GROUPAMA's Romanian business drop by 10.9% in 2009
The French company GROUPAMA has ended 2009 with a 10.9% decline of
businesses
in Romania, to a volume of underwritings of EUR 209 million, under the
circumstances of the adverse evolutions of the economic environment and
of the measures of portfolio restructuring. Data published by the French
group include the operations of GROUPAMA Asigurari and OTP Garancia
Asigurari, as the integration of the latter in the subsidiary in Romania
has not been completed by the end of 2009.
GROUPAMA Asigurari was born from the merger of ASIBAN and BT Asigurari and was officially launched on the Romanian profile market on September 28, 2009, the completion of the full integration of the three companies it owns in Romania - ASIBAN, BT Asigurari and OTP Garancia - being initially scheduled to take place by the end of 2009.
The French group said the property insurance segment fell by 7.9% last year, arguing that this evolution was mainly focused on the motor segment. Thus, the main influences that led to this decline were poor maturation of this market compared with western countries, and the 63% drop in new vehicles sales by the end of November 2009.
Also, GROUPAMA has announced a major reduction in the activity of underwriting on the persons insurance segment, in the context of the lending freeze, which triggered a fall on the loans related insurance class, too, which constitutes the greatest part of the market.
The shareholders of GROUPAMA Asigurari have recently brought EUR 14 million (about RON 60 million) to the insurer's capital, by cash contribution, thus increasing the company's capitalization to RON 1.1 billion. Cumulated underwritings of the companies ASIBAN, BT Asigurari and OTP Garancia brought the French group up to the third place on the insurance market, after the first three quarters of the year, with a market share of about 9.5%.
Author: Andreea IONETE
on 25.02.2010
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