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VIG's pre-tax profit in Moldova falls 29% y/y in Q1

VIG's pre-tax profit in Moldova falls 29% y/y in Q1 Donaris Moldova - VIG

CHISINAU (Moldova), May 17 (SeeNews) - Austria's Vienna Insurance Group (VIG) said on Tuesday its operations in Moldova generated a pre-tax profit of 100,000 euro ($104,719) in the first quarter of 2022, down 28.7% year-on-year.

VIG's total gross written premiums in Moldova rose by an annual 14.3% to 2.8 million euro in the first quarter, the group said in a presentation of its preliminary unaudited results.

VIG's premiums from motor third party liability insurance (MTPL) in Moldova jumped by an annual 55.8% to 1.1 million euro in the first quarter, Casco premiums rose by 13.6% to 0.8 million euro, while other property premiums fell by an annual 17.6% to 0.8 million euro.

Health insurance premiums rose by 17.3% on the year, reaching 0.1 million euro during January-March.

VIG sold no policies for regular and single life insurance in Moldova in the first quarter of 2022.

The group's net combined ratio in Moldova rose to 104.4% in the first quarter, compared to 96.8% a year earlier.

In Moldova, VIG is represented by Donaris company, which it acquired in 2014.

($= 0.9549 euro)

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