The agricultural insurance company Agras, a member of the Vienna Insurance group (the former Wiener Staedtische) estimates it will see a profit worth 1.5 million RON (some 430,000 euros) this year, after having been in the red in 2004 and in the first nine months of 2005.
“For 2006, we estimate gross underwritten premiums worth 22 million RON (over 6.2 million euros) and a profit of 1.5 million RON,” says Alexandru Barbu, general secretary of Agras” Board of Directors. The company has not released financial results for 2005 yet. They will be sent at the end of the month to the Bucharest Stock Exchange, where Agras is listed in the second tier.
Nine months into 2005, Agras saw gross underwritten premiums worth 27.9 million RON (7.7 million euros), an increase of almost 5% against the same period of 2004. Turnover for 2006 will be lower than it was for 2005 because Agras transferred some of its business to Unita.
In 2005, the insurance company went through a restructuring process, in the wake of which almost all Agras subsidiaries were shut down and the non-agricultural insurance portfolio was transferred to Unita, which owns 75% in Agras and is part of the same group, Vienna Insurance. Therefore, out of the over 40 territorial offices, Agras was left with just two subsidiaries, in Braila and in Craiova. The products of the company, which now specialises in agricultural insurance, are to be sold in the network of subsidiaries of the other companies in the Vienna Insurance group as well, namely Unita and Omniasig.
The Ordinary and Extraordinary General Meeting of Agras Shareholders will be held on April 21.
The agenda includes approving the balance sheet and the profit and loss account for last year, as well as the spending and revenue budget for 2006.
Agras shareholders are also to elect a new general manager and chairman of the Board of Directors, after Costel Eremia announced that he was giving up these positions for medical reasons.
Agras
* Expects to make profit of 1.5 million RON (some 430,000 euros) in 2006, after posting losses in 2004 and in the first nine months of 2005
* Anticipates 22 million RON (over 6.2 million euros) in gross underwritten premiums in 2006
* Underwent restructuring in 2005, which saw its all territorial branches closed except for two, in Braila and Craiova
angela.placinta@zf.ro