VIG turnover down 12% in Q1, profit rising

Vienna Insurance Group (VIG), the biggest group on the domestic insurance market, ended the first quarter with total underwritten premiums worth 147.4m euros, down 12% from a year ago, according to the quarterly report published yesterday. VIG owns Omniasig, Asirom, BCR Asigurari and BCR Asigurari de Viata. On the general insurance segment, the Austrians' turnover posted a strong contraction, of 20%, to 121.4m euros. According to the report, the decline was triggered by portfolio restructuring. Instead, on the life insurance market VIG reported a 59% increase, to 26m euros. The increase came as a result of the sale of life insurance policies through the biggest bank on the domestic market, BCR. VIG's Romanian pre-tax profit climbed by 18% to 7.4m euros. At the end of last year, the Austrians sold one of the companies in their portfolio, Omniasig Life, to French group AXA. At present, VIG owns only large or medium-sized insurers.