VIG Romania profits drop despite portfolio expansion

Newsroom 07/04/2016 | 18:19

Vienna Insurance Group (VIG) posted a 26.4 percent increase y-o-y in gross written premiums (GWP) in Romania during 2015, according to the company’s financial results. Premium volumes thus reached EUR 428.6 million, with gains in both the property and casualty (21.4 percent) and life insurance lines of business (51.2 percent).

Profit (before taxes) was EUR 5.6 million, dropping by 7.1 percent on the year, while the combined ratio was further reduced and lies only slightly above the 100 percent mark at 102.4 percent (105 percent in 2014).

At group level, VIG saw drops both in GWP, from EUR 9.14 billion to EUR 9.01 billion (1.4 percent), and in profits (before taxes), from EUR 518.4 million to EUR 172.1 million (down 66.8 percent).

The combined ratio saw a slight upward trend by 0.6 percentage point, to 97.3 percent.

VIG is an insurance specialist in Austria as well as in Central and Eastern Europe, grouping about 50 companies in 25 countries and employing some 23,000 people. It is listed on the Vienna Stock Exchange and the Prague Stock Exchange.

Natalia Martian

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