Vienna Insurance Group wants to assure profitability by the end of the year

Vienna Insurance Group (VIG) anticipates its Romanian operations will yield positive results by the end of the year, after generating EUR 98.7 million in losses in 2013.

“We can see Romania’s economy making a comeback but we don’ know when the insurance markets will feel the effects of economic growth, especially in the area of premiums and activity results. VIG has set a target for itself to be disciplined in its subscription activity and to apply bonus tariffs depending on insurance risks. We will not enter the low prices game, which in the car-insurance segment generated losses for us. We will continue to practice fair prices, even if that means a lower volume of premiums”, according to Peter Hagen, president of VIG.

The president avoided to offer an estimation of premiums volume for VIG in Romania in 2014.

The group entered the Romanian insurance market in 2001 and at the present controls Omniasig, Asirom and BCR Asigurari de viata.

Last year, the total value of premiums recorded by VIG in Romania rose to EUR 361.8 million, down 11.5 percent on the year.

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