November 29 (SeeNews) - The Vienna Insurance Group (VIG) said on Wednesday its profit before tax from operations in Romania has increased by an annual 39.0% to 8.9 million euro ($10.5 million) in the first nine months of 2017, despite a drop in total gross written premiums.
VIG's total gross written premiums in Romania fell by 4.7% year-on-year to 373.4 million euro in the January-September period, VIG said in an interim financial statement.
Motor third party liability (MTPL) premiums fell 32.4% on the year to 128.0 million euro, while Casco premiums rose by an annual 15.8% to 93.8 million euro.
Other property premiums edged up by an annual 0.2% to 69.4 million euro.
The group’s gross written premiums from regular life insurance in Romania fell 2.7% year-on-year to 31.1 million euro in the period under review, while single life insurance premiums more than doubled to 45.3 million euro from 17.0 million euro a year earlier.
Health insurance premiums rose by an annual 89.4% to 5.7 million euro in the review period.
In Romania, VIG is represented by three insurance companies - Omniasig Non-life, Asirom, and BCR Life.
In August 2016, the group agreed to acquire France-based AXA Group's life and savings insurance operations in Romania.
The transaction was concluded on April 28, 2017 after approval was received from the Romanian authorities. AXA Life generated more than 3.8 million euro in gross premium income in 2016, mainly from traditional life insurance business.
($=0.8429 euro)