May 24 (SeeNews) - Vienna Insurance Group (VIG) said its profit before tax from operations in Macedonia has increased to 800,000 euro ($894,720) in the first quarter, from 500,000 euro in the like period of 2016, despite lower total gross written premiums.
VIG's total gross written premiums in Macedonia dropped 2.9% on the year to 6.4 million euro in the first quarter, the company said in its financial statement for the three months through March published on Tuesday.
Motor third liability (MTPL) premiums grew 16.8% to 2.5 million euro, while Casco premiums fell to 600,000 euro from 700,000 a year ago. Other property premiums decreased 8.2% to 3.4 million euro.
VIG is present on the Macedonian insurance market through Osiguruvanje Makedonija, Winner Osiguruvanje and Winner Life.
($ = 0.8941 euro)