Omniasig, the second-leading player on the insurance market, derived 19.7 million RON (5.4 million euros) in net profit in the first quarter, up 52% against the same time last year.
Omniasig therefore remains one of the most profitable companies on the insurance market, along with ING Asigurari de Viata and AIG Life. The company posted gross profit worth 12 million euros last year.
Omniasig's business went up by 63% in H1 and reached 614.7 million RON (167.5 million euros), in particular because of the growth on the automotive segment, which accounts for 78% of gross underwritten premiums. The company doubled gross underwritten premiums for comprehensive auto insurance policies (an increase of 116%) in the first half, which reached 320.6 million RON (87.4 million euros).
"The value of claims settled on this segment also went up a great deal, by 139.5% and reached 186.6 million RON (50.8 million euros)," Omniasig officials stated.
The growth was slower on the segment of auto liability insurance, 26%, after gross underwritten premiums reached 160.1 million RON (43.6 million euros). Claims outpaced premiums as well, by 90% and advanced to 85.8 million RON (23.4 million euros).
"Goods insurance was significantly faster to progress than auto insurance for the first time in recent years. The growth on this segment reached 151.5%, after total revenues stood at 87.4 million RON (23.8 million euros)," Omniasig officials added.
Omniasig is controlled by Austrian group Vienna Insurance, which also owns Asirom and Omniasig Life companies.
The Austrians are now in the process of taking over BCR Asigurari and BCR Asigurari de Viata from Erste, and, at the end of June, sold insurer Unita to another Austrian group, Uniqa. According to a report published by the group yesterday, Vienna Insurance saw its profit from the Romanian
