Agras falls short of profitability in H1

In the first six months of this year, Agras insurance company registered gross premiums underwritten worth 212 billion ROL (5.2 million euros), 24% higher as compared to the corresponding period of the previous year. Over the same period, the company settled claims worth 53 billion ROL (1.3 million euros), marking a 23% increase in ROL against the June 2003 level. The company’s total revenues increased by 28% as compared to the same period last year, to 357 billion ROL (8.7 million euros), while total expenditure reached 364 billion ROL (8.9 million euros). Thus, though its activities were on the rise, the company continued to register losses, at the level of over 7 billion ROL (0.17 million euros), close to the figure reported one year ago. According to the company’s management board report, Agras failed to register a profit following the establishment of compulsory technical reserves, worth 158 billion ROL, up 67% as compared to June 2003. Despite the weak result reported in the first half of last year, Agras managed to obtain net profit of more than 13 billion ROL in December 2003. ZF