Omniasig, which ranks second on the insurance market, will see turnover go beyond half a billion euros in 2010, according to the company's strategy for the following years.
"First of all, we want to continue generating growth above market average and keep the company among the top 3 players on the market. For 2010, we want to derive a reasonable income, of above 25 million euros, against a volume of gross underwritten premiums we expect to exceed 550m euros," Constantin Toma, Omniasig chairman, told ZF.
In the first 9 months of this year, Omniasig, operating only on the segment of general insurance, saw turnover surge by 68% in RON, to 617.7 million RON (187.2m euros) as the gross underwritten premiums from comprehensive insurance and credit insurance doubled from the same period of 2006. In the same period, the general insurance market advanced by some 30% in euros.
Omniasig in the first three quarters reached income worth 18.4 million RON (5.6 million euros), up 20% from the same period of last year, being, besides Allianz-Tiriac, one of the few players in general insurance that managed to make profit.
For this year, Omniasig forecasts 240m-euro turnover, 58% above the 152m-euro level reached last year.
Omniasig has witnessed aggressive growth lately, but the company's strong brand in general insurance was not reflected in the life insurance sales by Omniasig Life or in pension sales by Omniasig Pensii Private.
Omniasig Life in the first 9 months posted a 28% sales increase in euros, slightly below the market average, with the company's gross underwritten premiums standing at 10.9 million euros (35.9m RON) in this period. As regards the pension manager, it ranks 10th among managers after the first 3 months since the sales campaign started.
"The low increase in Omniasig Life turnover came as a result of the top management changes the company has undergone in the past two and a half years. (...)," states Omniasig chairman.
Omniasig Life slow performance, says Toma, could also be explained by the personnel movements registered on the life insurance segment, stronger than in other domains, and by the small number of skilled specialists.
"On the other hand, private pension funds have emerged, which meant another rush for personnel, another temptation for agents. The mirage of gains from private pensions has been so strong that many agents have migrated toward this domain," explains Omniasig chairman.
Omniasig, Omniasig Life and Omniasig Pensii Private are part of Austria's Vienna Insurance, that also owns Unita, Agras and Asirom domestically, ranking, at group level, first in Romania's insurance industry.
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