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VIG grows 9-mo net profit, GWP in Bulgaria

Author Mario Tanev
VIG grows 9-mo net profit, GWP in Bulgaria Author: VIG. Licence: All rights reserved.

SOFIA (Bulgaria), November 27 (SeeNews) - Austria's Vienna Insurance Group (VIG) said on Wednesday that net profit from operations in Bulgaria soared 85.8% to 11.5 million euro ($12.7 million) in the first nine months of 2019.

VIG's gross written premiums (GWP) in Bulgaria grew 33.2% to 172.6 million euro in the January-September period of the year, while net earned premiums were 11.5% higher at 104.6 million euro, the insurance group said in an interim financial statement.

The rise in GWP was mostly driven by health premiums, which more than doubled to 30.7 million euro, from 12.7 million euro the year before. Regular life insurance GWP posted a 14.2% rise to 22.8 million euro, while single life insurance GWP added 5.3% to 7.7 million euro.

On the non-life segment, motor third party liability insurance premiums also posted a hefty 52.4% increase to 26.2 million euro, while casco premiums added 11.1% to 45.9 million euro.

Other property insurance GWP was 26.3% higher at 39.4 million euro.

The group's total expenses rose 7.6% year-on-year to 101.9 million euro in the first nine months of the year.

The group is active on the Bulgarian insurance market through Bulstrad non-life insurer, Bulstrad Life and Nova Ins non-life. It also holds a stake in Doverie, the largest Bulgarian pension assurance company.

($ = 0.9084 euro)