Premium growth
In Romania in 2007, the Vienna Insurance Group generated total written premiums of EUR 413.49 million (2006: EUR 236.89 million), representing growth of 74.5%. The earned premium volume in 2007 totalled EUR 314.94 million, a year-on-year increase of 62.7%.
In 2007 the non-life segment generated premium volume of EUR 399.89 million (2006: EUR 224.80 million), a growth of 77.9% compared to the year before. Both Omniasig Non-Life (+73.5%) and Unita (+95.5%) contributed to this increase.
In 2007, in the life insurance area the Romanian companies of the Vienna Insurance Group were able to increase premium revenues by 12.5%, to EUR 13.60 million (2006: EUR 12.09 million).
Expenses for insurance claims
In 2007, claims expenses for the Romanian companies amounted to EUR 208.51 million (2006: EUR 117.30 million). The Vienna Insurance Group thereby recorded an increase in claims expenses (excluding reinsurance) in Romania of EUR 91.21 million, or 77.8%.
Operating expenses
In 2007 the Romanian companies had operating expenses (including commissions and other acquisition costs, less reinsurance commissions received) of EUR 113.91 million (2006: 71.34 million). Operating expenses thus rose by 59.7% from the prior year.
Financial result
The financial result of the Vienna Insurance Group in Romania rose by 118.7%, from EUR 6.29 million to EUR 13.76 million. The increase in the financial result is attributable to a successful investment strategy and the use of synergies among the companies.
Profit before taxes in Romania increased by 65.6%
In 2007 the companies in Romania generated profit before taxes of EUR 4.56 million. Compared to the prior year, this represents a rise in profit before taxes of 65.6%, or an increase of EUR 1.81 million.
Combined Ratio at 100.9%
The combined ratio in Romania is 100.9% (2006: 99.7%) and it was thus slightly above 100% in this year.
