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UPDATE 1-Vienna Insurance posts 1.5 pct fall in 2015 gross premiums
January 26, 2016 / 8:18 AM / 2 years ago

UPDATE 1-Vienna Insurance posts 1.5 pct fall in 2015 gross premiums

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VIENNA, Jan 26 (Reuters) - Vienna Insurance Group’s gross premiums dropped by 1.5 percent to 9.2 billion euros ($10 billion) in 2015, the company said on Tuesday, citing the impact of low interest rates.

The company, which abandoned its 2015 earnings target in November because of a multimillion-euro impairment charge on its IT systems, said it had shown restraint in the sale of single-premium life insurance because of the continuing low-rate environment.

Analysts polled by Reuters had on average forecast gross written premiums of 9.11 billion euros.

Premiums in its property and casualty business rose 2 percent to 4.8 billion euros, while life premiums dropped by 5.8 percent to 4 billion euros. The smaller health segment recorded a rise of 2.9 percent to 398 million euros.

Gross premiums fell in Austria, the Czech Republic, Slovakia and Poland, rising only in Romania and the company’s “remaining” markets, including the Balkans and Baltic states. ($1 = 0.9214 euros) (Reporting by Francois Murphy; Editing by Kirsti Knolle; Editing by David Goodman)

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