May 22 (SeeNews) - Vienna Insurance Group (VIG) said on Wednesday that its net profit from operations in Bulgaria has increased by an annual 30.2% to 3.7 million euro ($4.1 million) in the first quarter of 2019.
The insurer's total income from operations in Bulgaria rose 14.6% on the year to 40.8 million euro in the three months through March, as net earned premiums added 13.9% to 37.6 million euro, the company said in an unaudited quarterly financial report.
Gross written premiums (GWP) increased 47.6% to 66.5 million euro in the period under review, backed by other property and health GWP.
VIG's total expenses in Bulgaria increased by 12.4% to 36.5 million euro, as expenses for claims and benefits rose 16.6% to 22.3 million euro.
The group is active on the Bulgarian insurance market through Bulstrad non-life insurer, Bulstrad Life and Nova Ins non-life. It also holds a stake in Doverie, the largest Bulgarian pension assurance company.
($ = 0.89636 euro)
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