Austrian insurer Vienna Insurance Group (VIG)  posted a profit before taxes of EUR 1.6 million in the first half of 2011 in Romania, nine times lower than the results posted in the same period of 2010, of EUR 14.3 million, according to the company.

The company’s gross written premiums had a slight growth of 0.6 percent to EUR 275.8 million in the first six months of 2011, from a level of EUR 214 million in the same period last year, while the  company’s net earned premiums amounted to EUR 264.5 million.

Due to premium write-offs in the motor leasing business, non-life premiums written edged down to EUR 225.2 million. In life insurance, however, premiums written rose by 4.6% to EUR 50.5 million, according to the company.

The company’s operating expenses also dropped in the first six months of this year, from EUR 75.7 million reported in January-June, 2010, to EUR 74.8 million this year.

See the company’s full report here (PDF version).

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