Austrias VIG reports EUR 2.7mn pre-tax profit from Albanian operations in 2010.

By bne IntelliNews April 1, 2011
Austrian insurance company Vienna Insurance Group reported a pre-tax profit of EUR 2.7mn from its operations in Albania in 2010, down from EUR 2.8mn in the previous year, the group said in its 2010 financial report. In Albania, VIG owns directly 87% of non-life insurer Sigma and in December 2010 it completed the acquisition of 75% of insurance company Interlabanian. The groups premium income from non-life insurance operations in Albania rose by 2.6% y/y to EUR 16.2mn in 2010. VIG is now the second largest insurer on the local market holding a share of 23.7%. It is a market leader in the motor segment with a share of 26.6%. VIG has not yet announced plans to merge its two Albanian units.
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