Business Insurance will be back online in October. Please check back then to subscribe/register.

All existing subscriptions will be honored. Contact info@businessinsurance.com with any questions.

GLOBAL FOCUS

Vienna Insurance's 2013 pretax profit down 40%

Comments Email Reprints

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.

Read more

More from BI