend 2019?" This goes back to a report by Wiener Zeitung. The European supervisor, AOPA, has recommended that no dividends be paid in light of the pandemic. Do we -- are we not concerned really about any disadvantages occurring to our group? If contrary to the recommendation, we decide on a dividend today and paid out actually on December 30, 2020. Thank you very much. Once again, our CEO, would you please answer that question?

Well, as already explained in the presentation, once again, I would like to point out that, of course, we have reviewed the recommendations of the regulator. And also in the time line, actually, we have continuously monitored that, and we obtained AOPA information to that effect. And also, of course, in previous days and weeks, we have been dealing with these issues. As mentioned earlier, we have seen that our solvency, our liquidity, our stability, et cetera, are all secured. And this means that after checking the legal parameters and also the economic parameters, we have decided to propose the recommendation for a dividend distribution. Remember, I presented a solvency ratio that actually surpasses the legal minimum by a factor of 3.5. So by far -- remember, I talked about the stable capital basis. And remember, in the presentation, I also presented the fact that we are a reliable partner by our own corporation partners. So we are committed to paying out the dividends also in critical years provided. Of course, the company is able to present valid results. We've had numerous discussions about the fact that we did not use any short-term work or lay off any employees. And that was really part of the dividend distribution affair. And all measures really taken by group measures will not have any impact on the solvency of VIG Holding, which is critical really for the dividend payout.

Thank you very much. Let me now move on to the last question asked by Dr. Knapp. Last question: will the auditors fees and the service fees, this goes to Page 194, note 25 of the report. Other fees in the amount of EUR 664,000, for what services? Ms. Hirner, please.

Well, the largest item in other fees are the quality maintenance process within the scope of the IFRS 17 and 9 process that we do together with KPMG. This is a voluntary review. If we were to do that in 2023, after this interest effect, those would be regulatory or regular -- excuse me, audit services. We do this in order to keep the implementation risk as low as possible as IFRS 7 interpretation will have to be integrated into our IT systems.

Thank you very much. I do believe that this completes the questions asked by Mr. Knapp. Let me now come to the next shareholder. Mr. Schteiler, please.

Okay. Now I'm going to read this out. However, a prologue will follow. It will be a pleasure to the Chairman of the Supervisory Board to be able to read out the request to take the floor on the part of Schteiler Investment. This companies happen to be a shareholder of VIG and, in the first half 2020, stepped up its participation. The voting card number 502 is relevant here, and the right to vote is being exercised today by [ Michel Nava ]. In light of the fact that we are holding a virtual AGM today, I am going to be rather brief in exercising my right to take the floor and ask questions. So therefore, a couple of selective questions only. I very much regret that we cannot, as usual, have lengthy discussions with the officers of VIG. I would like to take this opportunity to thank all employees of the companies and also the Managing Board and the Supervisory Board, not just for a job well done in the previous fiscal year 2019 but especially for the great commitment shown in previous months. Thank you very much for that. We as shareholders very much value your commitment and efforts. After the experience of the previous virtual AGMs in Austria, please take my recommendations that it is maybe a good idea to have lengthy, let us say, proposals for resolutions and not read them out but rather post them at the website. Otherwise, it is really very burdensome for us as shareholders to follow. Now another thing I would like to address: question #1 Ms. Susanne Kaiser. That's question number one, how much did she earn in the last -- previous year? Follow-up's question: what are the budgeted cost of her legal advice, including today's AGM? Next question directed to Günter Geyer: a lawyer like she that calls me and you names like stay talk, for example, she are tolerable and acceptable at all? Thank you very much.

Okay. First question. Okay. Then let me repeat the question again. How much did Professor Susanne Kaiser earn in the previous 3 fiscal years? Second question, how much is the budgeted cost of her legal advice before -- or rather during today's AGM, including her attendance fee? Who wants to answer the question? Ms. Hirner maybe? All right, apparently, there is some share technical glitch here. If you could just give us a minute. [Technical Difficulty]

Okay. 5-minute break, please. [Break]

Ladies and gentlemen, sorry for this technical gap. We're now going to continue the general debate. Dr. Arlt, please read out the questions and the report by Mr. Schteiler.

