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ERGO, again on plus

According to a preliminary report published by ERGO, the second quarter of 2009 marked for the German insurance group the return to the profitable business area. Thus, after a first quarter in which the climate of the crisis on financial markets had a strong influence on the figures achieved by the insurer, the second-quarter results indicate, compared with Q2 2008, a volume increase of underwritings of 7.8%. Also, the combined ratio on the general insurance line amounted to 90.6%, up 2.2% compared to April-June 2008, when the combined ratio was 88.4%.

Meanwhile, the volume of gross written premiums of ERGO, cumulated for the two quarters (January-June 2009), amounted to EUR 8.9 billion (up 5.4% compared to H1 2008), while operational revenues were EUR 272 million.

The explanation for the German insurance group achievements consists in the acquisition policy adopted in 2008. Thus, the income of the South Korean division, ERGO Daum Direct, as well as that recorded by the Austrian division BA-CA Insurance, and that registered by ERV were cumulated to the group aggregated figures, together with the second half of 2008.

Under the umbrella of MUNICH Re (reinsurer holding a 94.7% share of the stakes of the insurer), ERGO is one of the most powerful insurance groups in Europe. Globally, the German insurer is represented in over 30 countries, mainly in Europe and Asia. "On the old continent", ERGO is found in the top of the insurance companies that sell health policies and legal protection. In the region of Central and Eastern Europe, ERGO is present in Belarus, Croatia, Czech Republic, Estonia, Latvia, Lithuania, Poland, Russia, Slovakia, Slovenia, Ukraine, Hungary, and in Romania through the company ERGO Asigurari de Viata, launched this spring at FIAR.

Author: Vlad BOLDIJAR on 29.10.2009

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