ARDAF maintains on the black, but business decreases
 ARDAF, company member of GENERALI PPF Holding, maintains on the black in the first half of the year, ending the period with a positive financial result of RON 9 million. However, the company's business in the same period saw a decline of 13.5%, to RON 141 million, announced ARDAF on the 17th of August.
"We are glad to notice the good results in terms of profitability, the effects of a complex process to restructure the organization, which started more than a year ago. Furthermore, our customers can count on a stable and secure company, with an optimal level of share capital and of solvency indicators, numbers that we will further strengthen", said Stanislav UMA, President of the Directorate and CEO, ARDAF.
Business segments that have registered significant evolutions in the first half of the year were: travel insurance (+254.5%), rail transport insurance (+98.8%) and general liability insurance (+11.2%).
In the process of diversification of the portfolio, started since last year, fire and allied perils insurance has increased its share from 4.8% in H1/2009 to 5.3%, and the civil liability segment obtained 2.7% of the total, up from 2.1% a year ago.
Also, the Motor Hull segment reached a 33% share of total portfolio, compared to 31.3% in January-June 2009.
Instead, following the implementation of balanced development strategy, the share of the MTPL segment fell to 57.3% of the total portfolio, compared to 58.9% in the same period of 2009.
"An important segment for us, for the second half of 2010 and for 2011, will be household insurance, especially in the context of entry into force of mandatory household insurance. We were among the companies that supported the need and benefits of this law, even since the initial discussions and, also, we were among the first to have started the electronic issuing of mandatory household insurance. We will continue to support the segment, with the help of over 6,000 consultants around the country", said Stanislav UMA.
Regarding the level of claims payed by ARDAF in the period January-June 2010, it was 368% higher (about RON 2 million) on the segment of fires and allied perils, compared to H1/2009, due to intense weather events that affected Romania in the first half, said company representatives.
For 2010, ARDAF has proposed continuing the process of balancing the product portfolio, supporting investments in training its sales force, strengthening relationships with brokers, expanding the network of partners and improving the quality of services offered to clients.
ARDAF is indirectly controlled by the group GENERALI PPF, through IBERIAN Structured Investments, which owns 98.87% of the shares of the insurer.
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 16.08.2010
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