Romanian insurer Astra Asigurari boosts gross profit four-fold y/y in Q1, following hike in business

Insurance company Astra Asigurari, owned by businessman Dan Adamescu, hiked its gross profit four times in the first quarter compared to the same period last year to 4.33 million lei, following business growth, the company announced.

The insurer had a gross profit of 1.05 million lei in the first quarter of 2008.

The company recorded a 45 percent increase in the volume of gross premiums written (GPW) in the first three months, to 199.14 million lei. 

It reported GPW of 197.69 million lei on the general insurance segment, up 44 percent versus the first quarter of last year. Building and goods insurance segment boosted 367 percent in the mentioned period to 60 million lei, while the life insurance segment generated GPW of 1.5 million lei, 277 percent higher over the first three months of 2008.

Damages paid by Astra Asigurari in the first quarter amounted to 70 million lei.

Astra Asigurari targets to continue developing optional and mandatory insurance lines this year, to release new life and health insurance products and also to develop partnerships.

The Nova Trade group, controlled by Adamescu, is the main shareholder of the insurer with a 72.68 percent stake, while the Austrian group Uniqa has a 27 percent stake for which it paid 10 million euros four years ago.

Uniqa announced it let go of the plan to takeover Astra after purchase negotiations over the rest of shares stumbled over a price considered too high. Consequently, Uniqa decided to withdraw its name from the Astra-Uniqa logo.

Astra Asigurari has a share capital of 192.71 million lei divided into 72.45 million shares at a face value of 2.66 lei. Shares are listed on the Rasdaq over-the-counter market under the symbol ATRA.

The company recorded total GPW of 649.9 million lei last year, a 74 percent advance compared to the year before, and a 3.49 million lei profit.

NewsIn