Lev Ins To Increase Capital By 10 Million Leva

Lev Ins To Increase Capital By 10 Million Leva

Shareholders in Lev Ins (among which Rahiti Meir Classic, Lev Corporation and Julius Baer Investments) have decided to raise the company's capital by 10 million leva, from the current 23 mln leva (11.7 mln euros) to 33 mln leva (16.8 mln euros), the company told Profit.bg.

In August 2007 one of the biggest American asset management companies Julius Baer Investment Management acquired stakes in Lev Ins via two of its funds. Julius Baer is also known as one of the biggest private banks in Switzerland - Bank Julius Baer, which controls some 360 bln swiss franks as at end of 2006, is a member of its group.

The financial results reported at the general meeting of shareholders present the company as one with sustainable and dynamic economic development. In November 2007 the company received a bg A3 financial stability rating by the National Credit Rating Agency, the only associated partner of Moody's in the country.

Last year profit came to 12 mln leva (6.13 mln euros). The company's market share rose 26% in 2007 compared with 2006 and premium income grew 65% to 102 mln leva (52 mln euros).

Shareholders also approved the allocation of 3 mln leva for implementation of the company's strategy, of which 1.5 mln leva will go to the Prevention Fund and 1.5 mln leva to the Active Insurance Fund.

Shareholders decided not to pay dividend, but to reinvest profit in the company's development.

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