VIG posts tenfold higher earnings in Romania

Vienna Insurance Group (VIG), Austria's largest insurer, posted gross profit worth €44.55 million from its operations in Romania in the first six months, more than ten times higher than in H1 2007, according to the company's financial report.

VIG is leader on the local insurance market, where it owns Omniasig, Omniasig Asigurari de Viata, Unita, Agras and Asirom insurance companies. It also acquired the insurance operations of Austrian Erste group, which controls Romania's largest lender, Banca Comerciala Romana (BCR), but the results of these companies were not included in the financial report.

The insurer registered €360.52 million in gross subscribed premiums in H1 2008, 87.5 percent higher than in the first six months last year. Vienna Insurance Group's business in Romania makes up 8.6 percent of total gross premiums registered by the group, worth €4.2 billion.

Business Standard