The insurer also said it estimates net profit of RON11.3 million this year, down 44% from RON20.1 million in 2013.
In 2013, Generali Romania saw a decline in underwritten premiums on both life and non-life (general) insurance segments. Non-life insurance premiums were estimated at RON382.7 million, but reached RON354.3 million at the end of 2013, while life insurance premiums were expected to rise 7.1% to RON89.6 million, but reached RON84.4 million at the end of the year.
Premiums generated by voluntary car insurance CASCO held the highest share in overall revenues from non-life insurance, with RON145.7 million, compared to RON115.4 million in 2012.
The company decided not to impose unsustainable prices on the segment of mandatory car insurance RCA, therefore, premiums underwritten on this segment fell to RON39.61 million at the end of 2013, from RON66.99 million in 2012.
In 2013, the insurer paid RON248.9 million in net compensations, down 3% from 2012, of which RON223.8 million on the non-life insurance segment.
Its budget for 2014 states underwritten premiums of RON409 million, down 7% on the year, and net profit of RON11.3 million, 44% lower from a year ago. The insurer targets underwritten premiums of RON347.8 million on the non-life insurance segment in 2014, down 1.8% on the year, and of RON61.2 million on the life insurance segment, compared to RON84.4 million in 2013.
Generali Romania is part of Italian group Generali and among the ten largest insurance companies in Romania in terms of underwritten premiums. Its share capital amounted to RON179.1 million at the end of 2013. (EUR1=RON4.4793)