Vienna Insurance Group wants to turn to profit this year in Romania

Austrian Vienna Insurance Group (VIG), present in Romania through insurance companies Omniasig, Asirom and BCR Asigurari de Viata, expects to record profit on the local market this year, after reporting a negative result of EUR 98.7 million in 2013, according to Peter Hagen, the company’s CEO. The loss recorded in 2013 was double the one posted a year before, of EUR 44.9 million. "It’s difficult to make an estimation because of changes taking place in Romania, and we don’t know exactly when we’ll see their impact in numbers,” said Peter Hagen, cited by local Capital.ro. Romania is considered an important strategic market for VIG, which has a market share of 19.4 percent, and ranks first on the general insurance segment and second on the life insurance market. In 2013, VIG posted premiums of EUR 361.8 million in Romania, of which EUR 300 million were registered in the general insurance segment. Irina Popescu, irina.popescu@romania-insider.com