Vienna Insurance Group increases business in Romania

Austrian Vienna Insurance Group’s companies in Romania recorded a 17.6% increase in gross premiums written in the first six months of this year, to EUR 194.2 million. Both the general insurance and life insurance segments recorded positive evolutions. The gross premiums written for property and casualty (general insurance) increased by 16.4%, to EUR 160.2 million while those for life insurance went up by 23.5%, to EUR 34 million. VIG’s companies in Romania recorded a cumulated profit before taxes of EUR 3.5 million, up from EUR 1 million in the first half of 2014, due to the restructuring measures. The group controls Omniasig, Asirom, and BCR Asigurari de Viata. Overall, Vienna Insurance Group underwrote consolidated premiums of EUR 4.6 billion in the first half, down 1.5% year-on-year. The pre-tax profit reached EUR 250.5 million, because of the historical low interest rates, which led to the need for provisioning staff in Austria. editor@romania-insider.com