Generali Romania underwrote premiums of RON511.44 million in 2011, down 22.2% on the year, and registered losses of RON83.17 million, from a net profit of RON266,000 in 2010.
Last year, the shareholders of Ardaf and former Generali Asigurari approved the merger of the two insurers. The name of Ardaf, the absorbing company, was changed into Generali Romania in September 2011.
In 2010, Generali Asigurari registered a net profit of RON20.89 million. Ardaf’s net profit amounted to RON266,000.
On the life insurance segment, Generali Romania estimates underwritten premiums of RON95.79 million in 2012, up 2.7% on the year. The insurer sees general insurance premiums climb 15.3% to RON482.02 million.
The company estimates indemnities paid to clients will amount to RON319.21 million, of which RON279.83 million on the general insurance segment.
In 2011, damages paid to policyholders decreased 15.6% to RON411.5 million, of which RON401.5 million for general insurance policies. Damages paid in 2010 stood at RON475.5 million in 2010.
Generali Romania had 227 subsidiaries and 944 employees at the end of last year.
The insurer has a share capital of RON133.09 million, which is controlled by Generali Holding Vienna AG – 66.24%, Iberian Structured Investment I BV – 20.7564% and Generali PPF Holding BV, ORG Unit Prague CZE – 12.88%.
According to 2011 data, Generali Romania was ranked seventh on the general insurance segment and fourth on the life insurance segment. (EUR1=RON4.3778)