Thank you. I'll start with the prologue again. The Supervisory Board Chairman will be happy to read out the Schteiler proposal with a clear and solid voice. The company has increased its participation. The voting rights with voting card 542 are represented excellently by Mihail Knapp. Because of a virtual AGM, I will be very short on my questions, and I will concentrate on a few questions. Of course, what I'm missing is the free exchange of opinions. It is my firm conviction that I would like to thank you all, all the workers and directors of VIG, not for their work in 2019 but also for the efforts made over the past months. Thank you so much. We, shareholders, know exactly how tough a time that was for you. After the experience of the last virtual AGMs in Austria, I would like to recommend to the Chairperson that long-proposed resolutions should be summarized, and the complete proposed resolution should be made available on the website. No shareholder can seriously vote on these long passages. The AGMs were very open, a lot of information and a discussing culture. The VIG AGM is certainly a place of diversity. The Chairman of the Supervisory Board also represents our main shareholder and myself as a Managing Director of long-standing shareholder. Ladies and gentlemen, why am I mentioning this? A renowned University professor mentioned in an editorial in its addition for 2020 in a magazine for corporate law. She named all shareholders, self-promoters and stage hogs, shareholders such as, [ Gundaker Robert Schteiler ] et cetera. Of course, this is rather primitive formulation. And the ideas are quite, I would say, considerable. The lawmaker is recommended to use the experience of corona times to reduce the AGM to virtual AGMs. And this means that everything should be bundled -- all the resolution should be bundled or I would call this as a castration of the AGM shareholders. You're well aware that this professor of a company law is a person, which has become renowned for those issuing shares. And I would say the result is rather hostile to shareholders. This is okay. Everybody can give his opinion. But she is also a consultant to our company. Question one, how much did Susanne Kaiser earn in the last 3 financial years when consulting the VIG group? And how high are the costs for VIG?

Thank you. Professor Stadler, could you answer this, please?

The consultancy services vary from year-to-year. Over the past 3 years, they were in the low 5-digit numbers. This year, the legal consultancy will be several thousand euros, but the hourly rates are in line with market rates.

Thank you. Questions of going to [indiscernible]. A lawyer, which calls the shareholder's stage hogs is disparable for a cultivated society. Mrs. Stadler, you know that I think very highly of Dr. Kaiser. She's one of the leading lawyers, and I personally did not feel addressed in a negative way by this.

Next question. A question for Mr. Stadler. The directors are not fans of the virtual AGMs. What concretely was the motivation to have a virtual AGM, Mrs. Stadler?

Thank you. It is well known that we would, of course, have preferred AGM with physical presence. And this is why we first postponed our AGM, and we're hoping for the possibility to have a physical AGM. Unfortunately, this was not the case. First, we planned the AGM for May, but then we want to protect the shareholders and others and -- to have a virtual AGM. And now to the nicer things of life. 2019 was a very successful year, next step into the right direction. And therefore, a good dividend should be paid, especially in view of the difficult time. Leadership. This is the leadership and the lift responsibility of management.

Question 5, what was the breakdown of the premium income, EUR 10.4 billion, according to such about bank and digital sales. And what about -- what was the volume in bank sales via George? And what are the objectives, targets for 2020, '21?

We have Austria exclusive minus 26%; banks, 24%; brokers 25%; 4%, CE without Austria; exclusive brokers, 24%; banks, only 7%; brokers, 57%, so this is more; and 12%, others. The digital sales is included under other services. And in 2019, it played a subordinate role.

And now to the next question. Sorry. The next question was already asked. What was the volume of the George Bank sales?

It started -- yes, but it started very slowly. We managed to have positive experience in Czechia and Slovakia, 25,000 policies, 10,000 and [ 14,000 and 15, 000 ]in Slovakia were concluded via George. In 2019, we want to integrate the digital marketing even further, and I also reported on this. What we need is easily understandable products for the digital sale. We started with 6,000 insurances here. In Austria, we have an active insurance, which can be digitally concluded via George, and we also work on the next product, which is a risk life insurance. For the next years, it's quite clear that we want to offer individual and tailored products, and our cross-selling activities should also be controlled by George. And we want to draw the right conclusions in order to be more targeted in our approach.

Next question. In all areas -- question 7. Where -- in which fields of assurance who use AI? And what do you plan for the next 3 years? Please mention 3 concrete examples of application of artificial intelligence in the group.

