Romania's Astra Insurance aims to expand its business in Hungary, Béla Török, who heads the company's branch in the country, told journalists on Tuesday.
The branch aims to add 70,000 more contracts to its existing stock of 130,000 mandatory vehicle insurance policies, Török said. It wants to sell 4,000 comprehensive vehicle insurance policies and 3,000 home insurance policies this year, he added.
Astra Insurance's branch signed 114,000 mandatory vehicle insurance contracts during last year's campaign. These generated revenue from premiums of HUF 2.7 billion. The branch signed another 27,000 contracts in the first quarter of 2011, and these brought in about HUF 800 million in premiums. The average annual premium for policies signed during the campaign was just over HUF 18,000, while the average premium on policies signed in Q1 was 29,000, Török said.
This year, the branch's revenue from premiums could reach almost HUF 6 billion he said.
Astra Insurance has 3.7 million policy holders in Romania. It had revenue from premiums of €252 million in 2010.