"Grawe" insurance company in Serbia realized profit in amount of 65.9m RSD

Serbia-based Insurance company "Grawe" announced yesterday (March 18, 2008) that it had realized profit in amount of 65.9m RSD in 2007.

That is about 5m RSD smaller profit than in 2006, which is the consequence of large investments in hiring and training of new people in sales department, increase in number of new insurers, as well as the difference in exchange rate - said the assistant to the CEO of "Grawe" in Serbia, Marko Mikić, at the press conference, and added that the income from total insurance premiums in 2007 was 48% larger than in 2006 and that it amounted to 1.2 billion RSD, 99% of which was life insurance.

Mikić pointed out that the "Grawe" invested whole capital and reserves in the country, 89% of which had been invested in the bonds of Republic of Serbia, 4.4% was spent on deposits, while about 4% was invested in stocks.

Speaking about plans for this year, he said that about 45,000 clients and life insurance premiums worth 20m EUR were expected, as well as 1.5m EUR worth of non-life insurance premiums.