VIG profit in Romania increases by 18% on declining business
Underwritings registered in Romania by the Austrian group VIENNA Insurance Group totaled EUR 147.4 million in the first quarter of 2010, down by 12.2% in European currency, compared to Q1/2009, when they had registered a 16.4 % decrease. Also, companies members of VIG obtained, cumulated, a profit before tax of EUR 7.41 million, up by over 18%.
On the non-life segment, VIG underwrote in Romania premiums worth EUR 121.4 million in Q1/2010, which represents a decrease of 24.8% in European currency. This negative trend was registered under the circumstances of portfolio restructuring, directed to increasing profitability.
Meanwhile, life insurance registered a spectacular increase in underwritings, up to EUR 26 million, over 59% more compared with the first quarter of the previous year, results due to the performances of the sales force of BCR Asigurari de Viata.
Austrian group VIG is represented in Romania by four companies - ASIROM, BCR Asigurari, BCR Asigurari de Viata and OMNIASIG - and still holds the largest market share in Romania - 29.46%, corresponding to an underwritings volume of EUR 622 million, in the year 2009, a nominal decrease in EUR of 14.8%.
Author: Andreea IONETE
on 20.05.2010
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