The insurance company Ardaf Cluj will invest one million euros in promoting its products this year. “We have an advertising budget of one million euros. Most of the money will be used for advertisements for RCA (auto liability) policies,” says Octavian Manastireanu, president of Ardaf. The insurance companies will invest more in advertising next year, as well, when optional pension funds (the third pillar) will become operational, in order to promote pension schemes. Ardaf last year totalled gross underwritten premiums worth some 65 million euros (234 million RON), a 45% increase in euros against 2004. The insurer reported a 100,000-euro profit for 2005. Ardaf estimates to reach business worth 98 million euros in 2006 and a profit worth 500,000 euros. This year, the company intends to enter the health insurance market with a product dedicated both to individuals and to company employees. Ardaf shareholders are businessman Ovidiu Tender, through Tender SA (70%), the Cypriot offshore company Clairmont Holdings (12%) and Raiffeisen Zentralbank Osterreich (10%). The company has a share capital of 14.3 million euros (over 50 million RON). ZF

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