May 17 (SeeNews) - Vienna Insurance Group's (VIG) said on Tuesday that its net profit from operations in Romania jumped by an annual 64.5% to 7.6 million euro ($7.9 million) in the first quarter of 2022.
Total gross written premiums of VIG's Romanian units rose by an annual 53.8% to 224.8 million euro in January-March, driven by motor third-party liability (MTPL), life and health, the company said in a presentation of its preliminary unaudited results.
VIG's premiums from MTPL insurance in Romania more than doubled on the year to 73.7 million euro in the first quarter, while casco premiums rose 19.3% to 55.2 million euro and other property premiums rose by an annual 17.6% to 42.6 million euro.
Premiums from regular life insurance on the Romanian market rose 7.2% year-on-year to 13.6 million euro in the first quarter. Premiums from single life insurance rose 40% year-on-year to 34.5 million euro, while health insurance premiums increased by 50.8% to 5.2 million euro in the three months through March 2022.
The group's net combined ratio in Romania fell to 95.4% in the first quarter of 2022, compared to 100.6% a year earlier.
In Romania, VIG is represented by three insurance companies - Omniasig Non-life, Asirom and BCR Life. In June 2018, BCR Life and AXA Life, previously owned by VIG, merged.
($= 0.9549 euro)
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