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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 119, October 23rd, 2008
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INSURANCE PROFILE
  EDITORIAL


Trust is everything

The main coordinates of the international financial system are trust, optimism and risk. All of those mixed into a globally connected mechanism. Among all, the most important element is trust.

Trust of the shareholder in accomplishing profit,
trust of a stock investor in gaining profit,
trust of the depositor in a bank.

Trust of a mortgagee in earning enough to pay for his credit,
trust of the bank that he will have reimbursement capacity.

Trust of an insurer established into an emerging market in accomplishing profit, nevertheless, trust of the insured that he will get paid by the insurer when an insured event takes place.

When there is too much trust, the system melts down. When the trust melts down, the chaos overtakes the system. After all, the financial system is the result of a few elements of which trust holds the key role.

The only way to get over the crisis is regaining the trust.

by alex.rosca@mxp.ro

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BCR Asigurari de Viata
ASIBAN

MILLENIUM INSURANCE BROKER


WILLIS
POLISH Re
ASIBAN
FADATA
KINGSPAN
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with Sinziana MAIOREANU,
CEO,
SIGNAL IDUNA

XPRIMM: How do you intend to launch SIGNAL IDUNA's activity in Romania?
Sinziana MAIOREANU:
We will start with the official company launch in Romania event which will take place at the end of October. On this occasion the marketing campaign will also be launched, an education campaign. This makes a very important component of our plans, because we pledge ourselves to inform the target about various aspects such as the health insurance utility, its significance, the way it's functioning, explanations about our products. The plan is for us to start our activity in Q4 by focusing on forming the market and to really "turn on the engines" in 2009, when we will start to concentrate more and more on sales. We will start by launching five agencies and continue by developing the local territorial network in 2009. We will begin collaborating with brokers, which will become the most important distribution channel - from the international point of view, SIGNAL IDUNA has a traditional cooperation with brokers and because the international market is more developed in this way, brokers have a bigger distribution market share. We want the same to happen in Romania, although we are aware that it will take a long term effort, because our brokers find themselves in a mature phase and they are able to enlarge their activities portfolio. This implies for us to build up the market and the distribution partners for more than a year from now on.
We have partnerships with 28 medical services providers right now, with whom we cover more than half a country. We will continue developing the medical services network until we will be able to cover everything and we will launch a first insurance products scale. Since we focus on health insurance, we are first of all thinking about defining these health insurance packs, so that we will have a various product scale, starting with a simple product, with basic coverage and very attractive price and continuing further on with complex packs which will be able to offer even foreign hospitalization at one point.

XPRIMM: Which is SIGNAL IDUNA's first competitor? How do you intend to make your products more attractive in order to face the competition?
S.M.:
Our products will be different from what the market already has as far as the content and the concept go, because we import in Romania SIGNAL IDUNA's more than 100 years experience in health insurance. We have not tried to build a similar product as the ones in Romania, but we want to start developing a market based on similar products as the ones in the West.
We intend to develop the products gradually for now, because if we would have brought complex products from the beginning, the Romanian medical structure wouldn't have been prepared for it.
Regarding the competition, there is a strange situation in the Romanian market because people do not really know what a health insurance is and the definition of a competitor is incomplete. For example, some of the medical services suppliers who are offering medical packs might consider us their competitors, but we are not, because we do not offer medical services. We are aiming to gather the best medical services providers and develop some kind of national network in order to grant all citizens the access to private medical service.
Presently, individuals do not have access to a medical pack (at least not on a large scale). There are very few medical services suppliers that discuss directly with the individual, most of them have contract with companies though. In different words, the individuals segment is not covered, but every year the use of medical services grows with a 40% average per year. So, people need private medical services, especially since the others are disorganized and unclear. That is why we wish to offer access to all Romanians to private medical services, because all Romanian society that pays for social insurance also deserves to have their health insured.
This is how we reached the idea of a call-center, which will be a client access point towards this private system, where his questions will be answered, from what his policy means to guiding through the variety of medical problems he has to manage with - people will be helped to see the doctor they want, when they want, where they want. We are trying to cover the monitoring and the health care. These things we can not do as an insurance company, but only through partnerships. I think that already having 28 medical partners says a lot, they understood that we are not competitors. We are a sales company. We are a distribution engine that also suits the clinics because we bring them clients. Eventually, we all have to something to win. We show the client where to solve his medical problem, we bring clients to the medical partner, we bring insurance premiums to ourselves, so everybody is a winner in this kind of working system. This is why I say that I find it hard to define the competition, because no one has used this concept. The market is very young, there is room for everybody. We would like to have competition because we would take hold of some developing market costs together.

