GENERALI achieves profit of RON 11.5 million and takes over RAI's business
GENERALI Asigurari registered during January-March 2010 a total gross written premiums of RON 114.5 million, decreasing slightly (-4.7%) compared to the first quarter of 2009 (RON 120.1 million), but March was the first month of growth in 2010, the underwritings volume going up 14% than in March last year. Meanwhile, in the first three months of this year, the profit reached RON 11.5 million.
General insurance recorded a slight overall decrease (-3%; RON 93.4 million), there were business segments that registered double-digit growths: fire insurance for industrial risks (42%), household insurance (11.4%), accidents insurance (65%) and MTPL and Green Card (12%). The significant increase on the accidents insurance segment is largely due to the business conversion between RAI and GENERALI Asigurari, for travel insurance, made earlier this year. The company RAI, also a member of GENERALI PPF group, entered under the GENERALI's administration, the 60 employees having been transferred to the Italian company.
"The important decrease of the motor market and that of the leasing market have had a decisive negative impact on the Motor Hull segment at market level, and GENERALI made no exception, even if the impact was not linear. Fortunately, we succeeded to balance by focusing on other products with development potential in the coming period", explained Marie KOVAROVA, CEO of GENERALI Asigurari, and Coordinator of GENERALI PPF in Romania.
Life insurance registered a total volume of gross written premiums of RON 20.9 million. Though the volume of gross written premiums fell 12%, the number of contracts increased by 25% in the first quarter compared with the same period of 2009, the average value of the insurance premium having decreased.
At the end of 2009, GENERALI PPF recorded a cumulated market share of 9.9%, from 8.85% in the previous year, thus placing itself on the 4th place in the Romanian insurance market. Growth was driven by the positive evolution of GENERALI Asigurari, the company gaining almost one percent market share (from 4.67% in 2008, to 5.61% in 2009), while ARDAF and RAI registered slight year-on-year decreases, of 0.32% and, respectively, 0.07%.
Author: Mihai CRACEA
on 19.05.2010
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