Grawe profits increase fivefold

Gross premiums underwritten by Grawe Romania in 2004 exceeded those in 2003 by more than 76%, according to preliminary financial data. The gross premiums underwritten on the life insurance segment, where Grawe operates exclusively, amounted to 200.26bn ROL (5 million euros), compared with 113.7bn ROL (3 million euros) in 2003. Net income rose by nearly 369% in 2004 to 27.2bn ROL (671,000 euros) and, according to the report of the Insurance Supervision Commission, net profits were 5.8bn ROL (154,000 euros) in 2003. Grawe had 63,167 life insurance policies in its portfolio at the end of last year. Austrian Grawe Group (Grazer Wechselseitige Versicherung) entered the Romanian market in October 2000 and currently owns 99.88% in Grawe Romania. Earlier this year Grawe acquired Sara Merkur life insurance company, which is held by another Austrian company. Both are based in Graz. The value of the transaction was not made public. Sara Merkur was previously 51% owned by Merkur Versicherung, who acquired it from another Austrian company, Bawag Versicherung, back in 1996. ZF