VIG is currently represented in Romania by the non-life insurer Omniasig and the life insurer Omniasig Asigurari de Viata as well as by general insurer Asirom.
"The Omniasig companies were particularly successful. With unconsolidated written premiums of 956.81 million Romanian lei [$337 million/259 million euro] they generated growth of more than 46% in the first three quarters of 2008," VIG said in a statement.
Asirom S.A. Vienna Insurance Group achieved growth of approximately 21%, with unconsolidated written premiums of 573.85 million lei in the first nine months of the current year.
The results were calculated under the national accounting standards.
"On the Romanian market, motor vehicle insurance, in particular, is highly significant. Vienna Insurance Group’s companies secured approximately three quarters of their premiums in this segment," the group also said.
"Romania is one of Vienna Insurance Group's core markets. As a retail insurer, we are not aware of any effects resulting from the alleged economic downturn and there has been no slowdown in the growth of our Romanian group companies even during the third quarter", Gunter Geyer, VIG CEO said. "We are the clear leader on the Romanian insurance market and have been able to further reinforce this position. We expect further growth impulses from the distribution collaboration with our partner, Erste Group."
Romania's Banca Comerciala Romana (BCR), majority owned by Austria’s Erste financial group, said in September it has signed an agreement on the sale of its two insurance subsidiaries to VIG for a combined 244 million euro.
The group thus acquired an 88.56% stake in non-life insurer BCR Asigurari, including the holdings of BCR's subsidiary Financiara, and 88.47% of the life insurer BCR Asigurari de Viata.
VIG, one of the leading insurance groups in central and eastern Europe, is headquartered in Vienna. It is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. It also has branches in Italy and Slovenia.
(1 euro = 3.6941 Romanian lei)
