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VIG turns to H1 pre-tax loss in Bosnia

VIG turns to H1 pre-tax loss in Bosnia Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

SARAJEVO (Bosnia and Herzegovina), August 27 (SeeNews) – Austria's Vienna Insurance Group (VIG) said on Tuesday it swung to a pre-tax loss of 200,000 euro ($222,207) from operations in Bosnia and Herzegovina in the first half of 2019, from a profit of 100,000 euro in the like period of last year.

Total gross written premiums of VIG's Bosnian unit more than doubled to 16.8 million euro in the January-June period, from 8 million euro last year, VIG said in a financial statement for the first six months of 2019.

Premiums from regular life insurance increased to 7.4 million euro in the six months through June, from 800,000 euro in the like period last year, while premiums from single life insurance soared to 2.4 million euro from 300,000 euro.

Premiums of the motor third party liability sub-segment of insurance dropped 26.1% to 1.4 million euro, while that of the CASCO segment rose 15.8% to some 700,000 euro, and other property premiums increased 7.8% to 4.8 million euro.

VIG heads Wiener Osiguranje in Bosnia and Herzegovina, which was set up in 2011. In 2018, it completed the acquisition of the Bosnian subsidiary of Merkur International Holding AG. VIG is now the third-largest player on the market.

VIG, headquartered in Vienna, operates around 50 insurance companies in 25 countries in Europe, including Romania, Serbia, Moldova, Bulgaria, Albania, North Macedonia and Croatia.

($ = 0.900062 euro)