This, of course, a wide field. It can be self-learning. Of course, we use artificial intelligence in different ways. For instance, in robotics process automation; for instance, in Poland, with new offers; or in Romania, for instance, in the claims sector; in the anti-fraud management, in Austria; and in Czech, we also use artificial intelligence. We try to establish patterns in claims management and fraud. We also use it in Austria in claims management, where we have text identification. And in the health insurance, we use it as well, which type of insurance is concerned. In the next 3 years, we will, of course, extend the offer in according to different quantitative way. And also, we also are dealing with sentiment analysis, especially in the holding. We have it in a test phase in Investor Relations, and we also use it in evaluation and creation of customer perks and customer interest also in pricing of linear modulation, in Poland, for instance. In all, I would say our perception of artificial intelligence is not a rather broad subject.

Thank you. Next question, which will be answered by Mrs. Hirner. For the entire Management Board, you have taken over enterprise risk management and asset risk management. Which tools do you use in controlling and asset management? Mrs. Hirner?

Yes. Mr. Schteiler, you are right. I'm responsible for enterprise risk management and asset risk management. Your questions referred to controlling and asset management. So I pass on the question to Mr. Lahner.

As to artificial intelligence in asset management, we use our traditional actuarial and analysis models for solvency. And asset management in this area, we deal, in particular, with developing artificial intelligence. The strength of artificial intelligence can be found particularly in asset management and optimization. The weaker parts are the asset liability management. Here, we use scenario calculations. These systems are not black box. This also goes for controlling, where, in all, we have a good mix between artificial and human intelligence.

Thank you. Next question, question #10 to Liane Hirner. The IFRS 17 was postponed by 2 years. Could we nevertheless make a start, and how much does it cost us?

Planning and the introduction of IFRS 17 and IFRS 9 will be on the 1st of January 2023, and earlier plans, we were even earlier in that. But the original plan was also aimed at this earlier date. But we used this 1 year that we are gaining in order to cooperate with our peers, SAP and dry runs and quality assurance. Since the new standard also requires a comparison period, in 2022, we will have numbers available. Group-wide budget aims at a 2-digit amount of about EUR 65 million, holding 30 solos.

Next question, we have EUR 435 million in expenses. And in terms of loans of SMEs. Who are the -- what are the 5 major positions?

Well, of course, we cannot give you any information on concrete customer relations. According to the Insurance Supervision Act, this is part of the corporate secrets. We cannot give you any names of loan takers. But we could tell you that we have marketable figures to offer. The maturity of the 5 largest loans is different. And the interest rate is between 2.5% and 3.5% per year.

Next question. On the 25th of 2019, a loan to [indiscernible] was recorded. In the course of these deals, Liane Hirner, what was the sum total of this loan? What was additionally agreed on? And how much of the total sum is still pending on the reference date?

Again, I have to ask for your understanding that we cannot talk about the purchasing deal. And we cannot give you any details on the modalities of the transaction and also whether there was a loan funding in that. But we agreed with the buyer not to disclose any details. We never give any details on our business activities with our contractual partners. We cannot give you any further details concerning these transactions because as an insurance company, we are, of course, subject to due diligence. Providing such information would lead to a new -- irreplaceable damage for VIG. Well, we could no longer any -- sign any contracts if we disclose the details and prices of such transactions. But what we would like to confirm to you is that as VIG, we are clearly screen our partners for transactions. We have standardized processes, transactions of shares in S IMMO follow a project. In addition to the know-how for customer and money laundering, you also find examinations concerning the transaction structures, et cetera, so trust us in this respect.

Is it part of our investment policy to give loans to well-known speculators?

Well, I don't think we have to add anything to what our CFO has said. We cannot disclose any information on this. I can only assure you that the transactions follow the market transactions, and there are no deviations of any agreements here. Thank you.

What is the reason why persons belonging to VIG or the Erste Group should stay in the Supervisory Board of S IMMO although the stakes were sold?

With the Supervisory Board persons, these are personal positions, and we have no option to influence this. As to persons relating to Erste Bank, I cannot give you any information, further information. As to the book value of the entire portfolio -- investment portfolio was around 4.46%. The market price risk should be minimized through diversification.

What are our largest 5 share positions, shareholdings? And do we use offers for -- buying offers at the Vienna Stock Exchange? And what about the share investments of the group?

