Generali ups capital by 5.7m euros

Generali Asigurari will increase its share capital by 5.7 million euros (20 million RON) to nearly 14.3 million euros (50 million RON), by contributions in cash from shareholders. The company shareholders last year performed another capital increase by about 6.6 million euros (over 24 million RON), to approximately 8.5 million euros (30 million RON). The majority shareholder is Generali Holding Vienna, with more than 81%, followed by Astra Asigurari, with some 15%. Astra Asigurari representatives could not be reached for comment yesterday to deny or confirm participation in this capital increase. “The capital increase is necessary for us to keep our solvency margin and remain in this business, considering the company made losses last year,” says Tudor Moldovan, Generali general manager. The insurer concluded 2005 with 1.2 million euro losses, according to the annual report of Generali Vienna Group. The gross premiums underwritten by Generali in 2005 amounted to 36 million euros, up by more than 48% in euros from the previous year. The company”s business on the general insurance market was worth 30.2 million euros. Generali ranked ninth on this market in 2005, as it did in 2004. The company registered 5.7 million euros in underwritten premiums on the life insurance sector. It entered the market of health insurance at the end of 2005. Generali was licensed by the Insurance Supervision Commission last November to sell mandatory auto liability insurance, with sales figures in this department standing at some 55,000 euros (200,000 RON) by the end of 2005.