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VIG pre-tax profit in Moldova plummets in H1

VIG pre-tax profit in Moldova plummets in H1 Donaris Moldova - VIG

CHISINAU (Moldova), August 27 (SeeNews) - Austria's Vienna Insurance Group (VIG) said on Tuesday its operations in Moldova generated a pre-tax profit of 100,000 euro ($111,123) in the first half of 2019, down 74.5% year-on-year. 

Total gross written premiums of VIG's Moldovan operations rose by an annual 9.7% on the year to 5 million euro during January-June, 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 rose 4.2% on the year to 1.8 million euro in the first half, Casco premiums fell by 3.8% to 1.4 million euro, while other property premiums rose by 20.9% to 1.4 million euro.

Health insurance premiums surged by 72.1% on the year, reaching 0.4 million euro in the six months through June.

VIG sold no policies for regular and single life insurance in Moldova in the first half of 2019.

The group's net combined ratio in Moldova rose to 106.2% in the first half of 2019 compared to 93% 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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