First and foremost, let me mention our principles. Fulfilling the contractual obligations, having constant income, the right rating and transparency and everything in the field of Solvency II and growth in equity capital. As to the largest positions, this was the price at the end of August. First, [indiscernible] (03:01:54) at 2% and is [indiscernible] 3.8%. Furthermore, we have [indiscernible]. Thank you.

The main shareholder is buying shares in our company. 71.5% was the last figure. After a selling period -- 72%, I mentioned. Now this is all way below the book value of the equity, partly below the half. The question for Mrs. Hirner is, why does the company not make any buyback of own shares?

We consider ourselves to be a growth company, and the investments into profitable growth enable attractive yields. But -- and profitable growth remain remains our focus, organic growth or growth through acquisitions. Share buybacks are no subject at the moment. Since the end of 2019, our group has owned subsidiaries in Scandinavia.

What are our targets there? And in addition, do we want to become actively part from customer business? Thank you.

I think I've already answered the targets of our company business. In addition to this, we have no interest in any further acquisitions. Now to the Baltic states. First, consolidation of Seesam to EUR 5.3 billion in 2019 is considerable. Seesam does not only have a very attractive online offer for insurance products, but also many ladies in the management.

Question to Mr. Hofinger. Is there a connection here and what our targets with Seesam? What objectives do we follow? Quantify and quantify this. Additional question of result, the profit before tax is EUR 7.6 million is rather low. What about the Baltic states? What are the results there?

Well, thank you. As to the Baltic states, the Baltic society has a high affinity to digital solutions, and this is why our companies there are leading in the digital insurance offers, but also in the servicing of our customers with digital instruments. If you compare these insurances with some European markets, the Baltic states are leading here by far. Diversity on the management board is certainly something that promotes creativity and supports creativity, and this is how we establish our business models in the Baltic states. We have Compensa Life, Compensa Non-life, Compensa, PTA and Seesam. We merged Seesam and the Compensa Non-life, but we kept the brand name Seesam in Estonia. And the IT infrastructure of the front office was taken over from Seesam because Seesam in its digital solutions, certainly is a step ahead. If we look at Seesam in the middle of the year 2020, we generated EUR 4 million. EUR 7.6 million, this was in 2019, so a significant increase for 2020. I expect the result around this figure, so the half year of 2020 times 2, but we're still in a planning stage. So no exact figures can be given.

Thank you, Mr. Hofinger. Next question. A logical question 23 to you, Ms. Stadler. Peter Bosek wants to go to the Baltic states to Luminor, a digital bank. Could you imagine to cooperate with Peter Bosek there?

Of course. We're closely connected with Erste Group as our preferred partner. And of course, I had intensive contacts with Peter Bosek, very good cooperation. Certainly, we will remain in contact with him. And we're, of course, interested in further sales options.

And now to the next question, as to the goodwill depreciation, this was necessary. A question to Liane Hirner, what are the medium-term aims in Romania concerning the combined ratio under profit before tax?

Magister [ Hirner ], as to the goodwill depreciation 2019, the entire goodwill of the cash-generating unit group was depreciated. We have been on the market for -- since 2001, and we -- our companies are working very well. We have a very good market environment. We have implemented a number of rehabilitation measures, for instance, the share of the third-party liability. Insurance in the non-life sector was reduced to 23% in 2019. So our focus is on segment with better performance, comprehensive fire insurance and health insurance, which became noticeable in 2020. The combined ratio in Romania in the first half year 2020 was around 96.4%. Exact objectives, considering the COVID situation in Romania, cannot be made at the moment. Thank you.

Next question. Despite the cleanup in Romania, we still have quite a negative amount in our balance sheet. A question to Liane Hirner, which 3 countries are candidates here with a low goodwill?

Bulgaria with a goodwill of EUR 184.1 million is clear. If we look at the headrooms at 31st of December 2019, 4 CGU groups are sticking out: Bulgaria, Croatia, Georgia and Albania. Based on drastically increased discount rates, we made an impairment test at the half year and made further valuations in Bulgaria, EUR 60 million; Croatia, EUR 45 million; and Georgia, EUR 50 million impairments. So goodwill was completely impaired. Thank you.

Question 26. Looking at our equity capital development, what is our strategy according to the subsidiary bond with a bottom of EUR 500 million? Mr. Lahner?

