Romanian insurers’ shareholders have made capital increases of EUR 107.5 million in 2010, 72% less compared to the capitalizations of EUR 384 million made in 2009, according to data published by the National Trade Register Office (ONRC).
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The shareholders have brought EUR 107 million to the capital of Romanian insurers in 2010, compared to EUR 384 million in 2009
Romanian insurers’ shareholders have made capital increases of EUR 107.5 million in 2010, 72% less compared to the capitalizations of EUR 384 million made in 2009, according to data published by the National Trade Register Office (ONRC).
Therefore, the need for capital on the insurance market did not rise to the level of the estimates made at the beginning of last year, when specialists were expecting at least a maintenance at the 2009 level of investments, additional infusions being needed under the circumstances of the losses registered by profile companies.
Regarding contributions to the share capital, VIENNA Insurance Group made the biggest infusion on the market, namely EUR 28.5 million, to the capital of BCR Asigurari (with EUR 15.83 million in January and EUR 12.66 million in April), according to ONRC data, quoted by NewsIn.
AXA group, which entered the market through the acquisition of OMNIASIG Asigurari de Viata from VIG, capitalized in 2010 the company AXA Life Insurance with EUR 12.69 million (EUR 8.99 million in August and EUR 3.7 million in September).
Also, FATA Asigurari has increased its share capital by EUR 11.3 million (EUR 4.07 million in January, EUR 2.6 million in February, EUR 3.14 million in April and EUR 1.5 million in September), and EUREKO Asigurari has received from the Dutch shareholders a contribution of EUR 8.24 million in August 2010.
Also, the shareholders of EUROINS Romania have capitalized the company with EUR 7.7 million (EUR 5.3 million in January and EUR 2.4 million in May), those of ALLIANZ-TIRIAC Asigurari have increased the share capital of the company by EUR 6.63 million, in July, and CERTASIG was capitalized with EUR 2.56 million.
Other life insurance companies have also received in 2010 additional capital infusions: AVIVA Asigurari de Viata – EUR 6 million in October; AEGON Asigurari de Viata – EUR 5.17 million, in June; UNIQA Asigurari de Viata – EUR 5,14 million, in March; SIGNAL Iduna Asigurari de Viata – EUR 3 million; ING Asigurari de Viata – EUR 1.69 million.
In April, the Dutch from ING have also operated an infusion of EUR 8.4 million to the capital of ING Business Processing Center Cluj Napoca, the regional service center of the group for the countries of Central Europe, opened in September last year. However, due to economic and legislative changes in recent years, that have considerably reduced the expected long-term effectiveness of the project, ING announced, on March the 23rd, that it had decided to shut down the regional service center in Cluj Napoca.
The data monthly published by the Trade Register include the first 40 companies that received contributions to the share capital, by the value of the allocated sums
