Uniqa's 9month profit down three-times

Austrian-based insurance group said its net profit fell 68% from the same period of last year to €35 million, largely weighed down by its operations in Eastern Europe.

In the ten months ending September 30, Uniqa group recorded a net profit of €111 million.

Of the total net profit of €35 million, consolidated profit accounted for €21 million and minority interests for €14 million.

The group’s gross premiums written increased slightly in the first nine months to €3.773 billion, from €3.758 billion a year earlier.

“Uniqa’s premiums level increased in the first three quarters of the year, due to the worsening economic condition, but also to the negative currency fluctuation in Poland, Ukraine, Romania and Serbia”, Uniqa said in its 9month report.

In third quarter Uniqa’s net profit increased 4.5-times to €9 million from €2 million a year earlier.

In Romania, Uniqa is present through Uniqa Asigurari, former Unita, acquired from Vienna Insurance Group (VIG). Unita was the eight largest insurer in Romania at the end of last year, with a market share of 5.61%. Uniqa Asigurari first-quarter net profit increased 3.6-times to 5.05million lei.

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