Macedonian insurer Winner Life raises capital by EUR 1mn.

By bne IntelliNews March 21, 2013
Macedonian life insurer Winner Life said that it has increased its capital by EUR 1mn to EUR 4.3mn, a release on the website of the Macedonian Stock Exchange informs. The capital increase consisted of 1,000 new ordinary shares with a unit par value of EUR 1,000. The shares were acquired by the companys sole shareholder - Austria's Vienna Insurance Group. The hike is aimed at aligning the companys operations with the law on insurance supervision. In Jan-Sep 2012, five life insurers operated in Macedonia, posting combined premium revenue of MKD 369.6mn (EUR 6mn). Winner Life was the smallest player with premium revenues of MKD 6.2mn over the period. It should be mentioned though, that the life insurance segment grows fast, expanding by 20.4% on the year in Jan-Sep 2012.
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