March 15 (SeeNews) - Austria's Vienna Insurance Group (VIG) said on Wednesday its pre-tax profit from operations in Croatia fell to 100,000 euro ($107,200) last year, from 17.6 million euro in 2021 despite a rise in premiums.
Total gross written premiums of VIG's Croatian unit grew 5.4% on the year to 168.7 million euro in 2022, whereas net combined ratio rose to 96.5% from 93.9%, VIG said in a presentation of preliminary results. It did not comment on the reason for the drop of the net profit of its Croatian unit.
Premiums from regular life insurance declined 4% to 25.3 million euro, while premiums from single life insurance rose 0.6% to 58.9 million euro. Premiums from health insurance went up 18% last year, to 7.9 million euro.
Premiums of the motor third party liability segment went up 6.5% to 19.2 million euro, premiums of the CASCO segment rose 14% to 10.2 million euro, and other property premiums increased by 13.6% to 47.1 million euro.
VIG operates around 50 insurance companies in 25 countries in Europe, including Romania, Serbia, Moldova, Bulgaria, Albania, Kosovo, North Macedonia, Bosnia and Croatia.
($ = 0.933 euro)