BT Insurance to increase social capital again

The management board of BT Insurance Transylvania is due to decide an increase of the social capital by more than 4.5 mln Euro. The current figure stands at 5.1 mln Euro, up from 2.35 mln Euros in July 2005.

The boost comes as shareholders’ contribution of 2.86 mln Euro and by the profit reported last year. With the endorsement of the management board the social capital of the company will reach 10 mln Euro, up 182.5 percent.

At the end of 2005, BT Insurance reported a growth of bonuses by 283 percent. The pre-tax profit in 2005 was 2.29 mln Euros, up 17.2 percent compared to 2004. BT Insurances was created in 2004 as part of the Transylvania Bank financial group. Last year the network expanded to 136 units.