Vienna Insurance Group H1 loss in Romania at EUR 4.1 million on written premiums decline

Newsroom 27/08/2012 | 13:02

The Romanian operations of Vienna Insurance Group (VIG) went in the red in the first half of this year, hit by the portfolio restructuring that reduced the gross written premiums by 17 percent to EUR 236 million and lead to a loss of EUR 4.1 million.

VIG is the market leader in Romania as it holds controlling stakes in Asirom, BCR Asigurari de Viata and Omniasig VIG, which merged with BCR Asigurari this spring.

The gross-written premiums in the non-life segment fell by 22.2 percent to EUR 184 million in the first semester, while the life segment grew slightly by 2.1 percent to EUR 51.6 million.

VIG saw its profit before taxes drop from EUR 1.6 million in the first half of 2011 to a loss of EUR 4.1 million.

The net combined ratio of VIG stood at 110.4 percent, which indicates that it is paying more in claims than it is receiving from premiums. The ratio grew close to 5 percent although the expenses for claims and benefits fell by 5.3 percent to EUR 185.5 million.

VIG increased its first semester profit to EUR 301 million, out of which EUR 148 million was generated in Central and Eastern Europe.

Ovidiu Posirca

BR Magazine | Latest Issue

Download PDF or read online: November 2022 Issue | Business Review Magazine

The November 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Samsung Remains Top Consumer Tech Provider on Romanian Market.” Read
Newsroom | 29/11/2022 | 10:17

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of
    I agree with the storage and handling of my data by
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue