The money is to be assigned exclusively to the company’s general insurance activity.
“Shareholders decided to raise the share capital. The operation is part of Vienna Insurance Group’s strategy to support its Romanian units,” Asirom chairwoman Mariana Diaconescu said in a press release.
Asirom has a share capital of RON157.9 million owned by Vienna Insurance Group (Austria) – 85.9676% and LVP Holding GmbH – 5.4%.
Asirom is the fifth largest insurer in Romania by premiums underwritten in 2012 after Astra, Allianz-Tiriac Asigurari, Groupama and Omniasig. The insurer had revenues of RON596.4 million in 2012, down 5% on the year, and a net profit of RON14,88 million, double on the year.
In the first nine months of 2013, the insurer had revenues of RON403.1 million, down 9.9% on the year.
VIG also owns Omniasig and BCR Asigurari de Viata in Romania.