Carpatica Asig’s Net Profit Up 26% To RON28M In 2010

05.23.2011 By Ioana Tudor

Romanian insurer Carpatica Asig on Monday reported a 26% increase in net profit to 28 million lei (about EUR7 million) for 2010, fueled by an 47% growth in subscribed premiums.

According to the insurer, underwritten premiums stood at RON291.98 million last year.

Mandatory car insurance premiums (RCA) brought the company RON262.23 million in 2010, from RON150.43 million in 2009. Voluntary car insurance premiums (CASCO) stood at RON18.64 million in 2010, down 41.3% on the year.

Revenues from underwritten fire and natural disaster premiums decreased to RON5.1 million, from RON7.23 million in 2009.

Carpatica Asig paid claims amounting to RON93.95 million in 2010, up 81.9% on the year.

Claims paid on the mandatory car insurance segment stood at RON74.7 million (+123.7%), while claims paid on the CASCO segment decreased to RON11.1 million in 2010, from RON12.8 million in the previous year.

In 2010, Romanian insurers' revenues from RCA underwritten premiums amounted to RON2.51 billion, up by 11.3% on the year, while CASCO revenues in the total market dropped 25.1% to RON2.49 billion, according to data released by insurance regulator CSA. The data showed claims paid on the RCA segment rose 1.7% to RON1.62 billion in 2010, while claims on the CASCO segment dropped 14.4% to RON2.48 billion.

Carpatica Asig started operations in 1996 as ASA Asigurari Atlassib. The insurer operates exclusively on the general insurance market.

Its has a share capital of RON20.8 million, controlled by Atlassib Sibiu - 92.42%, Transcar Sibiu - 6.97%, businessmen Corneliu Tanase - 0.08% and Aurel Albu - 0.53%, according to Trade Registry data. (EUR1=RON4.1091)