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Romanian insurer Asiban estimates a net profit of 9.95 million RON for the current fiscal year, while gross undewritten premiums are expected to reach 518 million RON by year-end, following positive H1 results, according to CEO Dumitru Ceraceanu, quoted by NewsIn.
Asiban posted a gross profit of 2.56 million RON in the first quarter of 2007, recording a 33.3% increase from the same period last year. The insurer reported gross underwritten premiums totalling 138.8 million RON (41.4 million EUR) in the first three months, up by nearly 30% from the year-ago quarter. This year, Asiban opened more than five branches in Romania and plans to reach ten new units by year-end.
According to data published by the Insurance Supervision Commission (CSA), Asiban ranked fourth in the Romanian insurance market last year, with gross underwritten premiums worth 436.8 million RON, following Allianz Tiriac, Asirom and Omniasig.
The significant shareholders in Asiban are BRD Groupe Societe Generale, CEC (Savings Bank), Banca Transilvania and BCR, each holding 25% in the insurer. BRD-SocGen, BCR and Banca Transilvania plan to sell their stakes in Asiban.The European investment banking division of Rothschild, Erste Bank"s consultant in the acquisition of BCR, will handle the sale of Asiban.
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