Romania is the only market in the group’s portfolio generating losses. On the other hand, Italy, Poland and the Czech Republic are the foreign markets bringing the highest profits for Uniqa group, at over EUR6 million.
Uniqa local units posted 16% lower revenue in January to June, on selling EUR41 million worth of insurance policies.
On the local market, Uniqa has two insurance companies, for general and life insurance, respectively. General insurances generated almost 90% of the underwritings, or EUR36 million. General insurance sales lost ground in the first semester and shrank by a quarter. Around a third of the insurer’s portfolio is made of mandatory car insurance RCA.
On the other hand, life insurance generated EUR4.3 million revenue, fivefold higher than the first semester of 2014.
Uniqa group decided in 2014 to restructure the local operations and change the operating model for turning on profit. The first results are expected as of this year.
In 2014, the group also changed the management of the local operations, appointing Franz Weiler as president of the Board of Directors, instead of Florin Golovatic who resigned.
Uniqa entered the local market ten years ago by purchasing a 27% stake in Astra Asigurari, under bankruptcy.
Ened-2014, Uniqa had a network of 130 subsidiaries and agencies, 26 lower compared with a year ago. In December, Uniqa ranked 8th on the general insurance market, with a 6% market share.
(English version by Manuela Panescu)