November 28 (SeeNews) - The Vienna Insurance Group (VIG) said on Wednesday that its net profit from operations in Bulgaria rose by an annual 17.3% to 6.2 million euro ($7.0 million) in the January-September period of 2018.
VIG's total income from Bulgarian operations grew 4.9% year-on-year to 101.7 million euro as net earned premiums added 12.9% to 93.8 million euro, the company said in an interim financial statement.
Gross written premiums (GWP) gained 8.4% to 129.6 million euro in the review period, backed by casco GWP, which rose by 16.8% to 41.3 million euro.
The insurer's total expenses in Bulgaria increased 3.8% to 94.7 million euro, on the back of a 12.8% rise in expenses for claims and benefits, which totalled 54.8 million euro.
The group is active on the Bulgarian insurance market through Bulstrad Non-life, Bulstrad Life and Nova Ins. Non-life. It also holds a stake in Doverie, the largest Bulgarian pension assurance company.
($ = 0.8863 euro)
Bulstrad Vienna Insurance Group AD is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here