At VIG, of course, we observe the market developments very closely, especially it's recognized prices at the first termination date. To terminate the first possibility, we look at instruments such as HG bonds. And if the bond as a Tier 2 bond when it has its first maturity or the first termination, this will be closely observed. What we're expecting is the restructuring among our competitors. With us, the personnel expenditure went up by 6.42%, although the number of employees was going down.

What was the main driver in this negative development and how are you going to counteract? Ms. Hirner?

Personnel expenditure across all cost positions, including claims management, has risen by 2.3%. This can be explained by a collective increase in collective agreements, which were higher than the long-standing average. Furthermore, experts were used for IT -- employed for IT, IFRS and Solvency II in order to strengthen our know-how and to staff new projects, such as IFRS 17, 9.

Question 28. Could you give us the percentage of employees who are, as of today, still working from home in Austria as well as on an international level?

Well, the largest share of our employees was and still is working from home. This has to do simply with the fact that we want to protect their health. In Austria, I can give you a figure. At least 70% of all employees are working from home. Thank you very much. Let's move on to the next question.

29. What are the consequences really you are expecting in terms of funds, staff development and headcount due to artificial intelligence and progressing digitization? Follow-up question 3, what are your long term strategies?

Well, I've already explained that artificial intelligence is really just in its infancy. We are still in experimenting as it were. For the time being, I would say that artificial intelligence is simply a tool supporting our employees. We can become faster in terms of servicing our customers. Remember, I've already explained that we use artificial intelligence in pricing in the motor business, and this has not had any effect really on our headcount. However, it has supporting them. And colleagues primarily using them as our actuaries and like I, myself, from what I know, they think this is somewhat of an enrichment and certainly not, let us say, a substitute of -- on a staff level. In the long term, artificial intelligence is certainly important -- going to be important. We are testing its feasibility. And from today's point of view, I do believe this is an enrichment, if you will, and certainly not something that is going to replace human intelligence and capacity.

On to the next question, ladies and gentlemen, also in a virtual world, we're interested in reality. Why not test whether the interests of -- or corporate interests are the same as shareholders' interest?

Now let's have a look at Luke in the Gospel. In the gospel according to Luke, he said, "For where your treasurer is, your heart will be also." Now somebody will smile about this, but this leads me directly to question 31. How many VIG shares are held by the Board members? Could you go about this in detail? I'm asking as of the date of today's AGM.

Okay, we're going to try to answer this. It is a known fact that every share acquisition done by a Board member, Managing Board or Supervisory Board member falls under the heading of Director's dealing. This has to be disclosed. However, I'm not really sure whether we have up-to-date figures as far as the cutoff date is concerned, but most probably, we can give you some explanatory information.

According to the Director's dealings disclosures that were made from 2016 up to 2020, the following individuals hold VIG shares: Managing Board; Professor Elisabeth Stadler; together with the common account with Robert Stadler, 6,900 shares; Ms. Liane Hirner, a total of 3,100 shares; together with Robert [ Tiana ], Supervisory Board, Dr. Günter Geyer, 5,210 shares; Matina Dobringer, 1,600 shares. Thank you very much.

Now that is the information from the Director dealings disclosures. Of course, I can say that I've been a retail shareholder right from the start, right since the IPO at that time. Together with the Works Council, we corporated and -- well, you were given the figures as far as the cutoff date is concerned. We do not have any topical information.

Let us move on to the next question I'm going to read out. On to another topic. One Supervisory Board member has left the Board. And now, we are going to elect a successor. Question 32, how did this nomination process occur? Was an external consultant commissioned and what were the most important reasons for her election?

