VIG accounts for more than a fifth of the Romanian insurance market though its three local insurers – Omniasig, Asirom and BCR Asigurari de Viata.
Third-party motor vehicle insurance premiums (RCA) underwritten by VIG in Romania dropped to EUR24 million in the first quarter, compared with EUR55 million in the first quarter of 2018, the company said in its earnings report.
Voluntary car insurance premiums (CASCO) grew to EUR36 million in the first quarter, from EUR32 million in the first quarter last year.
Health insurance premiums remained constant at EUR12 million.
VIG’s profit before tax in Romania halved to EUR2 million from EUR4.1 million in the first quarter of 2018, and total revenues grew 1.6%, to EUR106 million, while total expenses grew 3.8%, to EUR104 million.
On a group level, VIG’s underwritings grew 3% on the year in the first quarter, to EUR2.9 billion, and its profit before tax grew 9%, to EUR127.5 million, driven by growth in Austria, Slovakia and Poland.