Omniasig Viata operates another capital increase

Shareholders of Omniasig Asigurari de Viata (Omniasig Life Insurance) decided, during an extraordinary general meeting held at the end of last week, to perform a share capital increase of 8.1 million RON (2.3 million euros) to 24.3 million RON (6.7 million euros). “This inflow will boost our underwriting capacity, which will allow us to further expand our sales force and to retool our company by introducing a high-tech IT system,” said Omniasig Asigurari de Viata officials. In addition to this increase, company shareholders also approved issue premiums worth 8.1 million RON. Omniasig handled gross underwritten premiums worth 48.7 million RON (13.8 million euros) last year, a decrease of 12% in RON against the level seen in 2005. One of the reasons for the decline in gross underwritten premiums was the loss of some of the banking sales channels, which supplied a volume of over 50% of the client portfolio. Last year, Omniasig put an end to its collaboration with BCR (The Romanian Commercial Bank) and CEC (The Romanian Savings Bank).