XPRIMM: How many products do you wish to launch and how do they look like?
S.M.:
We have finalized five health products, there will probably be six at the launch moment. On the life insurance side we have support products which supplement both the individuals and our agents packs: there will be two basic products - one unit-linked product with an investment in three funds and one product for protection. We also have "Accident", a product with a different approach: "group accident", "individual accident" and "family accident". Concerning the accident, we can say that it is about the second expertise area the insurance mother-company is operating right now and there are some very interesting products from which we will inspire ourselves in the future. Family insurance are, for example, very suitable to young families who own a health insurance and have the possibility to compensate the rest of the risks with an accident insurance, so that they will be able to concentrate on investments.

XPRIMM: Who do you visit more, individual clients or company clients?
S.M.:
The answer is different depending on the comparison criteria. From the gross written premiums' point of view, there is a 50%-50% connection. If we have the number of insured people as reference criteria, then the individuals sector will obviously dominate.

XPRIMM: Which place do you estimate to occupy on the Romanian insurance market in a few years?
S.M.:
Our objective is to become health insurance market leaders by 2012 having a 20-25% market share (adjustable depending on how the market evolves). We wish for good accomplishments in the life sector too, but we do not aim to be in Top 10 companies because life is not really our segment, we just want these products to help us have a full insurance pack for a family level. At least 80-85% of our business is based on health - we can even say that 90% is, if we analyze our present daily activities.

XPRIMM: How do you see the health insurance present legislation? Does it stimulate this segment or not?
S.M.:
There is not much legislation. The present situation with the fiscal incentive limit of EUR 200 per year for a health insurance - very little - is not a stimulus; let's not forget that insurance (not only health insurance) are considered to be material benefits brought to employees and are being charged with all the social taxes, which does not stimulate the employers to use them. We hope the state will understand that health insurance is an important benefit for it, because once the customers join the private system, they relieve the public health sector of some costs, which would allow the state to better administrate the funds and invest in understructure.

XPRIMM: Which would the annual growth potential on health insurance be? How profitable is health insurance?
S.M:
For now, without any legislative stimulus, the growth is 25-30% per year; if the law would change, we would have a boost in an incipient phase.
Insurance products are not so profitable, this explains the fact that insurance companies begin to gain profit in 5-7 years of activity and they need big volumes in order to achieve this; but this are the field's specific features. There is a profit margin, but nobody sets up a big profit margin because this would mean expensive products and they should be adapted first of all to the market. We aim for profit in approximately five years (this estimation will prove itself to be more optimistic or more pessimistic when we will actually start the sales).

XPRIMM: The company that you run begins from nothing and you probably wish to increase with the market's growth. Should we understand that you are planning an enormous initial rise?
S.M.:
We are a greenfield in an unknown market (health insurance is still a young market in Romania), so it's true we are beginning from zero and we should register a constant growth year by year in order for us to achieve our goal in the four years to come.

XPRIMM: What is your territorial development plan?
S.M:
We aim for maturity in respect of the distribution channels as well as the product portfolio until 2012. In that moment we wish to be present in all districts. Until then, we plan a gradual growth starting with large cities where the incomes are bigger and the clients' education level is higher.

XPRIMM: Can you tell us a few words about the group you are part of?
S.M.:
SIGNAL IDUNA is a group founded in 1907 which now activates in financial services, from insurance services to asset management and banking services. We have all three traditional business insurance lines: health, life and non-life. We have a 10 million clients portfolio, from which 2 million are in health insurance. In 2007 annual report we have registered a number of EUR 4.5 billion gross written premiums. We operate in our home country, Germany, but also in Switzerland, Poland and Hungary. We are market leaders in Poland having the biggest medical services suppliers network, about 600 partners and we are trying to implement this model in Romania too.

XPRIMM: How would you describe Bucharest's insurance market?
S.M.:
Bucharest's market is crazy and it represents 70% of the country's insurance market. If we strictly refer to health insurance, the capital city has the biggest medical understructure; here we find the big medical services suppliers; here are the clients (individuals or companies) with the biggest income, with the highest education level, with the most choice possibilities. In other words it is a crucial market. It is obvious that we orient ourselves towards Bucharest as well, first because we have the most advantages here, and then because who wins Bucharest has better chances ahead.

