EnglishInsurance company Agras, part of Vienna Insurance Group, yesterday reported a net profit of 2.46 million RON (734.425 EUR) for the first quarter, a tenfold increase from 240.246 RON in the same period last year.
Agras ended 2006 with a net profit of 26.200 RON, compared with a 1.5 million RON loss in 2005. Revenue totaled 36.2 million RON, down 32% from the past year, while expenses amounted to 36.17 million RON. Gross premiums income totaled 21.6 million RON, compared with 36.55 million RON in 2005. For this year, the company estimates a gross profit of 3.27 million RON and gross premiums of 29.48 million RON.
In December last year, Raiffeisen Bank Romania sold 12.98% in the insurer through a transaction worth 2.64 million RON. Following this move, Raiffeisen Bank Romania exited from the company. Also, Unita increased its holding in the company to 75.7%. Agras is listed on tier 2 of the Bucharest Stock Exchange and has a share capital of 8.91 million RON.
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