VIG records EUR 72 mln losses in Romania in first three quarters

Vienna Insurance Group, the biggest insurance group on the Romanian market, recorded losses of EUR 72.2 million from its local operations, in the first nine months of 2018. “Romania is the only market where performance in the motor business was less favorable, and we are carefully monitoring the market situation there. A loss of EUR 72.2 million was reported in the first three quarters of 2018. This was primarily due to a goodwill impairment of EUR 50.1 million carried out in the second quarter of 2018, building a provision for an ongoing market-wide anti-trust procedure and a reserve strengthening in the motor lines of business in the third quarter of 2018,” the group said in a press release. Last year, VIG recorded a profit before taxes of EUR 8.9 million in Romania, in the same period. The group’s gross written premiums on the Romanian market increased by 5.2% year-on-year, to EUR 393 million. editor@romania-insider.com