In the first nine months, Astra paid damage claims worth RON499.67 million, 34.7% more than in the same period in 2010. the bulk of the damage claims were for general insurance, Astra said in a press release Monday.
The insurer said it underwrote general insurance premiums of RON855.08 million.
“Astra Asigurari registered a net profit of 78.002 million, compared with 18.005 million in the same period last year,” the company said.
In July, Astra sold a 16.03% stake it owned in Generali Romania to Italian insurance group Generali for about EUR24 million.
The biggest revenues from underwritten premiums were registered on the car insurance segment – RON520.04 million, from RON655 million in the first nine months of 2010. Of the total premiums underwritten on the car insurance segment, mandatory car insurance (RCA) accounted for RON374.67 million, down 17.3% on the year.
On the property and asset insurance segment, Astra underwrote premiums of RON277.64 million, up 142% on the year.
Life insurance also picked up and rose 35%, to reach RON15.36 million in underwritten premiums in the first nine months of the year.
Astra was founded in 1991 and has a share capital of RON192.71 million, owned by The Nova Group Investments Romania SA – 72.68% and Epsilon Estate Provider SRL- 27.02%, while the remaining 0.3% is distributed among several shareholders.
The Nova Group Investments Romania and Epsilon Estate Provider are indirectly controlled by businessman Dan Adamescu.
Last year, the insurer posted RON1.08 billion in underwritten premiums, up 34% from 2009, which made it the top insurer on the local market, overtaking Allianz-Tiriac.
Astra’s net profit increased 308%, to RON25.33 million, and paid damage claims rose to RON526.88 million in 2010, from RON328.17 million in 2009.
The Romanian insurance market declined 6.3% in 2010, to RON8.31 billion, registering a fall for the second year in a row, driven by an 8.3% drop in underwritings on the general insurance segment.