1.2m-euro profit for Grawe

Insurance company Grawe Romania, a branch of Austrian group Grawe, has posted a net profit worth 4.16 million RON (1.2 million euros), an increase of 7.7% on 2005. The profit derived by Grawe is very much in line with the profitability of the overall life insurance market. However, the same cannot be said about the players on the general insurance market, which saw substantial losses last year due to a high number of claims being settled for car insurance. Companies such as ING Life Insurance and AIG Life posted gross profits worth 12 million euros, and 7 million euros respectively, whereas strong general insurance companies such as Generali and Unita saw losses of 6.8 million euros and 6 million euros respectively. Grawe underwrote gross premiums worth 64.5 million RON (18.3 million euros), up 83% against the 35.5 million RON (9.74 million euros) generated in 2005. This upward trend places Grawe fifth in the ranking of life insurers outrunning Aviva, Asiban, BCR Life Insurance and Omniasig Life.