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Vienna Insurance Group Bulgarian Unit 9-mo Net Profit Plunges 96%

Nov 12, 2009, 5:54:12 PMArticle by Iva Doneva
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November 12 (SeeNews) - Bulgarian insurer Bulstrad, majority-owned by Austria’s Vienna Insurance Group, posted a net profit of 290,000 levs ($221,000/148,000 euro) in the first nine months of 2009, down 96% on the year, company figures showed on Thursday.

Vienna Insurance Group Bulgarian Unit 9-mo Net Profit Plunges 96%

Gross written premiums fell 7.9% year-on-year to 160.9 million levs through September.

Bulstrad's net written premiums fell 5.3% to 129.8 million levs. Net claims paid over the nine-month period totalled 71.6 million levs, down 5.5% on the year.

Bulgaria's general insurance market rose by an annual 0.4% to 956.89 million levs ($735.56 million/489.23 million euro) through August, according to the latest data available. Bulstrad (www.bulstrad.bg) led the market with a 15.56% share in terms of gross written premiums at the end of August.

(1 euro = 1.95583 Bulgarian levs)

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