XPRIMM: Do you believe there are differences between a Bucharest client and another one from other parts of the country?
S.M.:
There surely are differences. First of all there are the cultural differences. Secondly, the Bucharest client having more options, even if he doesn't understand very well the market's products, is used to the opportunity of choosing, has a different expectations level regarding all that services mean - the people living in Bucharest are used to being treated like customers. From this point of view, we should all have our standards. We cannot ignore quality because the Bucharest market already punishes you if you do not reach a certain level. It is a very exigent market, very dynamic and aggressive and very well placed financially speaking.

XPRIMM: How do you generally feel about the insurance manpower in Bucharest and particularly in your company?
S.M.:
At least in the financial and insurance fields one of the biggest problems in Romania is a difficult manpower. There are big problems in finding specialists and in motivating them. This means, of course, the employers must be more careful with the remuneration packages they offer and with the way they must motivate their employees. The income rises, that cannot go on forever, are not enough because the country's production wouldn't sustain them, but the employers must have quality arguments. Moreover, the Bucharest market is very difficult because people have a lot of choices and the choice evaluation is not made by very serious criteria.
Unfortunately, employees tend to leave sometimes for things that retain attention, like a bigger salary, but they don't realize that maybe behind that bigger wage there are more disadvantages that they do not have the patience to estimate from the beginning. Luckily, we are in a different stage because we begin from nothing, we have the same team we started the project with, every member has contributed with something in building the company and so the team is more united, more motivated, we all wish to see the train leaving the station in the right direction. We think we don't have these problems and we hope not to ever have them. Moreover, like every serious employer, we want to keep our people close, especially the valuable ones. We will manage this by investing in their education also. About that, we find ourselves in a special position, because we did and we will continue to do the health insurance trainings. We need to align ourselves to the German standards and so all the trainings in insurance come from there. We will constantly invest in the technical staff and also in the commercial one. If we aim for offering solutions to the Romanian employers of keeping their employees, we will begin from the inside to show them that the system works.

XPRIMM: Thank you!

by vlad.panciu@mxp.ro,
mihai.cracea@mxp.ro

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Sinziana MAIOREANU
Sinziana MAIOREANU
CEO,
SIGNAL IDUNA

MEDICOVER
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS

The Romanian insurance market will become profitable in three years
The insurance industry will become profitable in less than three years, reaching a business volume of over EUR 10 billion in five years.
This is the opinion of more than 60% of the leaders and specialists reunited, for the first time, at the inaugural edition of the "Insurance Day" Conference in Bucharest.
Click here to read more!
by mihaela.circu@mxp.ro, 21.10.2008


We are going to have a modern and competitive agriculture until 2013
"ICAR aims to launch a more than necessary debate on agricultural risk management in our country. The development of the Romanian agriculture is essential and this economic environment must be approached differently taking into consideration the climatic changes and their effect upon agriculture. That is why insurance represents an important instrument both for developing and sustaining the agriculture and the protection of the agricultural producers and farmers", Gheorghe ALBU, State Secretary in the Agricultural and Rural Development Ministry (MADR), has stated in the ICAR 2008 Forum opening.
Click here to read more!
by andreea.ionete@mxp.ro, 14.10.2008


Four foreign life insurers, interested in the Romanian market
The interest of the strategic investors for the Romanian insurance market has not diminished, although it has been almost two years since Romania joined the European Union. Currently, the documentation submitted by four life insurance companies, members of leading European financial groups, is being analyzed by the ISC - Insurance Supervisory Commission in order to grant authorizations. The number of insurance companies from EU countries that have notified ISC of their intention to activate in Romania surpassed the threshold of 200.
Click here to read more!
by andreea.ionete@mxp.ro, 17.10.2008


Pillar II started the consolidation race
One year ago, the mandatory private pensions market (2nd pillar) did not exist. The pension companies had just started the chase for customers and the results at the end of the four months of initial signup campaign exceeded all expectations: over 4 million participants got into the system. Ever since, the mandatory pensions market developed quickly: it collected and started to invest the participants' money and, more recently, witnessed the first transaction between two pension companies. The first merger of funds is next, and the following year could bring a major reform of the system, defined by two terms: liberalization and modernization.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


Pillar III: Thinking of fiscal incentives
Romania's voluntary private pensions market (3rd pillar) has not matched expectations so far, despite the optimistic estimates at its start in June 2007. Until one month ago, only 121,000 participants started to save in the optional private pension system, and the accumulated assets barely exceeded EUR 15 million. For comparison, the estimates made when the market was launched indicated 250,000 participants and assets worth EUR 30-40 million for the end of 2007, but these forecasts seem remote so far, even for the end of 2008.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


