Romanian state-owned insurer boosts capital by EUR 4.4 mln
Local insurer EximAsig, where the state indirectly owns the majority stake, has boosted its capital by RON 20 million (EUR 4.4 million).
The operation still needs to get the approval of the Financial Supervisory Authority (ASF), reports local Profit.ro.
State-owned bank Eximbank had a share of 93.7% in the insurer before the capital increase. The difference was owned by individuals.
The insurer had to diminish its capital by EUR 5.8 million in October last year to cover for the cumulated losses recorded by the company at the end of 2014. The EUR 4.4 mln capital boost was recommended by ASF in August 2015 after stress tests had shown that Astra, Carpatica, Euroins, and EximAsig jointly had a capital deficit of EUR 356 million.
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