Omniasig: 240m-euro business this year

Omniasig, the second-largest life insurer on the market, expects to register turnover worth 800 million RON (240 million euros) this year from gross underwritten premiums, the company’s general manager, Constantin Toma (photo) said yesterday. Omniasig is the main company controlled by the Vienna Insurance Group in Romania, which also includes Omniasig Asigurari de Viata, Unita, Agras and, its latest acquisition, Asirom. Overall, the four companies that belong to Vienna Insurance Group (VIG), Asirom not included, are forecast to derive overall turnover worth 300 million euros (one billion RON) this year, Constantin Toma revealed. For Omniasig, a 240m-euro turnover would bring a 58% increase (in euros) against last year’s 152 million euros. Nine months into the year, Omniasig’s business had increased by 80%, to 187.2 million euros. In comparison the overall insurance market grew by 34% in the first nine months of this year. Omniasig therefore continued to increase its market share this year, and registered a growth rate that outpaced the overall market. VIG’s next move in Romania is a 30 million-euro capital infusion – a move that will be discussed in a general meeting of Omniasig’s shareholders, which will be held at the end of this month. The money will be used for capital increases for Omniasig, Omniasig Viata and Unita, Toma specified. “The 30 million-euro capital increase is necessary in order to maintain our solvency margin and the liquidity indices within the legal limits. The money is important, particularly given the turnover increases registered by the group’s companies,” Toma added.