November 28 (SeeNews) - The Vienna Insurance Group (VIG) said on Wednesday its operations in Moldova generated 0.7 million euro ($0.79 million) pre-tax profit in the first nine months of 2018, compared to a 0.2 million euro result in the like period last year.
Total gross written premiums of VIG's Moldovan units edged down by an annual 1.4% on the year to 7.2 million euro during January-September, the company said in a conference call presentation of its third quarter preliminary unaudited results.
VIG's premiums from motor third party liability insurance in Moldova declined 3.6% on the year to 2.8 million euro in the first nine months, casco premiums were flat at 2.2 million euro, while other property premiums also remained at the same level, of 1.7 million euro.
Health insurance premiums rose by 20% on the year to 0.5 million euro in the nine months through September.
The group's net combined ratio in Moldova improved to 93.4% in the first nine months of 2018 from 105.4% in the year-ago period.
VIG's operations in Moldova turned a pre-tax loss of 5.6 million euro in 2017, compared to a 0.3 million euro pre-tax profit in 2016.
The Vienna Insurance Group is represented by Donaris company in Moldova, which it acquired in 2014.
($= 0.884 euro)