28% growth for GENERALI
Insurance company GENERALI posted gross written premium of RON 382 million in 2007, up 28% compared to 2006. This growth was driven both by general insurance, with GWP of RON 321 million (rising 25% from 2006) and life insurance where the company underwrote RON 60.8 million, 49% more than in the previous year.
GENERALI's net income was RON 3.49 million in 2007.
"These results confirm the success of the sales force restructuring programs, as their implementation induced an improvement of the specialized personnel rate in selling life insurance, a productivity growth and, last but not least, an evolution of the selling process' quality", Tudor MOLDOVAN, General Manager of GENERALI has declared.
Speaking of the non-life segment, the most significant growth rates were recorded in MTPL insurance (+116.5%), liability insurance (+29.2%), motor hull (+24.7%) and property (+23.6%). Year 2007 also brought a series of new products and services in GENERALI's portfolio: material loss for small and medium enterprises insurance, price segmentation for motor hull insurance and the introduction of the franchise and bonus-malus system.
"For general insurance, one of the biggest accomplishments was the improvement of the claim rate, especially on motor insurance, by enforcing a new pricing policy both for motor hull and MTPL insurance", Tudor MOLDOVAN added.
The underwriting volume was generated through all distribution channels, the headquarters, Bucharest branch, the 84 territorial branches and offices, insurance intermediaries and partner banks. The number of insurance agents rose in 2007 from 2,800 to 3,400.
Also, 2007 was the year when a new GENERALI company was launched in Romania, GENERALI Fond de Pensii, which managed to take the third place on the private pensions market, with 389,607 participants and a 9.37% market share.
Last year GENERALI Asigurari raised its share capital from RON 50 million to RON 120 million, in order to support the company's development and to diversify life and non-life insurance activity.
Author: Mihaela CIRCU
on 02.04.2008
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