Omniasig pays out 5m euros' worth of dividends, half its profit

Omniasig, the second biggest insurer, is set to grant its shareholders dividends totally worth 20.6m RON (5m euros, gross), almost half of its 2009 profit. The company, specialised in general insurance, is among the few profitable insurers domestically. In 2009, the company reported gross income worth 52.7m RON (12.5m euros). The company's profit dropped around three times from the previous year, considering Omniasig generated significant income in 2008 amid the sale of the stake owned in Unita insurer. The company's shareholders last month decided for 1.14m RON of 2009 income to go to legal reserves, 1.5m RON account for employees' contribution to profit and the rest is profit left undistributed. Omniasig ranks second on the general insurance market, with gross underwritten premiums worth 1.11bn RON (264m euros) last year, down 6% from 2008. This is the first decline of Omniasig turnover, as the company has a strong presence on car insurance, a segment hit hard by the crisis.