EUR 44 million for BT Asigurari in the first half
BT Asigurari, the newly-consolidated GROUPAMA subsidiary in Romania posted a 16.9% business growth for the first half of the year up to EUR 44 million, according to results published by the French group. Also, the insurer ended this period with a EUR 5,7 million loss but the profitability will improve significantly starting 2009, following the rationalization plan launched by GROUPAMA in Romania.
Non-life business revenue grew 18.7% up to EUR 43 million, reflecting a good performance in motor insurance, while the underwritings from life insurance went down at EUR 1 million, as of EUR 1.38 million in H1/2007.
BT Asigurari downgraded one place within the first non-life players on the Romanian market , standing now on the last position in Top 10, with a 4.42% market share.
Group results show GROUPAMA's premium income increased 12.1% to EUR 7.7 billion while obtaining operational profit of EUR 228 million, more than 5.1% over the one reported for the first half of 2007.
Consolidated net profit, amounted to €279 million in first-half 2008, compared with €506 million in the year-earlier period including a €144 million gain on the sale of SCOR shares. Excluding this non-recurring gain, the period-on-period change was a decline of 22.9%, which was essentially due to conditions in the financial markets.
The acquisition of the entire capital of ASIBAN, following the October 2007 acquisition of BT Asigurari, and OTP Garancia takeover in February, has lifted GROUPAMA to the third position in the high-potential Romanian market with a cumulated 12.6% share.
Committed to climb to the 10th place in Europe, the takeover of ASIBAN reflects the strategic targets of GROUPAMA of developing on the international market, especially in Central and Eastern Europe. The total investment of the French group in Romania to acquire BT Asigurari, ASIBAN and OTP Garancia raises over EUR 500 million in less than one year.
Author: Andreea IONETE
on 29.08.2008
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