August 4 (SeeNews) - Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of Vienna Insurance Group (VIG), said on Thursday its first-half net profit declined 6.8% on the year to 74.4 million denars ($1.3 million/1.2 million euro) on the back of increased costs.
The insurer's revenue ticked up 0.05% on the year to 425.6 million denars in January-June, its financial report filed with the Skopje bourse showed.
An annual increase of 13.5% in net premium earnings to 324.1 million denars was counterbalanced by 37% fall in insurance commission revenues from reinsurance to 31.5 million denars.
At the same time, the company's expenses widened 1.6% year-on-year to 351.2 million denars.
In 2015, Osiguruvanje Makedonija posted a net profit of 239.9 million denars, up from 87.6 million denars in 2014.
Osiguruvanje Makedonija, set up as a state insurer in 1945, became part of VIG in 2013. VIG owns a 94.25% stake in the company. The Austrian group is present on the Macedonian insurance market also through Winner Osiguruvanje.
VIG said it will announce its first-half results for the whole group on August 23.
($=55.3541 denars)
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