Asiban steps into the black

Insurance company Asiban posted 2.84 million RON (0.8 million euros) in net profit in the first four months of this year, after seeing losses worth 6.6 million RON (1.8 million euros) in the same period last year. Asiban’s profitability is in line with the general trend of the local insurance market, which has left aside the fight for market shares and instead attempted to achieve positive financial results. “For this year, we intend to restructure our company in accordance with EU practices. We have set out to make a profit and to maintain the market share we achieved last year, although profitability is our main target,” stated Dumitru Ceraceanu, general manager of Asiban. The company was the fourth-largest on the local insurance market last year, with an approximately 7.5% market share. Asiban underwrote gross underwritten premiums worth 183.2 million RON (54 million euros) in the first four months of the year, up 32.33% on the same period last year.