The group, which has a 25% market share in Romania, posted a pre-tax profit of EUR8.9 million in the same period last year.
“Romania is the only market where performance in the motor business was less favorable, and we are carefully monitoring the market situation there. A loss of EUR 72.2 million was reported in the first three quarters of 2018. This was primarily due to a goodwill impairment of EUR50.1 million carried out in the second quarter of 2018, building a provision for an ongoing market-wide antitrust procedure and a reserve strengthening in the motor lines of business in the third quarter of 2018,” VIG said in a press release.
VIG’s gross written premiums in Romania grew 5.2% on the year in January-September, to nearly EUR393 million.
The insurance group’s overall profit before taxes grew 6.4% on the year in January-September, to EUR352.3 million, with significant year-on-year increases in profits in Austria, the Czech Republic and the Remaining CEE segment, which includes, among others, Croatia, Serbia, Macedonia and Ukraine.
The group’s written premiums increased 2.9% to around EUR7.4 billion in January-September.
“We continue to aim for a premium volume of EUR9.5 billion and a result before taxes in the range of EUR450 to 470 million in 2018,” said Elisabeth Stadler, general manager of Vienna Insurance Group.