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VIG's H1 pre-tax profit in Romania rises 26% y/y

VIG's H1 pre-tax profit in Romania rises 26% y/y Author: VIG. Licence: All rights reserved.

BUCHAREST (Romania), August 18 (SeeNews) - Vienna Insurance Group's (VIG) said on Thursday that its net profit from operations in Romania jumped by an annual 26% to 12.1 million euro ($12.2 million) in the first half of 2022.

Total gross written premiums of VIG's Romanian units rose by an annual 55% to 412.4 million euro in the January-June period, driven by motor third-party liability (MTPL), life and health, the company said in a presentation of its preliminary unaudited results.

VIG's premiums from MTPL insurance in Romania more than tripled on the year to 138.2 million euro in the first half, while casco premiums rose 18% to 112.5 million euro and other property premiums rose by an annual 16% to 71.4 million euro.

Premiums from regular life insurance on the Romanian market rose 9.2% year-on-year to 26.3 million euro in the first half. Premiums from single life insurance rose 65% year-on-year to 53 million euro, while health insurance premiums increased by 198.7% to 10.5 million euro in the six months through June 2022.

The group's net combined ratio in Romania fell to 97.2% in the first semester of 2022, compared to 99.9% a year earlier.

In Romania, VIG is represented by three insurance companies - Omniasig Non-life, Asirom and BCR Life. In June 2018, BCR Life and AXA Life, previously owned by VIG, merged.

($= 0.983 euro)

Omniasig Vienna Insurance Group SA is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers