Asiban owns a share of 60.4 percent of the total gross subscribed premiums in 2008, with €164.8 million. Groupama took over Asiban from four commercial banks controlling the company – Banca Comerciala Romana (BCR), Banca Romana de Dezvoltare (BRD), Banca Transilvania, and Casa de Economii si Consemnatiuni (CEC) – last spring, for €350 mln. BT Asigurari, acquired by Groupama in December 2007 for €100 mln , owns 31 percent of total subscribed premiums, worth €84.4 mln, while OTP Garancia generated 8.6 percent of Groupama’s total subscriptions in Romania, with more than €23 mln.
Capital infusions that Groupama made in the three companies totaled €65 mln last year. These funds were destined for the financing of current operations and the merger of the three companies. In 2009, Groupama will focus on this merger, which will be followed by a rebranding process and the launch of Groupama Asigurari.
“Groupama has already begun developing a dynamic and efficient organizational structure for the new company. The future management team will include both local and international experts,” said Denis Rousset, Groupama’s representative in Romania.
The company yesterday announced net sales worth €16.2 bln for 2008, up 9.2 percent year-on-year. The group’s total profit amounted to €661 mln, a 66 percent annual increase.
