May 23 (SeeNews) - Vienna Insurance Group (VIG) said on Tuesday its pre-tax profit from operations in Serbia grew to 1.4 million euro ($1.6 million) in the first quarter of 2017 from 600,000 euro in the respective period of last year, according to preliminary figures.
VIG's gross written premiums in Serbia grew 45.8% on the year to 27.8 million euro and combined net ratio fell 9.1 percentage points to 99.5%, VIG said in a conference call presentation of its preliminary unaudited results for the first quarter of 2017, posted on the corporate website.
The motor third party liability (MTPL) insurance sub-segment in Serbia reported a 41.5% increase in premiums to 1.5 million euro, casco premiums rose 15.0% to 2.0 million euro, and premiums from the other property sector grew 33.3% to 11.7 million euro, the preliminary results show.
The group’s gross written premiums from regular life insurance in Serbia went up 6.5% to 6.1 million euro, while single life insurance premiums quadrupled to 5.6 million euro from 1.4 million euro. Premiums from health insurance doubled to 1.0 million euro from 500,000 euro, according to the preliminary figures.
In 2016, the pre-tax profit of VIG from operations in Serbia fell by 11.5% to 2.7 million euro.
($ = 0.88861 euro)
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