SOFIA (Bulgaria), July 31 (SeeNews) – Bulgarian insurance company Bulstrad [BUL:4BI], a unit of Vienna Insurance Group (VIG), said on Monday its non-consolidated net profit fell to 3.6 million levs ($2.2 million/1.8 million euro) in the first half of 2017 from 4 million levs in the like period of last year.
Gross written premiums rose to 79.4 million levs in the January-June period, compared to 62.9 million levs in the corresponding period of 2016, Bulstrad said in its first-half financial report.
The company’s total operating expenses increased to 72.7 million levs in the first six months of 2017 from 69.6 million levs a year earlier.
Last week, the Financial Supervision Commission said it has granted approval to TBI Bulgaria, a wholly-owned subsidiary of VIG, to publish a buyout bid for the remaining 0.62% of the share capital of Sofia-based Bulstrad Vienna Insurance Group, which it does not already own. TBI Bulgaria is offering to pay 44.78 levs for each of the 19,559 shares it wants to acquire.
(1 euro = 1.95583 levs)