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Shareholders in Generali Asigurari have decided to increase share capital by 140% to 120 million RON by issuing 700 million nominal shares with a face value of 0.1 RON, according to an announcement published in the Official Gazette quoted by NewsIn.
Of the 70 million RON to be added to the share capital, 52.5 million RON will be added to non-life insurance and 17.5 milion RON to life insurance. Generali Asigurari currently has a share capital of 50 million RON.
The share capital increase is necessary in order to comply with the solvency margin legally required for life- and non-life insurance. Estimates indicate that the gross premium volume subscribed win 2007 will be 22% higher than in the previous year.
The Generali Asigurari is controlled by Generali Holding Vienna A.G. with 83.56%. Asigurare Reasigurare Astra SA holds 15.98%. Generali Asigurari reported a 49% increase in the revenue derived from gross subscribed premiums in the first three months of the year, compared to the corresponding period of 2006 to 99,709 RON.
Generali Asigurari is part of Generali Group, one of the oldest insurers in the world. Except for an interruption during the communist period, Generali has been operating in Romania since 1835.
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