May 23 (SeeNews) - Vienna Insurance Group (VIG) said on Tuesday its pre-tax profit from operations in Bulgaria rose 22.5% year-on-year in the first quarter, reaching 2.4 million euro ($2.7 million) on the back of solid growth of non-life insurance premiums.
VIG's total gross written premiums in Bulgaria grew by an annual 2.9% to 43.5 million euro in the first three months of 2017.
Premiums generated from motor third party liability (MTPL) insurance added 41.3% on the year to 6.2 million euro in January-March.
Casco premiums rose by 24.9% to 12.2 million euro, while other property premiums fell by 35.8% to 10.2 million euro, the Vienna-headquartered insurer said in Q1 2017 financial statement.
The group’s gross written premiums from regular life insurance in Bulgaria rose 11.3% to 9.6 million euro, while single life insurance premiums increased to 2.1 million euro from 400,000 euro in the corresponding period last year.
Health insurance premiums remained flat at 3.2 million euro.
VIG is active on the Bulgarian insurance market through Bulstrad and Bulstrad Life.
($ = 0.9397 euro)