Austrian group Vienna Insurance Group (VIG), the company which controls local insurers Asirom, Omniasig and BCR Asigurari de Viata, recorded last year a pretax profit of EUR 6.1 million in Romania. In 2013 the group posted a loss of EUR 98.7 million.

The ongoing restructuring process and the improved economic conditions accounted for the return to profit, according to the group’s annual report.

Vienna Insurance Group has a 19.5% market share in Romania. The company subscribed last year gross written premiums of EUR 339.7 million. These went down by 6.1% compared to 2013, when the gross written premiums amounted to EUR 361.8 million.

Premiums on the life insurance segment went down by 12.15% to EUR 54.4 million, whereas premiums on the general insurance segment decreased by 4.9% from EUR 300 million to EUR 285.3 million.

editor@romania-insider.com