VIG business in Romania dropped by 14.5% in 1H2011 to EUR 235.7 million

In the first half of the year, VIENNA Insurance Group companies underwrote premiums worth EUR 235.7 million in Romania, 14.5% down from the 1H2011 level, of EUR 275.8 million. Together, they posted total losses of EUR 4.1 million in the first six months, after a EUR 1,6 million profit before tax in the same period of 2011, as mentioned in the report published by VIG.

Due to restructuring the portfolio,, but also to a claims expenses hike, non-life insurance went down 18,2% from the level registered in 1H2011 (EUR 225,2 million), to EUR 184,1 million, while the combined ratio stood at 110,4%.

Regarding life insurance, underwritngs rose by 2.1%, up to EUR 51.6 million, thanks to BCR Asigurari de Viata. Placed second in top 10 life insurers, the VIG company underwrote EUR 40 million, slightly over the level reported in the first half of 2011, holding over 20% of the profile market.

The company resulted from the merger of OMNIASIG and BCR Asigurari became the new leader of the insurance market after the first half, OMNIASIG VIG posting an estimated RON 550 million, slightly over EUR 125 million. Compared to the added results of the two companies for the first half of last year, OMNIASIG VIG recorded a decrease in euro of over 21% and lost almost 3 percentage points from the market share.

ASIROM occupies the 5th position in the national profile market, with underwritings worth over EUR 70 million, about 20% less than the sum recorded in the similar period of last year. The company presently owns a 7.5% share of the insurance market.

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