In the first nine months of 2010, Ardaf registered a profit of RON10.79 million, while in the third quarter it posted profit of RON1.8 million.
Revenues from premiums dropped 42.7% in the interval, to RON108 million, according to the report sent Monday to the Bucharest Stock Exchange. The largest share of Ardaf’s revenues came from CASCO (RON43.79 million) and RCA policies (RON32.72 million), although both segments dropped significantly compared to September 2010 – 34.9% and 68.18%, respectively.
Ardaf paid RON56.69 million in CASCO claims, 29.4% higher than gross premiums underwritten on this segment, and RON80.97 million in RCA claims, 2.4 times higher than gross premiums. In general insurance, Ardaf paid total damage claims worth RON143.88 million, 18.79% lower than in the first nine months of 2010.
The value of underwritten fire and natural disaster insurance premiums doubled to RON21.73 million. Ardaf paid claims worth RON2.9 million on this segment.
Ardaf expects to end the year with premiums at RON171.6 million, 20.9% lower on the year, and with losses of RON3.16 million.
(EUR1=RON4.3608)