Insurance-reinsurance company Asiban over the first quarter of the year registered 187 billion lei in gross revenues deriving from premiums, an amount equal with total revenues obtained last year.
"We have exceeded the forecasts for this period by about 50%," Mugurel Cericeanu, Asiban marketing manager, told Ziarul Financiar.
The company targets 255 billion lei in revenues from premiums and 60 billion lei in gross profit this year. Moreover, Asiban intends to increase the share capital from 38 billion lei to 60 billion lei and to invest 800,000 dollars in its own offices and in the bank-assurance activities.
The company's founders, each holding 20% of the capital, are four banks - the Romanian Commercial Bank (BCR), the Romanian Development Bank (BRD), the Romanian Savings Bank (CEC) and Banca Transilvania - and the Railway Signalling and Automation Enterprise (ISAF).
Even if Asiban grew as a spinoff, the situation is going to change. "The 35% share of the clients that used to be sent by the four founder-banks three-four years ago has decreased to 17% now. We are trying to be as independent as possible," Cericeanu says.
Asiban gross premiums volume was worth 188 billion lei in 2000, up 75% against the previous year, while gross profit was worth 43 billion lei, up 40% against the 30 billion lei registered in 1999.
Car insurance produced the bulk of revenues, with 62 billion lei in sales, followed by credit and warranties insurance, with 32 billion in revenues, life insurance, with 16 billion lei and shipment insurance, with 11 billion lei.
Asiban share on the non-life insurance market increased from 1.8% in 1998 to 2.7% in 1999 and, according to some preliminary data, to 3.1% in 2000.
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