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Vienna Insurance's 2013 pretax profit down 40%

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Austria-based Vienna Insurance Group A.G.'s 2013 pretax profit fell by a more-than-expected 40% to around €350 million ($481.1 million), Reuters reported.

The insurer said in its preliminary results that premiums dropped 4.9% to around €9.4 billion ($12.92 billion).

Among the problematic factors were competition in Romania and the car insurance business in Italy.

The car insurance operation was planned to be smaller, but drew more customers from across Italy than expected, leading to larger-than-expected claims.

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