VIG stagnates in Romania
The Austrian Group VIENNA Insurance (VIG), which controls 4 profile companies on the local market (OMNIASIG, ASIROM, BCR Asigurari and BCR Asigurari de Viata), reported for 2009 underwritings of EUR 606.6 million worth, compared to EUR 608.2 million in 2008. In national currency, the underwritings of the companies members of VIG rised by 14.8%, the Austrian group controlling about 30% of the Romanian insurance market.
On the general insurance segment, the business of VIG decreased by 9% compared to 2008, totaling EUR 519.4 million, while on the life segment it increased by 123.4%, to EUR 87.2 million, mostly due to the contribution of BCR Asigurari de Viata.
In the reference period, the gross profit of the group amounted to EUR 24.2 million, down by 58% compared to 2008, caused by the effect of the sale of the insurer UNITA to UNIQA, transaction included in the profit before tax from the previous year.
Business in Romania brings about 7.6% of the total gross written premiums of VIG, holding the fifth position in the region after Austria, Czech Republic, Slovakia and Poland. It has, locally, over 650 territorial units and 5,000 employees.
The entire group, operating in 23 countries in Central and Eastern Europe, reported for 2009 underwritings worth EUR 8.02 billion, up 1.5%, and a gross profit of EUR 411.2 million.
Author: Oleg DORONCEANU
on 01.04.2010
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