Asiban expects 3m-euro profit

Five months into the year, Asiban has already posted a one million-euro profit and a business worth 71 million-euros, up 38% on the same time last year. Asiban expects to post a gross profit of around 3 million euros (9.9 million RON) this year, after closing 2006 with a gross profit of over 1.3 million euros. Five months into the year, the company management believes its financial results are “on schedule”, with the gross profit reported at the end of May, which stood at around one million euros (3 million RON). “Asiban made an extensive effort this year, to revise its risk management policies, to restructure its portfolio and to cut acquisition costs,” stated Dumitru Ceraceanu, president and general manager of Asiban. During this period, the company’s revenues derived from gross underwritten premiums stood at approximately 71 million euros (over 237.3 million RON). Against the first five months of 2006, Asiban’s business rose by around 38%. Life insurance accounts for around 17% of the underwritten premiums, with the rest of the revenues coming from general insurance.