SARAJEVO (Bosnia and Herzegovina), November 27 (SeeNews) – Austria's Vienna Insurance Group (VIG) said on Wednesday it swung to a pre-tax loss of 100,000 euro ($110,000) from operations in Bosnia and Herzegovina in the first nine months of 2019, from a profit of 700,000 euro in the like period of last year.
Total gross written premiums of VIG's Bosnian unit jumped 36.6% to 26.9 million euro in the January-September period, VIG said in a financial statement for the first nine months of 2019.
Premiums from regular life insurance increased to 11 million euro in the nine months through September, from 7.5 million euro in the like period last year, while premiums from single life insurance soared to 3.9 million euro from 1.1 million euro.
Premiums of the motor third party liability sub-segment of insurance dropped 21.9% to 2.1 million euro, while that of the CASCO segment rose 16.3% to 1.1 million euro, and other property premiums increased 18.5% to 8.6 million euro.
In Bosnia, VIG owns Wiener Osiguranje which was set up in 2011. In 2018, it completed the acquisition of the Bosnian subsidiary of Merkur International Holding.
VIG operates around 50 insurance companies in 25 countries in Europe, including Bosnia, Romania, Serbia, Moldova, Bulgaria, Albania, North Macedonia and Croatia.
($ = 0.908630 euro)