May 4 (SeeNews) - Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of Vienna Insurance Group (VIG), said on Thursday its after-tax profit for the first quarter more than halved to 11.2 million denars ($199,600/182,800 euro) from 24.4 million denars a year ago.
The insurer's total revenue fell by 3.5% to 171.9 million denars in the first quarter of the year, according to the company's financial report filed with the Skopje bourse. Total costs added 4.5% to 160.6 million denars.
Osiguruvanje Makedonija's net premium income dropped 6.6% to 111.9 million denars.
In 2016, it booked 44% lower after-tax profit of 134.1 million denars.
Osiguruvanje Makedonija, set up as a state insurer in 1945, became part of VIG in 2013. VIG owns a 94.25% stake in the company. The Austrian group is also present on the Macedonian insurance market through Winner Osiguruvanje.
(1 euro = 61.50 denars)
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