The insurance group Omniasig, which includes two general insurance companies, one life insurance company and one health insurance company projects turnover worth 100 million euros for this year.
There are only two insurance companies weighing in above this threshold: Allianz-Tiriac (137 million euros in gross premiums underwritten in 2003) and Asirom (131 million euros).
"We hope to break, at the group level, the 100 million-euro threshold for gross premiums underwritten during this year. We do not report consolidated results for the group as yet, but, starting next year, we will have to," Fanel Plopeanu, the company's deputy chairman, stated on Tuesday.
At the level of the entire group, Omniasig last year registered gross premiums underwritten of around 75 million euros, but only with regard to three companies: Omniasig SA (general insurance), Omniasig Asigurari de Viata (life insurance) and Omniasig Addenda (health insurance).
Separately, Omniasig SA posted gross premiums underwritten of almost 60 million euros, of which life insurance brought in 15 million euros. Addenda is only at the beginning.
This year, Omniasig was joined by Asirag, a Pitesti-based company specialising in car insurance, with a turnover of about 6 million euros last year.
Omniasig completed another transaction this year, buying 40% of the stock of AGI Romania, but Plopeanu considers that since Omniasig does not hold a majority stake in this company, it cannot include its results in the group's results. AGI last year obtained turnover of around the 10 million euros mark. The company does not rule out other acquisitions in the future.
Omniasig had underwritten premiums of 24.5 million euros (978 billion ROL) during the first quarter, 46% higher in comparison with the same period of 2003.
Allianz-Tiriac announced gross premiums underwritten of 44.1 million euros in the first quarter, 27% higher, while Asirom's gross premiums underwritten amounted to 57 million euros, 8% higher when compared to 2004.
Asirom and Allianz-Tiriac also include life insurance in their results.
At the level of gross premiums underwritten, the Romanian insurance market this year is put at about 850-900 million euros, 22-24% higher against last year, when it stood at 703 million euros. Considering Omniasig's recent acquisitions and the buoyant growth rate, the top three players on this market will come to hold about 43-45% of the entire insurance industry.
sorin.pislaru@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
