May 20 (SeeNews) - Austria's Vienna Insurance Group (VIG) said on Wednesday its operations in Moldova generated a pre-tax profit of 100,000 euro ($109,510) in the first quarter of 2020, after posting a zero pre-tax profit in the like period of 2019.
VIG's total gross written premiums in Moldova fell by an annual 16.4% to 2.2 million euro in the first quarter of 2020, the group said in a presentation of its preliminary unaudited results.
VIG's premiums from motor third party liability insurance in Moldova fell by an annual 26% to 0.6 million euro in the first quarter, Casco premiums fell by 28% to 0.5 million euro, while other property premiums rose by 8.9% to 0.9 million euro.
Health insurance premiums fell by 37.5% on the year, reaching 0.1 million euro during January-March.
VIG sold no policies for regular and single life insurance in Moldova in the first quarter of 2020.
The group's net combined ratio in Moldova rose to 111% in the first quarter, compared to 104.7% a year earlier.
In 2019, VIG generated a pre-tax profit of 300,000 euro, down 15% year-on-year.
In Moldova, VIG is represented by Donaris company, which it acquired in 2014.
($= 0.9132 euro)
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