The Austrian insurer Vienna Insurance Group (VIG) recorded a loss of EUR 5 million in the first quarter of 2011 in Romania, compared with a gross profit of EUR 7.4 million in the same period of 2010. Gross written premiums also declined by 2 percent from EUR 147.4 million to EUR 144.5 million.

On the general insurance segment, gross subscribed premiums declined in the first quarter to EUR 117.4 million, from EUR 121.4 million posted in the same period in 2010. In contrast, premiums on the life insurance segment grew by 4.3 percent to EUR 27.1 million, from EUR 26 million during January-March 2010.

Net subscribed premiums of VIG in Romania also fell to EUR 133 million, from EUR 135.2 million recorded in the same period last year, while the operating expenses fell to EUR 37.8 million.

At a group level, Vienna Insurance Group posted in the first quarter a net profit of EUR 109.1 million, up by 7.8 percent from the same period last year. On the Romanian market, the Austrian insurance group holds BCR Life Insurance, BCR Insurance, Omniasig and Asirom.

Irina Popescu, irina.popescu@romania-insider.com