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Bulgarian insurer Bulstrad's 9-mo cons net profit more than doubles

Bulgarian insurer Bulstrad's 9-mo cons net profit more than doubles wrangler/Shutterstock.com

SOFIA (Bulgaria), December 7 (SeeNews) – Bulgarian insurance company Bulstrad Vienna Insurance Group [BUL:4BI] said on Thursday its consolidated net profit rose to 11.9 million levs ($7.2 million/6.1 million euro) in the first nine months of 2017, from 5.8 million levs in the prior-year period.

Gross written premiums increased to 237.5 million levs in the January-September period, compared to 213.9 million levs in the like period of 2016, Bulstrad said in an interim financial report.

The company’s operating profit increased to 13.0 million levs in the review period, from 5.8 million levs a year earlier.

Last week, Bulstrad VIG said it plans to delist from the Bulgarian Stock Exchange.

Last month, Bulgaria’s financial regulator said it has allowed the publication of a proposal by TBI Bulgaria, a wholly-owned subsidiary of the Vienna Insurance Group, to buy 10,000 shares in Sofia-based Bulstrad VIG which it does not already own. TBI Bulgaria is proposing to pay 44.78 levs for each of the shares it aims to acquire.

(1 euro = 1.95583 levs)

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