August 28 (SeeNews) - The Vienna Insurance Group (VIG) said on Tuesday that its net profit from operations in Bulgaria fell to 3.5 million euro ($4.1 million) in the first half of 2018 from 3.9 million euro in the same period of last year, on the back of a rise in expenses.
VIG's profit before taxes in the Southeast European country declined by an annual 4.2% to 4.1 million euro in the first six months of the year, the company said in an interim financial statement.
The insurer's total expenses in Bulgaria grew 14.1% to 65.7 million euro, as expenses for claims and benefits rose 15.3% to 37.9 million euro.
Total income from operations in Bulgaria amounted to 69.8 million euro, up 12.8% year-on-year.
VIG's net earned premiums rose 14.9% on the year to 64.4 million euro in the January-June period.
The group is active on the Bulgarian insurance market through Bulstrad Non-life, Bulstrad Life and Nova Ins. Non-life. It also holds a stake in Doverie, the largest Bulgarian pension assurance company.
($ = 0.8554 euro)
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