Vienna Insurance Group turns to 9-mo pre-tax profit from Bulgarian operations

The group’s gross premiums written from operations in Bulgaria fell to 79.8 million euro through September from 84.1 million euro in the same period last year, VIG said in its nine-month financial report.

Non-life gross premiums written from operations in Bulgaria decreased to 68.5 million euro in the January-September period from 74.7 million euro in the first nine months of 2011.

Life gross premiums written increased to 11.3 million euro from 9.4 million euro.

The Vienna-based group posted a 7.0% rise in nine-month pre-tax profit to 443.2 million euro, as total income was up by 11.2% to 7.73 billion euro.

Earlier this month, VIG announced it had merged its Bulgarian non-life insurance companies Bulstrad Vienna Insurance Group and Bulgarski Imoti in a bid to strengthen its market presence. On the local market it operates through Bulstrad Life Vienna Insurance Group as well.

($ = 0.7714 euro)