May 23 (SeeNews) - Vienna Insurance Group (VIG) said on Tuesday its operations in Moldova generated no pre-tax profit in the first three months of 2017, compared to 0.1 million euro ($0.11 million) profit in the corresponding period last year, according to preliminary data.
Total gross written premiums of VIG's Moldovan units rose by an annual 5.2% on the year to 2.4 million euro during January-March, the company said in a conference call presentation of its first quarter preliminary unaudited results posted on the corporate website.
VIG's premiums from motor third party liability insurance in Moldova rose 4% on the year to 0.9 million euro in the first quarter, casco premiums jumped 42.4% to 0.7 million euro, while other property premiums fell 14.2% to 0.7 million euro.
Health insurance premiums rose 15.4% to 0.1 million euro in the three months through March.
VIG sold no policies for regular and single life insurance in the first quarter of 2017.
The group's net combined ratio in Moldova improved to 111.8% in the first quarter of the year from 122.5% in the year-ago period.
VIG's operations in Moldova turned a pre-tax profit of 0.3 million euro in 2016, compared to a 2.4 million euro loss in 2015.
Vienna Insurance Group is represented by Donaris company in Moldova, which it acquired back in 2014. Through Donaris, VIG held a market share of 14.4% in Moldova at the end of 2016, which made it the second biggest insurer in the country .
($=0.9267 euro)
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