Austria’s Grawe Serbian Unit Raises Total Assets to $100 Mln at End-Oct

In March, Grawe's Serbian arm said it had total assets of 5.1 billion dinars ($81.2 million/54.2 million euro) at the end of 2008.

“We fully accomplished our plans set at the beginning of 2009, and in accordance with the timetable. We already reached our total assets limit of $100 million!” Grawe Osiguranje Managing Board President Christoph Czettl said in a statement.

The company has invested 81.2% of its total assets in government securities, 14.4% in bank deposits and the remainder was split between cash, real estate and shares, Czettl said.

Grawe Osiguranje said earlier this year that it plans to raise its premium income to 1.8 billion dinars in 2009 from 1.5 billion dinars last year. The company boosted its net profit to 117.2 million dinars last year from 65.9 million in 2007.

Grawe Osiguranje’s assets totalled 3.87 billion dinars in 2007.

(1 euro=94.0659 Serbian dinars)