BANJA LUKA (Bosnia and Herzegovina), April 10 (SeeNews) – Vienna Insurance Group (VIG) said on Thursday it recorded a pre-tax loss of 5.6 million euro ($7.7 million) in Bosnia and Herzegovina in 2013 after breaking even in 2012.
VIG's gross written premiums in Bosnia fell 13.7% to 10.9 million euro in 2013, with non-life insurance accounting for 10.4 million euro, VIG said in its annual financial report.
The net combined ratio of the Bosnian unit was 150.2% in 2013, up from 98.6% a year earlier.
VIG entered the Bosnian market in late 2011 through the acquisition of local insurer Jahorina Osiguranje, based in Pale in the Serb Republic, which together with the Muslim-Croat Federation makes up Bosnia.
VIG, headquartered in Vienna, operates around 50 insurance companies in 25 countries in Europe.
($=0.7240 euro)