Agras sees 7% increase in first quarter

Agras-Wiener Staedtische Group has concluded the first quarter of the year with gross premiums underwritten of 3.1 million euros (117.1 billion ROL), up 6.8 percent in euros compared with the corresponding period of last year.

The increase in underwritten premiums came as a result of the exchange rate trend. Calculated in domestic currency, gross premiums underwritten fell 0.6 percent compared with the first three months of 2004.

Claim settlements in the same period were 9.6 percent higher than in the first quarter, reaching 745,800 euros (27.6 billion ROL).

Agras posted losses for the first quarter of the year of 768,000 euros (28.5 billion ROL), according to its report submitted to the RASDAQ.

The company concluded FY2004 with 900,000 euros in losses (36.4 billion ROL), compared with 262,400 euros in net profits in 2003.

Revenues derived from gross premiums underwritten reached 8.4 million euros (342 billion ROL), up 23.5 percent on the previous year with gross premiums collected 15 percent higher than in 2003 at 8.2 million euros (334 billion ROL).

At the end of April of this year Agras shareholders endorsed the company”s spending and revenue budget for 2005, which aims to achieve gross premiums underwritten of 12 million euros (436 billion ROL), an increase of 43 percent on 2004. At the same time it expects to pay out gross damages of 6.2 million euros (224.8 billion ROL), while generating an income of 13.4 million euros (483 billion ROL), up 8 percent compared with revenues in the previous fiscal year.

Agras is the only insurance company on the Bucharest Stock Exchange, where it is listed on the second tier with a market capitalisation of 3.7 million euros (133.6 billion ROL). Its has a share capital of 2.4 million euros (89.1 billion ROL). Its majority shareholder is the Unita insurance company, which owns 74.45 percent of the share capital and is controlled by Austrian Wiener Staedtische Group. Another important shareholder is Raiffeisen Bank, which holds a 12.98 percent stake. ioana.leaua@zf.ro