Astra Asigurari recorded RON 917 mln losses in 2013. Insurer seeks to raise capital

Astra Asigurari recorded RON 917 million last year, according to the share capital increase prospect, a RON 100 million increase year on year.

In ASF’s annual report, published last July, Dan Adamescu’s company was listed with losses of RON 813 million at the end of last year. Premium revenues dropped 33 percent in the first six months of the year, from RON 602 million to RON 403 million, according to the documents sent to the Bucharest Stock Exchange. Astra’s losses are generated mostly by the drop in general insurance, which is where most of the company’s business comes from.

Insurer Astra, placed under special administration in February, will run an offering between September 1 and October 1 hoping to raise RON 70 million from existing shareholders. KPMG, Astra’s special administrator, is hoping to inject RON 490 million of capital by the end of the year.

“The prospect addresses existing shareholders exclusively and we rely on their support in this first step to recapitalizing the society, a step which will succesfuly maintain the society on the road to realignment with prudential criteria”, according to KPMG, quoted by ZF.

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