January 24 (SeeNews) - Austrian insurer group UNIQA said on Thursday the premiums volume from its units in Eastern and South-Eastern Europe rose 25.6% to 803 million euro ($1.18 billion).
"These values do not include the premiums of the Group companies in Romania, the Ukraine and Albania. This development therefore does not include any acquisition-related consolidation effects," UNIQA said in a statement.
The group's latest acquisition in the region was of the Albanian insurer Sigal, in which it acquired a 46% stake in December last year. In the region, UNIQA also has units in Bulgaria, Bosnia, Serbia, Hungary, Poland, Slovakia and the Czech Republic.
"Increased investments in organic growth in Eastern and South-Eastern Europe resulted in stronger-than-market growth for UNIQA in these regions, and it was possible to achieve the strategic goal of a market share exceeding 5% in property and casualty insurance," it said in the statement.
The group's consolidated premium volumes rose 3.3% on the year in 2007 to 5.259 billion euro, as the group's companies in Austria contributed 3.516 billion euro. UNIQA consolidated pre-tax profit increased 43% to 340 million euro last year.
The group's preliminary premium volume written in property and casualty insurance rose 7.1% to 2.181 billion euro as the region of Eastern and South-Eeastern Europe registered the strongest growth with a premium increase of 20.2% to 513 million euro, the group said.
"The life insurance business was characterised in 2007 by very positive developments in the Eastern and South-Eastern European companies. They were able to increase their premium volume by 35.6% to the present 285 million euro," UNIQA said.
($ = 0.6798 euro)