August 28 (SeeNews) - The Vienna Insurance Group (VIG) said on Tuesday its operations in Moldova generated 0.4 million euro ($0.46 million) pre-tax profit in the first half of 2018, after a break-even result in the like period last year.
Total gross written premiums of VIG's Moldovan units fell by an annual 2% on the year to 4.6 million euro during January-July, the company said in a conference call presentation of its first-half preliminary unaudited results.
VIG's premiums from motor third party liability insurance in Moldova declined 5.5% on the year to 1.7 million euro in the first half, casco premiums fell 6.6% to 1.4 million euro, while other property premiums fell 8.3% to 1.1 million euro.
Health insurance premiums jumped by 50% on the year to 0.3 million euro in the six months through July.
VIG sold no policies for regular and single life insurance in Moldova in the first half of 2018.
The group's net combined ratio in Moldova improved to 93% in the first half of the year from 108.2% in the year-ago period.
VIG's operations in Moldova turned a pre-tax loss of 5.6 million euro in 2017, compared to a 0.3 million euro pre-tax profit in 2016.
The Vienna Insurance Group is represented by Donaris company in Moldova, which it acquired in 2014.
($= 0.8609 euro)
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