ASIBAN has a RON 468 million business in the first nine months
ASIBAN, one of the three companies which was bought by the French GROUPAMA and recently entered in a merger process with BT Asigurari and OTP Garancia, finalized the first nine months of 2008 with underwritings that value RON 468.2 million.
The company grew with almost 7.8% compared to the same period of 2007, according to the results sent by ASIBAN to the INSURANCE Profile magazine. At the same time, the company's underwritings on the non-life segment grew with 9.8%, from RON 81.1 million to RON 89.05 million.
Concurrently, ASIBAN had a gross written premiums volume on the non-life segment of RON 379.2 million, 7.32% more than the RON 353.3 million, volume registered in the same period of 2007. The insurer made almost 57.5% from the total general insurance underwritings on CASCO, meaning RON 218 million, 19% more than the first nine months of 2007.
Regarding the claims paid by the company, the volume was of RON 218.7 million, from which RON 207 million were registered on the non-life segment.
After finalizing the merger process between ASIBAN, BT Asigurari and OTP Garancia, at the end of 2009, under the name of GROUPAMA Asigurari, the three companies will no longer exist as entities of their own.
After an almost EUR 600 million investment (almost EUR 450 million paid for the three acquisitions and the announced capitalizations, which totalize EUR 150 million), GROUPAMA starts the biggest fusion process in the Romanian profile market's history.
Having a cumulated market share of 12.7% on the general insurance segment and of 8.4% on the life insurance segment, GROUPAMA has ambitious objectives in Romania. So, the French group intends, for the medium and long term (5 years) is to detain 25% of the property and liability insurance market, 15% of the motor insurance and 20% of the life insurance segment.
Author: Andreea IONETE
on 03.12.2008
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