OMNIASIG: RON 14.6 million profit and business declining by 18.8%, in H1/2010
 OMNIASIG, member of VIENNA Insurance Group, ended the first half of the year with a 18.8% decrease of business compared to H1/2009, to RON 484.15 million, under the circumstances of the decline on the motor class. Instead, a policy of cost effectiveness and optimization of company's activity has led to a gross profit of RON 14.6 million, according to IFRS standards.
Also, in the first six months of this year, the amount of paid claims fell by 18.7%, to RON 363.4 million.
"Maintaining a stable and profitable volume of gross written premiums of the company in this first half of this year is a result of a permanent policy of cost effectiveness and optimization of activity and, especially, is a clear indicator of high stability of the company, in these very difficult economic conditions", company officials stated in a press release.
Motor insurance still held the largest part of the company's portfolio, 74% respectively. Motor Hull insurance declined by 27.5% compared to the first half of last year, registering a value of RON 234.9 million, while the MTPL class registered over RON 123.9 million, 22.5% less compared to the same period last year. Both MTPL and Motor Hull insurance registered losses of the claims value: 13.6% in Motor Hull and 22.35% in MTPL, compared to the same period of last year.
Regarding property insurance, OMNIASIG registered a value of gross written premiums worth RON 91.1 million on fire and allied perils insurance segment, 16% over the level achieved in the first six months of the previous year.
Business increases were also recorded on the general liability insurance line, respectively 41.2%, to RON 12.2 million, and on the segment of goods in transit insurance, plus 30% compared to H1/2009, over the value of RON 7.62 million.
OMNIASIG activates on the Romanian insurance market since 1995. Since 2005, the company became a member of VIENNA Insurance Group, and in 2009 ranked second on the general insurance market in our country, with a market share of 15.3%.
The Austrian group VIG is present in Romania through four companies - ASIROM, BCR Asigurari, BCR Asigurari de Viata and OMNIASIG - after, in early July, it was announced the completion of the sale of OMNIASIG Life to AXA.
In the first six months of the year, companies members of VIG in Romania have underwritten premiums of EUR 274 million, down by 12.5%.
Author: Andreea IONETE
on 24.08.2010
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