Austria’s Vienna Insurance Group (VIG) made a pre-tax profit of 1.8 million euro in Romania in the first quarter of 2015, 260 percent higher from the 500,000 euro registered in the similar period of 2014, the company informed on Wednesday.
The improved context of the Romanian insurance market allowed the sales activity to intensify after a long period.
Thus, premiums saw a strong increase by 21.7 percent in Q1 2015 to 100.3 million euro, from 82.4 million euro in the first quarter of 2014. Premiums on the damage / accidents segment rose 21.8 percent to 83.7 million euro (from 68.7 million euro in Q1 2014).
Also, premiums on the life insurance segment increased by 21.1 percent to 16.6 million euro from 13.7 million euro in Q1 2014, reflecting the success of the partnership with BCR, Erste Group’s local subsidiary, in the distribution of unit-linked insurance policies.
The net combined ratio settled at 104.8 percent, down by 0.9 percentage points from 105.8 percent.
‘Restructuring measures in Romania are yielding results and have led to a pre-tax profit of 1.8 million euro. In 2015 we will steadfastly pursue the improvement of the net combined ratio, which keeps above 100 percent,’ the company said.
In Romania, VIG holds insurers Omniasig, Asirom and BCR Life Insurance.