Vienna Insurance Group Posts EUR5M Loss In Romania In 1Q

05.17.2011 By Bostan Radu

Vienna Insurance Group (VIG) reported a loss before taxes of EUR5 million in Romania in the first quarter, compared to a profit of EUR7.4 million in the same period a year ago, as gross underwritten premiums dropped 2%, to EUR144.5 million.

In the first three months of last year, VIG reported gross premiums written of EUR147.4 million in Romania.

The group's revenue from all its Romanian operations declined to EUR143.8 million, from EUR144.3 million in the first quarter of last year, according to VIG's quarterly financial report.

On the general insurance segment, VIG premiums declined 3.3%, to EUR117.4 million from EUR121.4 million in January-March 2010. Subscribed life premiums grew by 4.3%, to EUR27.1 million from EUR26 million in the first quarter of last year.

Net underwritten premiums decreased 1.6% in the first three months, to EUR133 million from EUR135.2 million in 2010.

VIG's operational costs in Romania were slightly down to EUR37.8 million from EUR38.3 million. The group's total expenses climbed 8.5%, to EUR148.7 million, from EUR137 million.

Worldwide, the group's net profit was EUR109 million, up 8% from EUR101 million in January-March 2010. Gross underwritten premiums grew 3%, to EUR2.6 billion, from EUR2.53 billion.

VIG's operations in Romania include insurance companies Asirom, Omniasig, BCR Asigurari and BCR Asigurari de Viata.