Car insurance sector boosts VIG’s revenues in Romania

Austrian insurance company Vienna Insurance Group (VIG) wrote gross premiums of EUR 267 million in Romania in the first six months of the year. The revenues went up by 37% compared to the same period last year. By comparison, the group recorded gross premiums of EUR 194 million in Romania during the same period in 2015. The advance was due to the higher volume of gross written premiums on the mandatory car insurance (RCA) segment. The group recorded a pre-tax profit of EUR 3.7 million in Romania, up 3.2% compared to the first six months of 2015. Vienna Insurance Group owns Romanian insurers Asirom, Omniasig, and BCR Asigurari de Viata. At the beginning of the month, VIG signed an agreement to take over AXA Life Insurance, the Romanian subsidiary of the French group AXA. The company specializes in life insurance but its local operations are low. The deal still needs the approval of the Competition Council. editor@romania-insider.com