Insurer Grawe Romania doubles business y/y in H1 to 68.3m lei

Insurer Grawe Romania said the value of contracts rose 68.3 million lei in the first half of the year versus the same period in the previous, underpinned by the release of new products and higher sales, according to the company.

Last year the insurer poster gross premium written worth 35.45 million lei in the same period last year. The value of GPW posted in the first six months of the year accounted 67 percent of the company's turnover in 2007.

The company announced that last year's result cannot be compared to this year's first half results because the company last year modified its 2007 results in line with the requirements of the insurance market watchdog CSA.

Grawe Romania Asigurare paid damages of 2.22 million lei in the first semester, the same amount as in the similar period in 2007.

Life insurance represent 95 percent of Grawe Romania's portfolio. The company plans to change its portfolio next year after it had released two new life insurance products, known as "unit linked", which should contribute with 30 percent in the GPW.

NewsIn