Vienna Insurance Group raises business in Romania 34% y/y to EUR 263m on Omniasig venture
Publish date: 07-11-2008Vienna Insurance Group (VIG), Austria's biggest insurance company, announced the value of contracts rose an annual 34 percent in the first nine months this year helped by Omniasig branch, to 263 million euros.
Omniasig saw gross premiums written (GPW) rise 46 percent to 956.81 million lei, according to the Romanian accounting standards, a VIG report released today shows.
The Austrian insurer grew 25 percent on the Romanian market in the third quarter this year especially after taking over local insurer Asirom which contributed significantly to the general business advance.
The company holds the top position on the Romanian retail insurance market, VIG executive director Gunter Geyer said, adding it is in no danger of suffering losses in the background of the financial crisis thanks to its field of activity.
VIG collaborates tightly with another Austrian group, Erste Bank which controls in Romania the majority stake in the largest bank by assets Banca Comerciala Romana.
It reported six-month revenues of 374.9 million euros in Romania, 153.8 percent up from the similar period last year. Expenses climbed 130.2 percent, to 330.3 million euros.
The group is present on the Romanian market through Omniasig, Omniasig Asigurari de Viata, Agras and Asirom.
NewsIn
Latest News:
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei