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Revenues of French insurer Groupama drop 11.9% in Romania in H1, to EUR 104m

French insurer Groupama reported 11.9 percent lower revenues on the local market in the first semester, to 104 million euros, following drop of business on the health and life insurance segments, according to data presented by the group.

It controls the local insurers Asiban, BT Asigurari and OTP Garancia, but announced the market watchdog CSA green lighted the merger between Asiban and BT Asigurari, so the group will operate as Groupama Asigurari starting the end of September.

According to the merger project, which was published in the Official Gazette, BT Asigurari will absorb Asiban and its capital will hike 3.5 times to 1.042 billion lei. After the merger, Groupama SA will control 99.99 percent of Groupama Asigurari and Groupama Investissements SAS the rest of the shares.

Asiban, BT Asigurari and OTP Garancia reported gross premiums written of more than 1 billion lei last year, up 17.8 percent versus 2007.

Groupama paid 350 million euros for Asiban, after it had taken over BT Asigurari from the fifth lender by assets Banca Transilvania, in exchange of 100 million euros. It also inked a deal with Hungary's lender OTP last year for the OTP Garancia division, transaction that includes the take over of the subsidiaries in Bulgaria, Romania and Slovakia.

Sursa: http://www.newsin.ro

Tags: groupama asigurari asiban otp

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