May 22 (SeeNews) - The Vienna Insurance Group (VIG) said on Wednesday its operations in Moldova generated no pre-tax profit in the first three months of 2019, repeating the outcome recorded in the like period last year.
Total gross written premiums of VIG's Moldovan units rose by an annual 17.8% on the year to 2.6 million euro ($2.9 million) during January-March, the company said in a conference call presentation of its first-quarter preliminary unaudited results.
VIG's premiums from motor third party liability insurance in Moldova rose 9% on the year to 0.9 million euro in the first quarter, casco premiums rose 0.5% to 0.7 million euro, while other property premiums fell 28% to 0.8 million euro.
Health insurance premiums were double on the year, reaching 0.2 million euro in the three months through March.
VIG sold no policies for regular and single life insurance in Moldova in the first quarter of 2019.
The group's net combined ratio in Moldova reached 104.7% in the first quarter of the year of 2019 compared to 104.1% in the year-ago period.
VIG's operations in Moldova generated a pre-tax profit of 400,000 euro in 2018, compared to a 5.6 million euro loss in the previous year.
In Moldova, VIG is represented by Donaris company, which it acquired in 2014.
($= 0.8971 euro)
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