DGAP-News

OVB Holding AG: International position secures OVB stable results above the industry trend in 2013 (news with additional features)

DGAP-News: OVB Holding AG / Key word(s): Final Results
OVB Holding AG: International position secures OVB stable results
above the industry trend in 2013 (news with additional features)

26.03.2014 / 09:28

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- OVB believes private pension provision in Germany is at risk
- Customer growth and stable consultant organisation
- Dividend constant year on year
- Change of responsibilities in the German management team

Cologne/Frankfurt, 26 March 2014 - At the presentation of the 2013 annual
results, Michael Rentmeister, CEO of the OVB Group, drew a critical picture
of current developments in private pension provision. "Without personal
consulting, people do not make sufficient private provision. The current
discussion of possible restrictions on commission in Germany is weakening
companies and brokers who centre their operations on customer interests,
and therefore the demand-oriented consulting desired by consumer advocates
and politicians. Whoever considers the issue comprehensively and
objectively will come to the conclusion that there must be no statutory
regulation of commissions, either in connection with the discussion of
valuation reserves or other issues. The example of private health insurance
shows that regulatory intervention in commissions does not benefit
customers, but protects providers that want to abolish the laws of the
social market economy," said Rentmeister. "At OVB, as at other financial
sales organisations, the current discussions are taking up a considerable
amount of resources and impairing operating business. It is therefore
hardly possible to make a forecast for the German market. We therefore call
on politicians to make a clear commitment to diversity of sales channels
and stable regulatory and political conditions," Rentmeister continued.

For the Group as a whole, the Executive Board of OVB Holding AG expects to
increase sales in the other OVB segments slightly in 2014 thanks to the
Group's positioning throughout Europe, while market conditions remain
stable on average. On this condition, operating income at the previous
year's level should be achieved in 2014.

In the 2013 financial year, OVB achieved a nearly stable result in a
generally challenging environment, consolidating its market position as one
of the leading financial service providers in Europe.

As in the past, the company benefited from its international position,
which stabilises business development and compensates for market