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November 18, 2019
BUSINESS

Vienna Insurance Group’s revenues in Romania up 17.6pc in H1

The operations in Romania of Austria’s Vienna Insurance Group (VIG) generated in H1 2015 a gross profit of 3.5 million euros, up from one million euros in H1 last year, according to the data released on Tuesday by VIG.
Vienna Insurance Group is present in Romania through insurance companies Omniasig, Asirom and BCR Life Insurance, and sold in H1 2015 a total volume of premiums of 194.2 million euros, up by 17.6pc year-on-year from 165.2 million euros.
During the said period, the revenues from gross insurance premiums sold on the segment of properties and accident damage increased by 16.4pc, from 137.7 million euros to 160.2 million euros, and on life insurance segment, the revenues rose by 23.5pc, from 27.5 million euros to 34 million euros, according to the VIG report.
In Europe, Vienna Insurance Group sold overall premiums of 4.9 billion euros in the first six months of 2015 (down by 1.5pc). Without considering short-term policies with payment upon maturity, the amount of premiums recorded a solid growth of 2.2pc year on year.
The pre-tax profit stood at 250.5 million euros, within the estimated parameters, having been significantly affected by the declining financial results. This result was recorded amid the historic low interest rates, which led to the need for staff provisioning in Austria.
The financial result recorded by the Group stood at 524.5 million euros. The 7.2pc decrease was recorded amid low interest rates. Ratings agency Standard&Poor’s has confirmed again the A+ rating with stable outlook for VIG. Thus, VIG remains the highest-rated company among those part of the ATX (Vienna Stock Exchange Index).

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