Value of listed insurers down by up to 82%

The four local insurers listed on the Bucharest Stock Exchange – Agras, Asirom, Ardaf and Astra, have lost 56% of the value of their shares since the beginning of the year, amid low investor confidence in the financial sector. “Large insurance companies reported losses in the first half, which entails a higher risk in the financial sector. In this context, a strong depreciation in the shares’ quotes was to be expected,” said Adrian Danciu, head of the research department of Broker Cluj. The biggest tumble was recorded by shares of insurance-reinsurance company Astra (ATRA), listed on the RASDAQ section of the stock exchange, which lost 81.58% of its value this year and reached a quote of 1.4 RON. The company’s liquidity is very low, with only four transactions involving Astra shares being recorded so far in 2008. The company’s capitalisation amounts to 101 million RON (around 28 million euros) at present, from 391 million RON (over 108 million euros) at the beginning of the year.