In 2012, the company had a profit of RON14.7 million under IFRS, nearly double compared to the RON6.67 million reported under local standards.
Romania’s financial watchdog ASF placed Astra under special administration mid-February, suspended its shareholders and management and appointed KPMG as special administrator.
ASF head Misu Negritoiu said Tuesday 3-4 foreign investors have shown interest in contributing to Astra’s capital raise, which could be completed by the end of the first quarter of 2015. The insurer needs to raise its capital by RON490 million within 12 months, as part of the special administration procedure.
At the end of 2013, Astra was the leading insurer in Romania with RON921.5 million in underwritings.