Austrian insurer Vienna Insurance Group (VIG), the biggest player on the Romanian insurance market, recorded a 5% drop in gross premiums written on the local market, to EUR 506.5 million.

However, the group’s profit before tax in Romania increased by 76%, to EUR 6.2 million, according to VIG’s annual report released on Thursday, March 22.

Overall, the group’s business increased by 3.7% last year compared to 2016, reaching EUR 9.38 billion. The profit before tax went up by 8.8%, to EUR 442.5 million.

Romania is VIG’s fifth-biggest market, after Austria, Czech Republic, Slovakia and Poland. VIG controls Romanian insurers Omniasig, Asirom and BCR Asigurari de Viata.

editor@romania-insider.com