Capital of "Kosig Dunav osiguranje" in 2007 - 4.2m EUR, expansion of operations to Federation of BiH in the pipeline

The capital of company "Kosig Dunav osiguranje" from Banjaluka was enlarged by 77% in 2007, from 2.35m EUR to about 4.2m EUR.

The company has the intention to start with business in Federation of BiH in September 2008, as well as to start selling life insurance policies in RS and Federation of BiH at the beginning of year 2009.

The CEO of "Kosig Dunav osiguranje Banjaluka", Žarko Popović, said that the premium of "Kosig Dunav osiguranje" in 2007 had amounted to about 9.6m EUR, as well as that the total incomes had amounted to about 10.35m EUR.

The Executive Manager of company "Dunav osiguranje" from Belgrade and the President of the Administrative Board of “Kosig Dunav osiguranje", Mirko Petrović, says that the growth of capital was achieved through distribution of non-assigned profit from the previous years and the additional capitalization of "Kosig" through the fourth issue of stocks, where 88% of the whole issue was bought by "Dunav osiguranje“.

He pointed out that the short-term investments of "Kosig Dunav osiguranje" had been increased by 123%, which “shows strong financial liquidity of the company".

- Financial indices with the increase in gross premium and its growth in 2007 by 9% show that "Kosig" achieved its primary results in the previous year - says Petrović.