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Insurer Osiguruvanje Makedonija triples Q1 non-cons net profit

Author Mario Tanev
Insurer Osiguruvanje Makedonija triples Q1 non-cons net profit wrangler/

SKOPJE (Macedonia), May 2 (SeeNews) - Insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of the Vienna Insurance Group (VIG), said on Wednesday that its non-consolidated net profit rose to 32.6 million denars ($636,800/530,600 euro) in the first quarter of the year from 11.2 million denars in the prior-year period.

The operating revenue of the Macedonian insurer increased to 198.3 million denars in the first three months of the year from 171.9 million denars in the like period of 2017, Osiguruvanje Makedonija said in an interim financial statement.

Net premiums earned grew to 137.3 million denars in January-March from 111.9 million denars a year earlier.

Osiguruvanje Makedonija’s operating costs rose to 165.7 million denars in the review period from 160.6 million denars the year before.

Osiguruvanje Makedonija, set up as a state insurer in 1945, became part of VIG in 2013. The Austrian group is also present on the Macedonian insurance market through Winner Osiguruvanje.

(1 euro = 61.44 denars)