Kjubi Makedonija insurer 9-mo net loss widens sharply

Kjubi Makedonija’s income from main activities fell 14% on the year to 488.9 million denars in the first nine months, while costs related to those activities dropped by an annual 20% to 236.1 million denars, the company said in a filing with the Macedonian Securities and Exchange Commission.

Skopje-based Kjubi Makedonija is part of Australian QBE Insurance Group.

In September, Austria's Vienna Insurance Group (VIG) said it signed an agreement to acquire around 75% of the voting rights in Kjubi Makedonija. The transaction is subject to regulatory approval.

VIG operates two subsidiaries in Macedonia, Winner and Winner Life.

(1 euro=61.5031 Macedonian denars)