Vienna Insurance Group posts lower pre-tax profit in Q1

Telco

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Austriaʼs Vienna Insurance Group had pre-tax profit of €101.5 million in the first quarter, down 22.5% from a year earlier, the company told Hungarian news agency MTI yesterday.

Revenue from premiums fell 1.8% to €2.706 billion during the period.  

Net profit came to €80.5 mln, down 19.8% from a year earlier.

Earnings per share came to €2.30 compared to €2.94 at the end of Q1 2015.

In the area of the groupʼs operation, pre-tax profit rose in Bulgaria, Hungary, Slovakia, and Turkey/Georgia.

In Hungary, revenue from premiums fell 17% to €50.3 mln in the first quarter as pre-tax profit rose 42.5% to €900,000.

The Vienna Insurance Group owns three insurance companies in Hungary, UNION, Erste and Vienna Life.

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