Astra Reports 1.5% Hike In 1Q Subscribed Premiums, To RON334.74M

05.10.2011 By Ioana Tudor

Romanian insurer Astra posted revenue from subscribed premiums of 334.74 million lei (about EUR82 million) in the first quarter of the year, up 1.5% compared to the same interval in 2010, while its net profit dropped 20.4%, to RON3.86 million, according to the insurer.

On the general insurance segment, Astra's underwritten premiums increased to RON331.96 million in the first three months of 2011, from RON327.09 million in the first quarter of 2010.

Car insurance premiums brought the company RON225.24 million in revenues, of which RON178.8 million came from mandatory car insurance policies RCA and RON46.42 million from voluntary car insurance policies CASCO.

Property and asset insurance premiums stood at RON90.47 million in the first quarter of 2011, up 43% compared to the same interval in 2010.

Astra's health insurance revenues rose by 50% in the first three months, to RON1.07 million.

Life insurance premiums increased by 2%, to RON2.79 million.

The damage claims the company paid on the car insurance segment were up 72.5% in the first quarter of 2011, to RON157.95 million. Damage claims increased by 87%, to RON105.27 million, on the RCA segment, and to RON54.7 million, from RON36.45 million, on the CASCO segment.

Astra was founded in 1991 and has a share capital of RON192.71 million, controlled indirectly by businessman Dan Adamescu through Nova Trade, which owns 72.683% of the company, and Austrian financial group Uniqa, which owns 27%.

In 2010, the insurer registered underwritten premiums of RON1.08 billion, up 34% on the year.

Astra's net profit rose by 308%, to RON25.33 million last year. Damage claims paid by the company increased to RON526.88 million, from RON328.17 million in 2009.

The Romanian general and life insurance market fell 5.7% in 2010, to RON8.36 billion. (EUR1=RON4.0885)