Insurers will pay in advance the malpractice examination
The necessary malpractice causes resolution expertise cost will no longer be paid by the customers, instead it will be paid in advance by the insurer where the medical, sanitarian or pharmaceutical services and products provider is mandatory insured. This stipulation is included in a normative act draft, submitted to public debate by the Health Ministry at the beginning of this week, in order to modify and complete the95/2006 Law regarding Romanian health reform.
Click here to read more!
by andreea.ionete@mxp.ro, 22.10.2008


The ASIBAN sale substantially rises the ex owners' profits
Leaving the ASIBAN ownership substantially boosted the Romanian Commercial Bank's (BCR's), the Romanian Development Bank's (BRD's), the TRANSILVANIA Bank's (BT's) and the CEC's net gains. They have received important sums from selling the insurer's shares to the French GROUPAMA, a transaction estimated to EUR 350 million.
Click here to read more!
by andreea.ionete@mxp.ro, 16.10.2008


AVIVA EUROPE: The crisis does not change our development plans in Romania
The financial crisis does not change AVIVA's investments plans and development strategy in Romania, Andrea MONETA, CEO, AVIVA EUROPE has stated while in a meeting with the specialized Romanian media. "The financial crisis does not change our investment and development strategies in Europe and in Romania. Of course, we will probably grow slower than expected before, but the investments and development plans that we had for Romania will not change", he has said.
Click here to read more!
by mihai.bobocea@mxp.ro, 17.10.2008


ARDAF has a new Board of Directors
The shareholders of ARDAF voted the amendment of the constitutive act, and as a result the company will be managed by a board composed of five members (compared to only three in the previous version). They are elected for a period of two years. In return, this Council will entrust the operative management to a Directing Committee.
Click here to read more!
by mihaela.circu@mxp.ro, 17.10.2008


The leasing companies are GENERALI's most harming CASCO customers
Insurer GENERALI, the eighth company on the motor insurance segment in 2007 will reduce its motor market share by the end of 2008 with 0.86 percentage points, to 4.70% (from 5.56% in the previous year). The insurer managed to lower its losses more than five times in 2007 due to the motor segment losses reduction measures, especially through introducing CASCO deductibles and tariffs segmentation.
Click here to read more!
by andreea.ionete@mxp.ro, 10.10.2008


APAPR has 20 members and aims for EFRP and FIAP membership
The Romanian Private Pension Funds Association (APAPR) has reached 20 members, which represent almost 100% of the market and has decided the affiliation to specialized international federations, EFRP (European Federation for Retirement Provision) and FIAP (International Federation of Pension Funds Administrators), APAPR announced. 11 mandatory private pension companies (pillar II), 4 voluntary private pension companies (pillar III) and 5 depository banks - this is the APAPR membership to date, after the General Assembly Meeting.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


FATA Asigurari gains profit and increases the share capital
Company FATA Asigurari will increase its share capital with RON 7.45 million, from RON 22.36 million to RON 29.81 million. This has been decided in the Extraordinary General Shareholders Meeting on the 7th of October 2008, due to a 40% underwritings raise above the established level in the first eight months.
Click here to read more!
by andreea.ionete@mxp.ro, 13.10.2008


Employers pay for 71% of the voluntary private pensions funds' customers
Employers contribute for 71% of the 125,000 voluntary private pensions system's clients (3rd Pillar), while individual customers contribute themselves in only 29% of the cases - a sign that the employers have already started including voluntary private pensions as a remuneration package benefit - the CSSPP (Romania's private pensions regulator) quarterly report has shown.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


Empty accounts only represent 13.4% of the mandatory private pensions system
The number of empty accounts (with no contributions) in the mandatory private pensions system (2nd pillar) is under 584,000, meaning 13.4% of the participants' quantum, after five rounds of collecting the contributions, according to an analysis made by portal www.pensiileprivate.ro portal. The empty accounts situation has improved in these last five months, the number of no contributions accounts declining from 961,000 in May, when they represented 23% of the total.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


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Safety Credit

Safety Broker
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 CEE, RUSSIA&CIS


UNIGLOBAL Research is "Moving Forwards in Life Assurance" in Frankfurt

The next two days will mark out the needed strategies for surviving and driving profit in a changing market as the life insurance market is, with the occasion of "Moving Forwards in Life Assurance" conference, organized by UNIGLOBAL Research on 23rd-24th of October in Frankfurt.
Click here to read more!
Click here for details!
by andreea.ionete@mxp.ro, 22.10.2008


