Austrian insurer Vienna Insurance Group, which controls theOmniasig, Asirom, BCR Asigurări and BCR Asigurări de Viaţă inRomania, posted 25.9 million euro gross profit from the Romanianoperations in the first nine months, up 56% compared with the sametime last year. The growth is mainly due to the decline in claimssettled.
The gross profit stood at 11.6 million euros in the third quarteralone, compared with a 14.3 million-euro profit in the first sixmonths of the year.
The profit went up even though the gross premiums underwritten bythe group in Romania fell by 13% compared with the same time oflast year, to 396 million euros.
Still the group managed to cut operating expenses and claimssettled locally at a faster pace than the revenues went down.Therefore VIG posted 415.7 million euros in revenues in the firstnine months, down 12% compared with the corresponding period of2009.
On the other hand, total spending fell by 15% to 390 million euros.Claims settled dropped 18% to 262 million euros, while operatingspending was cut by 12% to 113 million euros.
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