May 23 (SeeNews) - The Vienna Insurance Group (VIG) said on Wednesday its operations in Moldova generated no pre-tax profit in the first three months of 2018, repeating the outcome recorded in the like period last year.
Total gross written premiums of VIG's Moldovan units fell by an annual 8.1% on the year to 2.2 million euro during January-March, the company said in a conference call presentation of its first-quarter preliminary unaudited results.
VIG's premiums from motor third party liability insurance in Moldova fell 12.2% on the year to 0.8 million euro in the first quarter, casco premiums fell 0.5% to 0.7 million euro, while other property premiums fell 13.6% to 0.6 million euro.
Health insurance premiums were flat on the year to 0.1 million euro in the three months through March.
VIG sold no policies for regular and single life insurance in Moldova in the first quarter of 2018.
The group's net combined ratio in Moldova improved to 104.1% in the first quarter of the year from 111.8% 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. Through Donaris, VIG held a market share of 12.06% in Moldova at the end of 2017, which made it the third biggest insurer in the country .
($= 0.8533 euro)
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