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Vienna Insurance Group (VIG) subsidiaries recorded good gross written premiums growth in many markets after the first nine months of the year, such as in Romania (+30.3 percent), up to EUR 391.8 million, a press release informs on Tuesday.
Important premiums increases were also recorded in Turkey/Georgia (+15.6 percent) or Hungary (+14.2 percent).
Profitable insurance business is the top priority for VIG.
“It must be stressed that almost all regional segments made positive contributions to profits. Profit (before taxes) rose, for example, in Hungary (+41.6 percent), Romania (+16.6 percent) and the Turkey/Georgia segment (+80.4 percent),” VIG notes.
The Baltic region was the sole exception, recording a minus (EUR -7.8 million) primarily due to start-up losses for the newly founded insurance company Compensa Non-Life.
Austrian group reported a profit before tax in Romania at end-Q3 of EUR 6.4 million, up by almost 17 percent over the same period last year.
At group level, VIG’s profit (before taxes) of EUR 301.3 million means it is on target in terms of profit development. When interpreting the sharp increase of 88.4 percent, the impairment in the comparable period of 2015 must be taken into account. The CEE markets contributed around 65 percent of profits.
Group premiums rose by 0.7 percent, up to EUR 6.96 billion.
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