Business development in Romania in 2010

Premiums written Romania

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Premium development

The Vienna Insurance Group wrote EUR 528.05 million in premiums in Romania in 2010 (2009: EUR 606.66 million). In connection with the profit-oriented restructuring of the portfolio in the non-life insurance area, there was a total decline of about 13.0%. Earned premium volume amounted to EUR 480.63 million in 2010.

In the non-life segment, premium income of EUR 434.89 million was generated in 2010 (2009: EUR 519.43 million).

In life insurance, the Romanian companies of the Vienna Insurance Group increased premium income – in particular supported by bank sales – by 6.8%, to EUR 93.16 million in 2010 (2009: EUR 87.23 million).

Expenses for claims and insurance expenses

The Romanian companies had expenses for claims and insurance expenses of EUR 324.69 million (2009: EUR 385.54 million). Thus, the Vienna Insurance Group in Romania recorded a decrease in expenses for claims and insurance expenses (less reinsurance) of 15.8% in 2010 as compared to the previous year.

Operating expenses

The Vienna Insurance Group in Romania had operating expenses (including acquisition expenses but less reinsurance commissions received) of EUR 152.20 million in 2010 (2009: EUR 171.52 million).

Profit before taxes rises to EUR 28.51 million

Compared to the year before, the Romanian companies of the Group increased profit before taxes by 17.9%, to EUR 28.51 million.

Combined ratio of 101.1%

In 2010 the combined ratio in Romania was 101.1% (2009: 99.3%).

Vienna Insurance Group in Romania*