Astra Asigurari has announced it will increase its share capital by 10 million euros in cash from a previous level of 43.5 million euros (1,574.8bn ROL). The increase will be performed this June, the company says.
After the operation is concluded, the company will have an available share capital of 1,944bn ROL (53.7 million euros), which also includes a capital increase performed by the inclusion of a building from Nova Trade, Astra''s majority shareholder, made two years ago.
The company says the increase represents one stage in the "Fit for 2007" programme begun at the end of last year and designed to bring Astra Asigurari into line with EU requirements for insurance companies.
Astra reported premiums underwritten of 47.8 million euros (1,941bn ROL) for 2004 on the general insurance segment, representing an increase of over 43% from the level of revenues from gross premiums subscribed in 2003.
Auto liability and green card insurance contracts accounted for the bulk of Astra''s revenues last year (51.7%) after growing by 32% to 24.7 million euros (1,000.3bn ROL) on the previous financial year. From these revenues, auto liability insurance accounted for 19.3 million euros (784bn ROL), placing the company in second position among insurers that sell these policies.
Revenues from the insurance policies for land vehicles, most of which were comprehensive insurance policies, grew by 41.2% to 8.9 million euros (362.4bn ROL).
Premiums underwritten on the life insurance segment amounted to 490,328 euros (19.8bn ROL), 20.4% higher than in 2003. Company representatives announced earlier in the year that they would be focusing on this type of insurance in the future.
The company is the market leader on the maritime insurance segment and enjoyed growth of more than 35% to 3.1 million euros in terms of gross premiums underwritten.
Claim settlements by the insurer for the first four months of this year amounted to more than 350bn ROL. Indemnities paid by the company for the whole of 2004 came to 17.6 million euros (715bn ROL).
