BUCHAREST (Romania), November 17 (SeeNews) – The Romanian unit of Austrian insurer Grawe said on Tuesday it turned to a net profit of 7.6 million lei ($2.6 million/1.8 million euro) in the first nine months of this year from a loss in the same period of 2008.
Grawe Romania issued no figure for its loss in the first nine months of 2008.
The insurer turned profitable in January-September 2009 thanks to its profit from investments on the stabilizing local capital market, the efficient cost-cutting strategy and the good level of interest rates in Romania, the company said in a statement.
Its gross premium income fell 11% on the year to 57.2 million lei in the January-September period this year. The company paid claims worth 1.35 million lei in the same period.
Grawe bought Romanian insurance company Sara Merkur from fellow Austrian insurer Merkur Versicherung in January 2005. A merger of Grawe Romania and Sara Merkur was completed in March 2006.
(1 euro = 4.295 Romanian lei)
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