Shareholders of Generali Insurances have decided to raise common capital by 8% to 129.45 million lei, by issuing 94.5 million nominative shares at a nominal value of 0.10, insurer announced.
On April 30, the shareholders have unanimously decided to raise capital and agreed on the participation of Generali to Natural Disaster Insurance Pool with 1% of its common capital which is expected to stand below 12 million euros.
“As the 2008 financial results were positive, the current capital raise is deemed as sufficient to meet solvency-related liabilities”, said the chairman – managing director of Generali Insurances, Marie Kovarova.
During the same meeting, the shareholders passed the financial report for 2008, as well as budget for 2009.
The company reported total sales of 417.5 million lei, (roughly 113.4 million euros) last year, up 9% from a year earlier on growing demand for life insurances.
Generali Insurances said the company’s operations are expected to return a net profit of 24.59 million lei, 41% below prior forecasts due to outstanding premiums, according to 2009 blueprint. The financial results are calculated based on international financial reporting standards.
For this year, Generali Insurances revised its business volume downwards, to 510.24 million lei, from 547.8 million lei.
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