"World Views for Life Insurance in Eastern Europe, CIS and Asia"
Representatives from 23 countries - Austria, Azerbaijan, Belarus, Belgium, Bulgaria, the UK, Germany, Greece, Egypt, India, Kazakhstan, Canada, Marocco, the Netherlands, Poland, Russia, Romania, Slovenia, the US, Ukraine, France, Croatia, Switzerland - will take part in the 4th International Congress "World Views for Life Insurance in Eastern Europe, CIS and Asia".
Click here to read more!
by RP Newsline, 19.10.2008


Marcus Evans, fighting the "Insurance Fraud" - London, 24-25 November
Marcus Evans proudly presents their next conference, "Insurance Fraud", to take place in London on 24-25 November 2008. The event will bring in discussion the fraud prevention, detection and investigation solutions to protect your institution and customers, provided by renown speakers from the Association of British Insurers, ALICO, ALLIANZ, AVIVA, AEGON, AXA, AMB GENERALI, ZURICH Insurance and many others.
Click here to read more!
Click here for more details!
by andreea.ionete@mxp.ro, 16.10.2008


The crisis melted down 9 billion Euros from the CEE pension funds
The first signs of the current financial crunch emerged in July 2007 on the subprime mortgage loans market in the United States of America. Meanwhile, the effects of the crisis became visible overseas as well and started to affect all financial markets, bringing the collapse of stock exchanges and causing losses of hundreds of billion Euros for large and small investors alike.
Click here to read more!
by mihai.bobocea@mxp.ro, 22.10.2008


Global financial crisis will affect Russian insurance market in 2009
In 2009 Russian insurance companies aren't likely to post a rapid increase in premiums due to the global financial crisis, said Ilya LOMAKIN-ROUMYANTSEV, head of the Federal Service for Insurance Supervision (FSIS), on October 9 at the press conference "Insurance Market: Public Policy and New Development Frontiers."
LOMAKIN-ROUMYANTSEV believes that insurers have to take into account the possible premium decrease of up to 25-30% when drawing development plans for the next year. He estimated that in the worst-case scenario the market may see a 50% drop in premiums.
Click here to read more!
by RP Newsline, 19.10.2008


EIG raises capital by EUR 14.6 million on expansion plans
Bulgarian EUROINS Insurance Group (EIG), the financial and industrial subsidiary of EUROHOLD Bulgaria, has raised its capital by EUR 14.6 million to EUR 136.8 million in order to finance its regional expansion plans, according to DNEVNIK.
Click here to read more!
by oleg.doronceanu@mxp.ro, 21.10.2008


Moldova to establish a Street Victims Protection Fund
Moldavian National Commission of Financial Markets (NCFM) intends to establish a Street Victims Protection Fund and a Green Card Guarantee Fund, according to news portal prim.md.
Under this project, S.V.P.F. will compensate the citizens in case of accidents with unknown author or without a mandatory insurance MTPL.
Click here to read more!
by oleg.doronceanu@mxp.ro, 19.10.2008


Ukrainian insurers to establish construction pool
14 Ukrainian insurance companies signed a memorandum founding the Construction Insurance Pool, a voluntary association of Ukrainian insurers, on October 8. Among the founding members are ILYICHEVSKE, NOVA, ASKA, ETALON, OMEGA, BROKBUSINESS, UKRANIAN Ecological Insurance Company, UKRANIAN Transport Insurance Company (UTICO), UKRANIAN Fire Insurance Company, ARMA, ALFA-Garant and other Ukrainian insurers, according to RP Newsline.
Click here to read more!
by RP Newsline, 19.10.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 FINANCIAL NEWS


Romania's economic growth estimated at 4-6% in 2009
Romania's gross domestic product (GDP) could increase by 4-6 percent in 2009, according to financial analysts who met Prime Minister Calin POPESCU-TARICEANU to discuss the country's economic situation and ways to limit the impact of the financial crisis.
However, such growth is only possible if the salaries of civil servants rise at a sustainable level.
The Prime Minister and analysts discussed the risk of a rapid drop in the economic advance as of 2009. Months ago, international institutions warned that Romania's economy could be subject to a hard landing, after significant growth in the past few years.
Growth is likely to temper due to lower exports and fewer local and foreign investments.
The expected 4-6 percent growth is significantly lower than this year's levels. The National Prognosis Commission (CNP) last month estimated a 9.1 percent increase in GDP for 2008.
by Business Standard, 21.10.2008


