BUSINESS

Omniasig VIG targets RON 1.2 bn gross written premiums in 2012

OMNIASIG Vienna Insurance Group resulting from the merger of BCR Asigurari and the old OMNIASIG became functional on May 1, 2012, but the absorption actually became official yesterday, becoming the most important project in the last 20 years, Mihai Tecau, Chairman of the Directorate, told a press conference yesterday. The Omniasig VIG insurer’s strategy for 2012 includes a volume of gross written premiums worth RON 1.2 bn, achievable through a portfolio of products adjusted to the new economic context, Tecau also said. The Chairman of the Omniasig VIG Supervisory Board, Franz Fuchs, in turn said the VIG group had obtained revenue from premiums of EUR 8.9 bn in 2011, despite the foreign exchange fluctuations on Central and Eastern European markets. ‘The gross written premiums were up 10.1 per cent to EUR 559.01 M,  calculated year on year, with a profit before tax of over EUR 500 M’ Fuchs also noted. An important element of the company growth strategy is the partnership for the sale of insurance products OMNIASIG VIG has with BCR (a part of the agreement of cooperation between Erste Bank and Vienna Insurance Group), a partnership in progress, with an important role in the consolidation of the entire territorial network of the company from a sales point of view. In the first three months of 2012, the VIG companies in Romania have reported net cashed premiums of EUR 118.1 M, down 11 per cent less compared to the EUR 133 M made in the first quarter of 2011.

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