VIG ľ premiums written fall 13.2% in H1 on weak currency

Vienna Insurance Group said its premiums written fell 13.2 percent down to 313.01 million euros, from year-ago period, on sharp devaluation of the local currency against euro.
“Following the consolidation of the newly acquired life insurance BCR, premiums in the life insurance segment surged by 64.6 percent (euro basis), totaling 34.59 million euros. The premium volume in the non-life insurance segment amounted to 278.42 million euros, down 18.0 percent”, the insurer said in a statement posted on its website.

The Group companies of Vienna Insurance Group in Romania achieved an increase in premiums written of 0.6 percent (based on local currency) compared to the first six months of 2008. A 90.7 percent increase was registered in the life insurance segment, while the premium volume shrank by 5.0 percent in the non-life insurance segment due to portfolio adjustments.

Based on net earned premiums (in lei), the Group registered a growth of 9.0 percent in Romania.

Profit before taxes climbed to 12.07 million euros.

VIG’s companies in Romania are Omniasig Asigurari de Viata, Omniasig, BCR Asigurari, BCR Asigurari de Viata si Asirom.

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