VIG is leader on the local insurance market, where it owns Omniasig, Omniasig Asigurari de Viata, Unita, Agras and Asirom insurance companies. It also acquired the insurance operations of Austrian Erste group, which controls Romania’s largest lender, Banca Comerciala Romana (BCR), but the results of these companies were not included in the financial report.
The insurer registered €360.52 million in gross subscribed premiums in H1 2008, 87.5 percent higher than in the first six months last year. Vienna Insurance Group’s business in Romania makes up 8.6 percent of total gross premiums registered by the group, worth €4.2 billion.
“The acquisition of all Erste Group’s insurance operations in CEE will propel us to first place on our core markets in Central and Eastern Europe. In spite of capital market weakness, we will meet our profit target for 2008,” VIG President, Gunter Geyer, said. In Romania, the group took over BCR Asigurari de Viata and BCR Asigurari insurance companies.
Worldwide, the Vienna Insurance Group registered a 33.9 percent increase in earnings before taxes, up to €288.34 million, and a 20.7 percent rise in gross subscribed premiums.
