about us | newsletter | contact | archive | members area
Andreea Paun, Griffes
In 2018, we will be delivering Unirii View»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

Vienna Insurance Group posts profit of 110 million Euro in Q1

Vienna Insurance Group reported a profit before taxes of around 110 million Euro in the first quarter of 2017, according to a press release.

2017-05-23 10:58:47

"All our key performance indicators are showing a clear improvement compared to the first quarter of the previous year and are thus fully in line with our plans," stated Elisabeth Stadler, Chairwoman of the Managing Board of Vienna Insurance Group, summarising the initial positive interim results for the year. "The good economic outlook for both Austria and our Central and Eastern European markets makes us highly confident that we are on course for continued success in 2017."

Total premium volume reached around 2.72 billion Euro in the first three months of 2017, corresponding to an increase of 0.5 per cent compared to the first quarter of 2016.

Single premium life insurance business continued to decline (-22.1 percent). Excluding single premium products, premiums increased by 4.2 per cent year-on-year. Health insurance recorded the largest increase, with premiums rising by 12.5 per cent to 150.7 million Euro. In motor vehicle insurance, the own-damage line of business recorded strong premium growth of 10.7 per cent (284.4 million Euro), while premiums for third party liability insurance declined slightly by 0.6 per cent (368.5 million Euro).

"We continue to follow a restrictive underwriting policy for traditional single premium life products in most markets," said Stadler. "We also place profitability before growth in motor third-party liability insurance, where we face massive price competition in some countries, and have tightened our underwriting policy accordingly. We achieved very satisfactory growth in all other lines of business and continue with our stable performance."

Profit before taxes was around 110 million Euro, corresponding to an increase of 22.4 per cent compared to the first quarter of 2016. The companies in the Czech Republic made the largest contribution to Group profit, namely 38 per cent, followed by Austria (35 per cent) and Slovakia (10 per cent). VIG generated a financial result of 247.7 million Euro in the first quarter of 2017.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  9146 Views
Daily Info
The state of the economy is a reflection of public policy, says FIC

The Foreign Investors Council (FIC) considers that recent negative economic data which drew the attention of politicians are the result of legislation that was adopted without...

Banca Transilvania to sell 350 million Euro worth of bonds

Romanian lender Banca Transilvania wants to sell subordinated bonds worth 350 million Euro, with a 10-year maturity and a fixed or variable interest rate.

Romanians want more EU efforts for stability in economy and combat of corruption

Romanians want the European Union to put more efforts for the stability of the economy, the reduction of corruption, public policy and education, according to a survey by the ...

Office spaces are being adapted to millennials' requirements, says Colliers

One third of Central and Eastern European professionals (CEE) - Poland, the Czech Republic, Slovakia, Hungary, Romania, Bulgaria - believe their workplace will change over the...

Bucharest reached over one million employees this year, says C&W Echinox

The number of employees in Class A and B office buildings in Bucharest reached around 250,000 at the end of last year, while the total number of employees in the Capital excee...

 
 
   
advertising

advertising

advertising

advertising

More on News
TransferGo: We will come to a point where money transfers will be dominated by app usage

Cash will become obsolete and this will be the result of digital finance advancement, Marius Nedelcu, Country Manager at TransferGo told The Diplomat-Bucharest.

ING Bank Romania to accelerate business development through digitization

Customers are increasingly interacting with the bank through its digital platforms and are making more card payments, according to a report issued by ING Bank Romania.

JLL Romania: 80 per cent of buildings under construction built according to international green standards

Stability and sustainability are the words that can describe the Romanian office market in 2017, according to Madalina Marinescu, Office Department consultant JLL Romania....

AFI Europe Romania: Romanian office market was exceptionally successful in 2017

The Romanian office market in 2017 was exceptionally successful, fuelled mainly by increased expansions and new entries in the IT&C, BPO sectors, as Tal Roma, Business Deve...

CW Echinox: Green certifications now a standard on the Romanian real estate market

2017 was a well-performing year for Bucharest's office market, with many new occupiers and expansions, and the delivered projects were rapidly absorbed, leading to a signif...

Great potential comes with big challenges

The residential market in Romania registered new record investments in 2017, one of its best years so far - and analysts said the trend will continue for sure this year.

Globalworth: The number of green accredited buildings continues to grow every year

Romania today is one of the few economies in Europe that had a consistent expansion over the past six years, outpacing EU average growth, Dimitris Raptis, deputy CEO and Ch...