FDI in Romania worth EUR 10 billion in 2008
Foreign direct investments (FDI) in Romania in the first eight months of this year were up 32 percent compared to the same period in 2007, according to a press release by the Romanian Agency for Foreign Investments (ARIS).
In monetary terms, FDIs were worth some EUR 6.4 billion in this period. In August alone, foreign direct investments amounted to EUR 733 million, after reaching EUR 5.769 billion in the first seven months. A few days ago, statistics issued by the National Bank of Romania (BNR) showed that FDI in the first eight months reached EUR 6.5 billion.
Broken down, of total foreign direct investments in Romania in the January-August 2008 period, participation in capital and reinvested profit made up 53.3 percent, while intra-group loans account for the remaining 46.7 percent.
It is expected that FDI will amount to EUR 9-10 billion in 2008. While some individuals are optimistic that the financial crisis will not affect FDI in Romania in the coming period, financial market analysts warn that the country cannot be immune to what is happening internationally, although they add that this will probably only be visible as of 2009. In a statement for Business Standard, Lucian ANGHEL, Chief Economist of Banca Comerciala Romana (BCR) indicated that he believes "the drop will not be drastic, and significant investments will continue in Central and Eastern Europe. Furthermore, there are areas with major potential for investments, such as the auto industry, tourism, and agriculture".
by Business Standard, 20.10.2008


BCR and BRD 2008 profit similar to whole banking system earnings in 2007
The net profit of the top two lenders on the local market in terms of assets, Banca Comerciala Romana (BCR) and Banca Romana de Dezvoltare - Groupe Societe Generale (BRD-SocGen), could exceed the total profit registered in 2007 by all 40 banks operating in Romania, of EUR 825 million, analysts estimate.
However, this result is due to the sale by the two banks of participations in insurance companies.
In the first half of 2008, BCR and BRD posted 66 percent of the total profit registered by the banking system, of EUR 522 million. This year, net profit of all lenders is to exceed EUR 1 billion, significantly higher than in 2007.
BCR, owned by ERSTE Bank, could post more than EUR 600 million in net earnings this year. In the first half of 2008, net consolidated profit amounted to EUR 206.6 mln, while H2 2008 results will be higher, due to the sale of two insurance companies, BCR Asigurari and BCR Asigurari de Viata, to Vienna Insurance Group, for EUR 244 million. The sale of participation in ASIBAN insurer, worth EUR 87.5 million, adds to this figure.
BRD, Romania's second-largest lender, owned by French Groupe Societe Generale, could post EUR 350 million in net income, as the bank also had a participation in ASIBAN insurer, which it sold. Last year, the bank registered EUR 275 million in net earnings.
by Business Standard, 17.10.2008


Romania ranks fourth in the EU for industrial production growth
Romania ranked fourth in August in terms of annual industrial production growth, with a 1.5 percent advance, according to data published by the European Union's (EU) statistical bureau, Eurostat.
Ireland leads in production growth with 4.2 percent, followed by Germany, with 1.8 percent and the Czech Republic, with 1.7 percent. Eurostat published data for 21 of the 27 EU member states.
The most significant decline in industrial production was registered in Latvia (11.1 percent), Spain (7 percent), and Italy (5.3 percent).
Compared to August 2007, industrial production dropped 1.1 percent in the EU an 0.7 percent in the euro-zone.
by NewsIn.ro, 17.10.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 EVENTS


IV International Congress "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 13th-14th, 2008
Sheraton Hotel, Warsaw, Poland
Organizer: RUSSIAN Polis
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.in-sure.ru


Global Pension Funds & Alternative Investments
November 13th-14th 2008
Vienna, Austria
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.uniglobalresearch.eu


EURO FINANCE WEEK
November 17th-21st 2008
Frankfurt, Germany
Organizer: MALEKI Group
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.malekigroup.com


Insurance Fraud
November 24th-25th, 2008
London, UK
Organizer: MARCUS Evans
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.marcusevans.com


November Business Meetings of Reinsurers
November 27th-28th, 2008
Hotel President, Moscova
Organizer: ARIA - Asociatia Reasiguratorilor din Rusia
Media Partner: PRIMM Magazine - Insurance&Pensionsi
Details: www.nbm-moscow.ru

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World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia
November Business Meetings of Reinsurers

XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Private Pensions Coordinator: Mihai BOBOCEA
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana NECULA, Mihai CRACEA, Andreea STATE, Andra BADESCU
Web Responsible: Costi BORODA

General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Costi BORODA
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