ARDAF in the black in the first quarter
 ARDAF, company member of GENERALI PPF Holding, has ended the first quarter of the year with a positive financial result of RON 145,000, compared to the RON 36 million loss registered in the first three months of 2009. However, the company's business saw in the same period a decline of almost 10%, to RON 83 million, according to the report submitted to Bucharest Stock Exchange.
Claims paid by the company in the first quarter stood at RON 66.3 million, down 8% from Q1/2009, of which RON 64.7 million were paid claims on the motor insurance segment.
Motor insurance contributed with RON 74.8 million to the total volume of underwritings, representing over 90% of the portfolio, of which Motor Hull insurance has brought RON 23.7 million gross written premiums and RON 25.8 million paid claims, and MTPL insurance, RON 51.1 million, compared to RON 62 million in Q1/2009.
In the company's portfolio, the remaining underwritings were made, mostly, from fire and allied perils insurance, with a volume of gross premiums of a little under RON 3.9 million, and from general liability, with RON 2.8 million.
After the shareholders of ARDAF have brought RON 51 million to the capital of the insurer earlier this year, after the capital increase of RON 200 million from the autumn of 2009, the company plans a new increase of RON 45 million. In 2009, ARDAF managed to reduce losses by half, from RON 185 million in 2008 to RON 90 million last year.
ARDAF is indirectly controlled by GENERALI PPF Group, through IBERIAN Structured Investments, which owns 98.87% of the shares of the insurer, after an increase of 16.87% of the stake in the public takeover bid which was conducted in June last year.
GENERALI PPF, present in Romania through GENERALI Asigurari, ARDAF, RAI Asigurari and GENERALI Fond de Pensii, is the fourth player on the local insurance market, with about 9.4% market share in 2009, according to Specialty Review INSURANCE Profile.
Author: Andreea IONETE
on 17.05.2010
Comment this article
0 comments
|
