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 market increase by a factor of ten in the first half, against the same time in 2007.
Pre-tax profit reached 44.55 million euros at the end of June, compared with 4.22 million euros in the first half of last year, due to the sale of Unita, officials of the group say.
The Austrians' most profitable company on the domestic market is Omniasig. Asirom, for instance, posted a 7.4 million-euro loss in the first half. Unita has yet to reveal its first-half results, but has posted losses in the previous year.
The total gross underwritten premiums of Vienna Insurance on the Romanian market amounted to 360.5 million euros, up 87.5% compared with the first half of 2007.
Romania contributes 8.6% to the group's business, while the biggest contributors are Austria, 50.3%, Czech Republic, 16.4% and Poland, 9.3%. The weight of the Romanian market in the Austrians' business increased by 2.5 times compared with the first half of 2006.
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