Overall, its revenue reached RON15.6 million in January-March 2023, up 10% on the year, while expenses grew from RON12.5 million in Q1/2022 to RON13.3 million in Q1/2023. Staff costs increased by 29% to RON467,549. MIB shares have gained 0.6% over the last month, to RON17.5 per unit, amid deals worth RON18,200.
“The joy of listing the company has been shadowed by the imminent threats from the insurance market, generated in the immediate period by the ASF’s decision to withdraw the licence of the Euroins company, and by the intentions of the Romanian Government to set a ceiling for the RCA tariffs and intermediation commissions. The initial proposed levels (ceiling RCA tariffs at the level of February 2022 and the distribution commission at 5%) would have had a dramatic impact for the insurance market”, the report reads.
MIB has been listed on the AeRO Market of the Bucharest Stock Exchange since end-February 2023, when it became the second insurer present on the local capital market, after Transilvania Broker de Asigurare (TBK.RO). The company has a market capitalization of RON36.5 million.
“Luckily, the public positions of UNSAR, UNSICAR si PRBAR (Romanian Patronate of Insurance & Reinsurance Brokers – organization where MIB is founding member), have generated significant modifications in the ceiling project, the Government having now on the table for approval a proposal to limit the prices of RCA at the February 2023 levels and the brokers’s commission for intermediation at maximum 8% of the net insurance premium, an equivalent of 7,4% of the gross premium paid by the beneficiaries”, the report also shows.