GROUPAMA Asigurari reduces its share capital
 The shareholders of GROUPAMA Asigurari decided to reduce the share capital by RON 872.9 million, as a consequence of the reduction in net assets of the company, to less than 50% of the value of the underwrote capital.
Before reduction, the capitalization of GROUPAMA Asigurari was RON 1.04 billion. The amount of RON 872.87 million represents the cumulated losses, including the negative premiums registered after the merger process the company was involved in.
Capital reduction will be made by reducing the number of shares issued by the company, from 1.042 billion shares to 169.23 million shares, according to the announcement.
GROUPAMA Asigurari, born from the merger between ASIBAN and BT Asigurari, was officially launched on September 28, current year. The French group will complete the full integration of the three companies it owns in Romania - ASIBAN, BT Asigurari and OTP Garancia - by the end of this year.
GROUPAMA ended the first half of this year with a decline of 11.9% of businesses in Romania, to EUR 104 million, amid a significant reduction in the activity of underwriting on life and health insurance segment.
Cumulated underwritings of the companies ASIBAN, BT Asigurari and OTP Garancia brought the French group on the third place of the insurance market, with a market share of about 9.6%, 3 percentage points less compared to the previous year.
Author: Mihaela CIRCU
on 26.10.2009
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