May 20 (SeeNews) - The Vienna Insurance Group (VIG) has recorded a 2.1 million euro ($2.3 million) pre-tax profit from operations in Serbia in the first quarter of 2020, up from 1.9 million euro profit in the like period of last year, according to preliminary figures.
VIG's gross written premiums in Serbia grew 25.2% on the year to 28.8 million euro, while the combined net ratio rose by 1.6 percentage points to 89.5%, VIG said in a conference call presentation of its preliminary unaudited results for the first three months of 2020.
The premiums of the motor third-party liability (MTPL) insurance sub-segment in Serbia grew 12.5% to 2.7 million euro, Casco premiums remained flat at 2.7 million euro, and premiums from the Other property sector went up 25.7% to 8.8 million euro.
The group’s gross written premiums from regular life insurance in Serbia increased by 5.5% to 7.7 million euro, while single life insurance premiums rose to 5.0 million euro from 2.0 million euro. Premiums from health insurance went up 26.7% to 1.9 million euro.
($ = 0.912684 euro)