Sara Merkur concluded 2003 with 97.3bn ROL in insurance premiums subscribed, 12% more than in 2002 in nominal terms, yet failed to outrun inflation that reached 14.1% last year. "The growth is natural and positive, and stems from a more tempered trend of the life insurance market over the last two years. Sara Merkur management's goals for 2003 focused on broadening and completing the policy portfolio with new options, as well as on consolidating the product distribution network," general manager Ian Harrocks said. Sara Merkur shareholders appointed Ian Harrocks as general manager of the company in late February, replacing Sorina Niculescu. Sara Merkur's premium-related revenues amounted to 94.5bn ROL, while the net profit saw an over 70% drop from 1.011bn ROL to 269 million ROL. Life insurance policies account for 96% of the total premiums subscribed, with general insurance accounting for the rest. The company settled 4.9bn ROL in claims last year. ZF
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