The Astra Profit has grown four times in nine months, to Euro 4.3 million

Astra Asigurări, the largest insurance company, held by businessman Dan Adamescu, has obtain a net profit of lei 18 million (Euro 4.3 million) in the first nine months, four times higher compared to that obtained during the same interval in 2009.

The volume of the company’s subscribed gross premiums in the first three quarters has increased by 37%, up to lei 841 million (Euro 201 million). The company has sold policies amounting to lei 260 million only in its third quarters, registering a 30% increase compared to the similar period of the previous year. The net profit afferent to the term between July and September was lei 7 million, compared to a loss of lei 1.2 million in the third quarter of 2009.

According to the latest data made available, the entire insurance market has registered a 4.5% decrease between January - July 2010.

Nine months later, the largest part of the subscriptions, i.e. lei 655 million, was registered on the auto segment, where approximately 70% were mandatory civil liability policies (vehicle liability policies). The premiums collected from the sale of vehicle liability policies amounted to lei 453 million, 2.5 times higher than the level in January-September 2009.

"We have grown on all market segments and we are trying to diversify our portfolio, however, considering the current difficult economic period, mandatory insurances are registering the highest sales. This is also starting to be noticed on the home insurance segment, however, optional policies are also doing very well here", Radu Mustăţea, president of the Astra Asigurări directorate commented for Ziarul Financiar.

For building and assets insurance, the company has subscribed gross premiums amounting to lei 115 million, and this segment is 14% of the total portfolio. By the middle of October, it had mediated the sale of approximately 33,000 mandatory home insurance policies issued by the Disaster Insurance Pool, and for every third mandatory policy, it also managed to sell an optional insurance from its internal product supply.

Moreover, the aircraft hull Casco policies amounted to lei 11 million in the first nine months, registering an increase by 15%, while the subscribed premiums on the aircraft civil liability insurance policies decreased by 11.5%, to lei 8.4 million. The marine hull insurance premiums have increased by 30%, to lei 7.4 million. In parallel, the company has sold life insurance amounting to lei 11.4 million between January and September, registering an increase by 58%.

Mustăţea says that the increase rate is maintained in the fourth quarter, forecasting that this year, Astra will come in first in the insurers’ top.

The company has paid lei 371 million in damages, registering a 59% increase due to the auto segment, as well as due to the payments performed due to the floods which have occurred in summer.

Source: Ziarul Financiar

Date: 14-11-2010