OMNIASIG, one of the most profitable companies on the market
OMNIASIG VIENNA Insurance Group, the second player on the local insurance
market, has increased gross profits after the first half of the year,
to RON 19.71 million (EUR 5.4 million), along with the gain of 3.6
percentage points in the market share, thereby maintaining itself
among the most profitable insurance companies in Romania. Thus, the
63% underwritings increase along with an increased caution in assessing
the risks have raised the profitability of the insurer higher than
the performances of H1/2007, after OMNIASIG had finished the first
quarter of the year in progress with a profit before tax of RON 2.93
million.
In the total profit recorded by VIG in Romania, up to EUR 44.55 million
following the sale of insurer UNITA, the share of OMNIASIG is 44%,
while the contribution of the Romanian insurer to the total underwriting
has been slightly below 47% .
OMNIASIG noted underwritings of RON 614.66 million (EUR 167.5 million)
in the first half, compared to RON 377 million (EUR 113.14 million)
in the similar period of 2007; for the first time in the last years,
the goods insurances are making a significantly more powerful ascension
than motor insurances.
Thus, the growth in this segment was 151.5%, reaching a total value
of gross written premiums of RON 87.42 million (EUR 23.82 million),
announces the press release submitted by the company.
Regarding the motor insurances, the amount of gross written premiums
climbed up to the value of RON 320.55 million (EUR 87.4 million) for
motor hull, 115.6% more than the H1/2007 value. The amount of the claims
paid on this line of insurances has also increased greatly, up 139.5%
to RON 186.63 million (EUR 51 million).
The motor third party liability (MTPL) grew by only 25.5%, reaching
a value of RON 160.1 million (EUR 44 million), while the damages paid
increased by 90.3% to RON 85.8 million (EUR 23.4 million).
Another significant increase of 44.56% was achieved in the class of
general civilian liability insurance, where the income has amounted
to RON 7.42 million (EUR 2 million).
"Reduced increases of the volume of business in the motor insurances
line are a result of the cautious company policy, applied with the
intention to balance the portfolio of motor insurances, compared to
the non-motor ones", the press release mentions.
Present on the Romanian insurance market for 13 years and member of
the Austrian group VIENNA Insurance, OMNIASIG concluded the first half
of the year on the second position in the top of the local insurers,
based on the volume of the underwritings, with a difference of only
RON 84 million in premiums and of 1.9 percentage points in market share,
from the first company in top, ALLIANZ-TIRIAC.
Author: Andreea IONETE
on 22.08.2008
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