Vienna Insurance Group raises business in Romania 34% y/y to EUR 263m on Omniasig venturePublish date: 07-11-2008
Vienna 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.
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