Vienna Insurance Group posted a pre-tax profit of 6 million euros last year, in Romania, reads a press release issued on Tuesday for Agerpres..
‘The ongoing restructuring and the recent improvement in market conditions have made Vienna Insurance Group profitable again in Romania. VIG anticipated that the restructuring of the portfolio oriented towards sustainability will reduce premiums. However, the group remains insurance market’s leader in Romania, with a share of 19.5%. Despite the fact that net combined ratio was drastically reduced, it continues to be above the reference level of 100%,’ the document reads.
According to the release, at group level, VIG has increased its pre-tax profit by 46% to 518.4 million euros. The contribution of Central and Eastern Europe region to the profit has increased to 64%.
‘It is estimated that the current milieu with low interest rates will cause a decrease in the common financial result in 2015, which, from the information available at this time, will not be offset by another increase in subscriptions,’ VIG informs.
Vienna Insurance Group holds in Romania insurers Omniasig, Asirom and BCR Life Insurance.