Exim Romania, first year with profits after nine months
Bucharest, November 04, 2015 – The Insurance – Reinsurance company Exim Romania (EximAsig), having as main shareholder EximBank, has registered profits of almost 600.000 Lei, after the first nine months of this year, after reporting a loss of 816.000 Lei for the similar period last year. The result comes as a direct effect of implementing operational restructuring measures and reducing risks related to the re-insurance subscribed policies.
”EximAsig is now in the first year when it reports profits after the first three semesters. The company is now going through a vast process of business model quality optimization, being concerned with increasing the efficiency of the general framework of its activity and resource use and this is why we consider that solid premises exist for the company to register profits at the end of the year as well.”, said Traian Halalai, Executive President of EximBank.
At the end of September 2015, Exim Romania has reported subscribed gross premiums of 12.7 Million Lei, the solvency grade of the company – the ratio between the available solvency margin and the maximum between the minimal solvency margin and the safety fund– reached 1.09. According to the official data, for the general insurance category the average solvency level reached 0.54 at the end of the first semester 2015, only 8 out of the 28 general insurers reporting a solvency level higher than 1.5 and 13 companies were ranking between 1.05 and 1.5.
After the first three semesters of the year, Exim Romania had an available solvency margin of 17.8 Million Lei and the liquidity factor was 1.52.
At present, the company is implementing an increase of the registered capital by 20 Million Lei, following the recommendations of the supervising authority in the field, issued after the Balance Sheet Review (BSR) exercise for the whole insurance market.
The registered capital increase will be realized as per the decision of the General Shareholders Meeting on October 12th, 2015, by firstly diminishing the registered capital by decreasing the nominal share value from 10 Lei to 4 Lei (accounting value), the only legal solution that allows the compliance with the shareholders rights. This operation will be finalized at the end of the first semester of 2016.
”EximAsig maintains its strategic objectives of offering efficient financial products allowing companies to protect their patrimony and also offering the consultancy services that base the building of adequate financial protection plans for each company. All the prudential indicators of EximAsig are above minimal admitted limits and continues to implement the agreed measures in order to reach solid solutions in terms of solvency , as per the communication with the supervising authority and, along with the increase of the share capital, the company will register an exceeding in capital as per SOLVENCY I ruling and will be significantly prepared for the new SOLVENCY II legal framework that will be in place starting January 2016”, added Traian Halalai.
The Insurance – Reinsurance company Exim Romania specializes in covering financial risks both for export operations and internal commercial transactions.
The company has been authorized in August 2010 for insuring credits and guarantees but during 2011 Exim Romania extended its scope of work by obtaining the license for another six insurance classes: fire and natural calamities insurance, properties damages, third party indemnity, accidents insurance, insurance for goods in transit and insurance for financial losses.
A year later, in order to be able to offer to its clients full coverage without risks segmentation on their behalf Exim Romania extended again its activity with another two classes of insurance: insurances for aerial means of transportation and third party indemnity for aerial means of transportation.
EximAsig has a 30 products portfolio related to the above mentioned classes targeted at the companies involved in commercial activities with local and foreign partners in constructions, goods and industrial production, air transportation, marine transportation, services, export and IT.