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Insurer Uniqa bets on 15% growth in business to 580m lei on portfolio rebalance after past losses

Insurance company Uniqa Asigurari counts on a 15 percent advance of turnover this year to 580 million lei and a 3 million euro profit helped by rebalance of portfolio with more focus on house insurance and small and medium-sized companies, president of directorate Ileana Horvath said.

In 2008 the company registered gross premiums written of 507 million lei and a loss of 100 million lei, Horvath said.

First quarter business hiked 11 percent over the similar period last year to 140 million lei, Horvath labeling the results as very good.

Uniqa Asigurari is the former company Unita, taken over by Uniqa at the end of last year from Vienna Insurance Group (VIG). With a market share of 5.61 percent, the company was the eighth insurer last year in Romania.

The insurer now controls 27% of insurance company Astra for which it paid 10 million euros four years ago. However, the insurer gave up plans to take over Astra owing to the high price of the rest of shares. Uniqa now threatens to take Astra to court if it continues to use its brand, according to a board member. After takeover negotiations failed, Uniqa decided to withdraw its name from Astra's logo. Astra is 72.6 percent controlled by businessman Dan Adamescu.

As for its other projects, Uniqa plans to take part in the insurance pool against disasters with 1 million euros if the pool's capital is of 12 million euros as debated over by the Insurance Surveillance Commission (CSA), Horvath also said.

Currently Uniqa has a headcount of 1,100 and 8,000 insurance agents. It plans to relaunch life insurance policies this fall. Its share capital was recently raised by 175 million lei by the mother group.

 

Sursa: http://www.newsin.ro

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