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BCR Asigurări swings back to profit after two years of losses

Autor: Ciprian Botea

18.04.2011, 23:50 10

BCR Asigurări, ranking fifth on the general insurance market,ended last year with profit worth 14.4m lei (3.4m euros), afterhaving cumulated losses of over 61m lei for two consecutiveyears.

The figure is calculated in line with IFRS.

"We succeeded in making profit amid a challenging economicclimate and we kept our business volume relatively constant, eventhough the insurance market has quite strongly felt the crisisfallout," commented Mihai Tecău, general manager of BCR Asigurări.

The volume of gross underwritten premiums, the main indicatorfor an insurer's business, dropped by 9% in 2010, to 522m lei (124meuros). The steepest decline was registered in the case ofcomprehensive policies, where underwritten premiums totalled 179mlei last year, 39% below the 2009 level.

Sale increases were posted on the auto liability insurancesegment, the segment of home insurance and general civilliability.

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