UNITA posts nine months' loss; UNIQA promises profit in Romania over three years
 UNIQA intends to grasp the huge opportunity for cross-selling and up-selling that is provided by the significant base of MTPL customers UNITA has in Romania, for the development and implementation of profitable lines of insurance.
"As compulsory products as MTPL are not a profit driver but a market share one, we will use the opportunity that UNITA gives us with its large MTPL clients database, by using it as a cross selling and up selling tool in order to implement the profitable lines of business", Dr. Andreas BRANDSTETTER, Member of the Board, UNIQA Group Austria, declared for XPRIMM Newsletters.
"We intend to develop our portfolio, from a very good base position that UNITA has, as a no. 4 company in the non life industry. Therefore, we intend to balance our portfolio with property, health and life insurance products", BRANDSTETTER added.
UNITA ended the first three quarters with a turnover of RON 392.4 million, representing an increase of 16.5% compared to the same period the previous year (RON 336.87 million). In the same period, the company reported a negative financial result of RON 18.74 million, a bigger loss than that recorded in the first nine months of 2007, of RON 7.85 million.
Regarding the main problem of the local insurance market, the lack of profit, Dr. Wolfgang KINDL, Managing Director, UNIQA International, estimates that "in about three years, companies will go over the profit line, despite the present economic situation".
UNITA will be the only company on the Romanian market that will hold the name UNIQA, after representatives of the Austrian group mentioned that they will make no further acquisitions in our country.
Thus, after completing the takeover, UNIQA will launch a program to implement the values and know-how to the Romanian insurer, everything ending with a rebranding campaign of the company under the name UNIQA Romania, which will be launched in the first quarter of 2009.
The takeover of the non-life insurer local UNITA by the UNIQA from VIENNA Insurance Group was announced in the spring of this year, approval from the European Commission coming by the end of the first half of 2008. The value of the transaction is between 130 and EUR 250 million, according to representatives of the Austrian group.
Author: Andreea IONETE
on 20.11.2008
Comment this article
0 comments
|