Well, as you know, we are a company that moved into the CEE region in the '90s. Today, the Slovak Republic in the Republic are very successful. Almost every second citizen has an insurance product of our company. And in the meantime, let us say, a couple of other issues have put on the agenda in those countries. As the presentation of the CEO has shown we're well underway, we've been very successful. And primarily in the interest of our company, it was decided that the composition of the Supervisory Board has to meet those prerequisites. One member left the Supervisory Board. As it was decided, she accepted the vote to another board, and therefore, she has decided to withdraw from the Supervisory Board of VIG. So together with my -- with other Managing Board members and my colleagues on the Supervisory Board, together with economic experts, Supervisory Board members in the Czech Republic and other leading experts, together with my Supervisory Board colleagues, I contacted them and we together prepared a list. We pursued the target of recruiting somebody with international expertise in the insurance industry, if possible, reflecting our diversity principle, digitalization know-how and expertise was sought for. And of course, also, this should be in line with our policy to put women on center stage. So this should reflect, of course, the hard work done by women. So having said this, we were promoting the search for female candidates. And from the list we prepared, we then got together on the Supervisory Board, and Ms. Slezáková was nominated. We then started contacting her, gotten into detailed conversations, et cetera, and she presented herself in the video. That completes my answer to this question.

On to the next question. To direct questions, regarding Ms. Katarina Slezáková, you are working as a head of marketing in a toll company in your city. However, you have not given any personal comment. Could you tell us something about your personal background? What are your biggest weaknesses? This is directed to you as an individual, as a human being, not as a manager. Have you made any retirement, let us say, provisions? Have you taken out any private pension insurance?

On her behalf, I would like to answer this. She has presented herself in her video. I do believe she already answered most of the questions. When talking to her, she already mentioned that she is thinking about acquiring VIG shares. As regards her other retirement provisions, I do believe that's for personal affair. On to the next question.

Last question, 35, goes to our Chair, Günter Geyer. What is your personal understanding of preparations for the strategic follow-up question up to 2025? And in his final remark, he's saying, "Ladies and gentlemen, I am quite satisfied with a 2-digit ROE. However, for the future, I do believe that this should be an absolute minimum level. I'm very much hoping for a 6-figure." Well, Mr. Stadler, I do hope or rather, I should like to say that we very much sympathize with you and share your hopes in this regard.

To answer your question, well, the group actually has seen a fascinating development in previous 30 years, starting with the rollout of the business in the Czech Republic turning to Eastern Europe, and we have managed to turn from the #2 player to the leading insurance player. And as our CEO, Elisabeth Stadler, has presented, the Managing Board is dealing with the fact that the strategy or the important strategic questions for future years will be found. And in doing so, she will come up and they will come up with a concept and a plan that will make it possible for us to take huge strides forward, also, of course, in light of the sustainability issues.

Thank you very much, Mr. Stadler, for your questions. We've now come to the end of his questions. And now, I would like to go to Mr. Berger's question.

How many people are locked into the Internet? Could you break that down to Austrian as well as international listeners? Ms. Stadler, please?

As of 12:30, 198 people are following the German live stream; 58 people, the English live stream; and a couple of other people, the Czech live stream.

What is the circulation of the annual financial statements? Can you give us the figures really for German as well as the English report? How many were printed? Could you give us the costs? Who's going to answer the question?

Let me start out with the sustainability report: 700 German prints; 250 English print, costs in the amount of EUR 125,000 gross. And you'll report 200,500 in English. And also, we attached a brochure. Printing expenses, all in all, were in the amount of EUR 27,000. For additional expenses translations, et cetera, IT tool, roughly EUR 660,000 were spent. EUR 27,000 were spent for the online report. So all in all, EUR 114,000 gross were incurred in connection with the annual report.

What are the costs of the IP -- or rather of the stock exchange listing in Prague in Vienna? Mr. Lahner, please.

Thank you very much. Now the utilization fees for Vienna 12, prior EUR 14,000. If you add to this the cost for reporting, supervision, et cetera, membership, you will get total cost of EUR 113,000. As regards to the trade volume of our shares, the latest information are EUR 24 million at the Vienna Stock Exchange with the exception for 2015, 2016. And in last year, we had 16-point something million euros share liquidity on the Prague market is rather stable, roughly in the amount of 10% of the Vienna market.

On to the next question. What is the total amount of the cancellation of life insurance products? And what are the expectations really in light of COVID-19? Could you give us your take of the Central and Eastern European markets?

In 2019, we saw a cancellation of roughly 500 and something in the CEE. As of the half year, in Austria, this is roughly 40,000. In the CEE, 240,000. So all in all, a small decline in comparison to the previous years. As increasingly, risk is really something that is put higher up on the agenda right now, we do not assume that an increase in the cancellation will occur.

Turkey, what is the premium volume and claims volume in 2019 in light of the small performance of the Turkish lira? What is the effect of that?