Austrian insurer VIG says Czech Republic most important CEE market in 2012.

By bne IntelliNews January 28, 2013
Austria's Vienna Insurance Group said the Czech Republic's was the company's most important CEE market in 2012. The group's three Czech insurance units earned premiums totalling EUR 1.9bn last year and contributed about 20% to VIG's premium volume, according to preliminary figures, VIG said in a statement. Overall VIG's premiums climbed 9.5% y/y to EUR 9.9bn with the share of CEE in premiums growing to some 56%. VIG claims to be the leader on the Czech insurance market, of which it controls more than 30%. The group owns Kooperativa Pojistovna, Ceska Podnikatelska Pojistovna and Pojistovna Ceske Sporitelny in the country. In the first nine months of 2012, VIG reported a pre-tax profit of EUR 146.3mn from its Czech business, up 4.9% y/y, as lower costs helped it offset a 1.4% fall in gross premiums to EUR 1.4bn.

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