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Union Insurance H1 revenue up 55%

Union Insurance Rt had revenue from premiums of Ft 7.3 billion in H1 2005, 55% more than in the same period of 2004, chairman and CEO Miklós Zsoldos announced yesterday. The company plans annual revenue from premiums to grow from Ft 9.6 billion in 2004 to Ft 15 billion this year. Union has launched 50 new products over the past five years and has expanded into the vehicle, property and travel insurance markets. Union will finance the strong growth through a recent Ft 1 billion capital injection from its parent company, Wiener Stadtische Insurance AG. One-sixth of the fresh capital (Ft 166 million) will be used to raise the company's registered capital from Ft 4.2 billion to Ft 4.366 billion. The remaining Ft 834 million will go into capital reserves, raising them to Ft 7 billion.