Allianz-Tiriac, the largest company on the Romanian insurance market, has recently increased its share capital by 6 million euros (19.1 million RON), to almost 16.5 million euros (54.2 million RON). The move was conducted in two stages: by incorporating a portion of last year's net profit, worth around 8.8 million euros (5.1 million euros), and via a cash contribution from the shareholders (0.9 million euros).
"Allianz-Tiriac shareholders have conducted a coherent and permanent capital increase programme for the company, with a view to sustaining the development of its local insurance business. In most cases, these capital increases have been performed through cash contributions from the shareholders, using the sums they were entitled to from the annual profit derived by Allianz-Tiriac Asigurari," Marius Onofrei, the company's communication manager, told ZF.
The capital increase was also necessary in order for the company to enter the private pensions market, due to the fact that the insurance company holds a 99.99% stake in Allianz-Tiriac Pensii Private.
"In fact, this is the reason why the second stage of the capital increase was conducted through the issuing of shares (5,637) with issuing premium, whose unitary value stood at almost 10,000 RON/share. The sum paid by the shareholders amounts to 58.4 million RON, 2.94 million of which is a share capital contribution, with the remaining 55.46 million RON being the issue premium," added Onofrei.
The company's shareholders are Allianz New Europe Holding (51.75%), the off-shore company Vesanio Trading Ltd., which is held by businessman Ion Tiriac (44.12%), and others (4.13%).
Allianz-Tiriac handled gross underwritten premiums worth 189 million euros in the first half of this year, up 24% against the same time in 2006. General insurance stood at 173 million euros (up 25%), while life insurance reached 16 million euros (up 7%).
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