Vienna Insurance increased by 29% its nine-month profit in Romanian marketPublish date: 15-11-2007
Vienna Insurance Group, which holds five insurance companies in the Romanian market, posted a gross profit of 4.41 million euros in the first nine months of this year, a 29.2% increase against the same period of 2006, in the context of a 80% advance of the subscribed gross premiums, announced the group.
The results posted by Vienna Insurance Group in Romania refer to the companies Omniasig, Omniasig Asigurari de Viata, Unita and agricultural insurer Agras, but are exclusive of those of Asirom. Following the purchase of 50.2% of Asirom's capital, Vienna Insurance Group has a market share of around 27%, which means the company has become the leader of the Romanian market.
The insurance companies held by Vienna Insurance Group (VIG) in Romania posted premiums in amount of 301.73 million euros in the first nine months of 2007, up 80.4% compared to the same period of 2006, following the advance in the segment of house insurance and accidents, according to the financial report published by the Austrian group on Wednesday.
Vienna Insurance Group registered subscribed gross premiums of 291.04 million euros in the segment of house insurance and accidents over the mentioned period, up 83.2% against the same period of 2006.
At the same time, on the life insurance segment, the subscribed gross premiums registered by the company amount to 10.68 million euros, 27.2% more than in the same period of last year.
At the beginning of November, Vienna Insurance Group AG announced it held the majority stake of the company Asigurarea Romaneasca Asirom SA. The former majority stakeholder, - InterAgro - had sold, in a first phase, 30.52% of Asirom to the Austrian company Vienna Insurance Group for 146 million lei, a transaction carried out at the end of July.
In a second phase, VIG bought, a week ago, 20.2% of Asirom from Interagro for the sum of 98.2 million lei (29.17 million euros), and, at present, hold the 50.2% majority stake.
Wiener Städtische Versicherung AG Vienna Insurance Group also controls directly in Romanian the companies Omniasig, where it holds 97.78% of the shares, and Unita, with 99,99% of the company's titles and, indirectly, Omniasig Asigurari de Viata si Agras. Omniasig Asigurari de Viata is controlled, through a 50% hold, by Omniasig, and Unita holds a 75.7% majority stake in Agras.
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