VIG business down 12.8% to 536m euros last year
Austrian insurer Vienna Insurance Group (VIG), which controls Omniasig, Asirom, BCR Asigurări and BCR Asigurări de Viaţă on the Romanian market, underwrote gross premiums of 536 million euros from operations conducted in Romania, 12.8% less than in 2009. Financial data are preliminary, having yet to be audited.
The company's turnover was affected by the decline of gross
premiums underwritten on the general insurance segment, which fell
by 16%, while life policies went up by 8.2%. General insurance
premiums amounted to a total of 442.5 million euros, while life
insurance premiums reached 93.5 million euros.
"The increase of life insurance businesses can be largely
attributed to distribution of its products through the banking
channel," reveals a report of the Austrian group. The growth was
achieved by BCR Asigurări de Viaţă, which sells its life insurance
products with a savings component through the network of BCR, the
biggest Romanian bank, with around 4 million customers. The
insurer's sales went up last year thanks to a savings product with
a single premium and capital guarantee. In fact, the aggregate 3%
growth recorded on the life insurance market in the first nine
months of 2010 was driven by single-premium insurance launched by
several companies, while most players recorded declines.