KD Group denies bankruptcy rumours

The KD Group the major shareholder of KD Life Insurance denied the rumours of the bankruptcy of the company KD Life Asigurari, arguing that the company analyses opportunities for focusing on regional markets deemed more profitable.

“Continuing activity in Romania involves first of all a significant capital contribution for an insurance market relatively small and, therefore, the company wants to redirect its capital toward the markets where the activity is profitable.”

The Insurance Supervisory Commission (CSA) was informed about this issue, and the KD Group will make its final decision which shall be notified to the supervisory authority as soon as possible.

KD Group thus wishes to focus on markets having a higher potential and on which it already operates successfully – Slovenia, where the market share of KD Life, Insurance Company, plc, grew in 2009 from 13.7% to 14.1%, despite the unfavourable context – and Croatia, where the Life Insurance Company KD was the most successful company in the promotion of unit-linked life insurance on local market.

KD Life, Insurance Company,the other shareholder of KD Life Asigurari, is the second biggest life insurance company in Slovenia, whose market share grew in 2009, consolidating its position among life insurance companies by the development and sale of new products, unique in Slovenia and the European area. “KD Life products are constantly adapted to our customers’ wishes and needs and, by creating such products, we meet the current economic and market requirements”, the insurer said in a release.

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