Vienna Insurance Group ups profit on the Romanian market

Vienna Insurance Group’s gross profit in Romania increased by 17.9 percent in 2010, to around EUR 28.5 million. In 2009, the company had a gross profit of almost EUR 24 million in Romania. On the general insurance segment, the group posted gross subscribed premiums of EUR 434 million, a drop from EUR 520 million in 2009. The group did better in the life insurance segment, where it had gross subscribed premiums of EUR 93 million last year, up from EUR 87 million in 2009. “The difficult economic conditions from Romania have influenced the insurance market in 2010, where general insurance businesses decreased in first three quarters,” shows a report issued by the Vienna Insurance Group. “The life insurance segment had brought weak results, but it has a high growth potential on the long term,” the report went on. The Vienna Insurance Group was founded in 1824 in Austria, Vienna. The group owns on the Romanian insurance market BCR Asigurari de Viata, BCR Asigurari, Omniasig and Asirom. Alex Camburu, alex.camburu@romania-insider.com