The life ascension is reducing the VIG drop in Romania
 The companies in Romania members of VIENNA Insurance Group (VIG) recorded in the first nine months of 2009 a decline of 8% of underwritings, in European currency, compared 3Q /2008, up to a little less than EUR 456 million. The unfavorable evolution of the non-life segment, due to restructuring of the portfolio, was offset by a significant growth of business on the life segment, following the consolidation of one of the latest acquisitions of the group in Romania, BCR Asigurari de Viata.
So, on the life insurance segment, the volume of underwritings doubled, reaching EUR 59.7 million, while gross written premiums on general insurance fell 15% in European currency (plus 1.2% in RON), to EUR 396 million, due to the influence of the leu depreciation and of the costs of restructuring the portfolio.
Profit before taxes, registered by companies members of VIG, dropped to EUR 16.6 million, from EUR 52 million in the corresponding period of 2008, when EUR 45.8 million of the total income was obtained by the group as a result of the sale of UNITA, to which OMNIASIG owned 55% of the shares, to UNIQA.
VIG is represented in Romania by five companies: ASIROM, BCR Asigurari and BCR Asigurari de Viata, OMNIASIG and OMNIASIG Life.
Author: Andreea IONETE
on 11.11.2009
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