VIG records EUR 3.5 mln profit in Romania in 2016

Austrian group Vienna Insurance Group (VIG), the largest foreign group in the local insurance market, recorded a gross profit of EUR 3.5 million in Romania last year, compared to EUR 46.4 million losses in 2015. “We are pleased with the companies’ financial results in Romania. All three had profit last year. Last year's financial result is very good compared to the loss reported in 2015. But it’s only the first step. There is room for improvement,” said Roland Groll, member of VIG board. VIG owns Romanian insurers Omniasig, Asirom, and BCR Asigurari de Viata. The Austrian group mostly focuses in mandatory car insurance (RCA) in Romania. RCA represents up to half of VIG’s portfolio in the local market. After the bankruptcy of the Romanian insurer Astra Asigurari, VIG became the largest player on the RCA market via Asirom. It has a market share of over 20%. In the past, the group has often complained about the low tariffs in the RCA sector. editor@romania-insider.com