Adamescu said Astra shareholders decided in 2009 to expand the company’s operations outside Romania, adding the company will continue its expansion in Central and Eastern Europe.
Astra Asigurari on Tuesday opened a subsidiary in Bratislava, Slovakia, called Astra Poistovna, which is the company’s second regional unit operating outside Romania. Adamescu said Astra will invest EUR3 to EUR5 million in its subsidiary in Slovakia, according to its business plan, while for 2013, Astra Poistovna targets underwritten premiums of EUR5 million.
Astra’s first subsidiary abroad, called Astra Biztosito, was opened in Hungary, in October 2010, and posted revenue of 65.87 million lei (EUR14.5 million) in 2011. According to company data, Astra invested over EUR4 million in its Hungarian division.
Adamescu said Astra Asigurari’s 2012 financial results will be similar to 2011 results, when its underwritten premiums fell 6.5% on the year to RON1.01 billion.
Astra was set up in 1991 and has a share capital of RON192.71 million, controlled by The Nova Group Investments Romania SA (72.68%) and Epsilon Estate Provider SRL- (27.02%). The Nova Group Investments Romania and Epsilon Estate Provider are indirectly controlled by Romanian businessman Dan Adamescu.
Astra Asigurari registered revenues of RON788.67 million in the first nine months of 2012. (EUR1=RON4.5388)