Vienna Insurance Group posts lower pre-tax profit in Q1
blue diamond gallery
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.