Ardaf 1Q Premium Revenue Down 56.9%, To RON35.7M

05.16.2011 By Gavrila Oana

Ardaf (ARDF.RO) posted revenues from underwritten premiums of 35.69 million lei (EUR8.75 million) in the first quarter of the year, down 56.9% compared to the first quarter of 2010, while its profit increased to RON5.07 million from RON144,890, the Romanian insurer said Monday.

The company's best selling policies were civil liability car insurance RCA policies - RON15.42 million, from RON51.12 million in the same quarter the year before, followed by voluntary car insurance CASCO - RON12.96 million, down by RON10.76 million compared to the first quarter of 2010.

Property insurance against fire and natural disasters increased 23.8% in the fgirst quarter, to RON4.79 million.

Ardaf paid damage claims of RON44.21 million, 33.5% less than in the first quarter of 2010.

Ardaf started activity on the Romanian market in 1992 and is owned by Generali PPF Holding, which took it over in June 2008 by buying a 72.75% stake from PPF Alpha Limited.

Ardaf has a share capital of RON44.77 million, after shareholders lowered it by RON358.15 million in March this year. Ardaf is expected to complete its merger with Generali Romania in the second part of this year.

For this year, Ardaf estimate underwritings will decline 20.9%, to RON171.6 million, and expects to register a loss of RON3.16 million.

Last year, the insurer managed to swing to a RON266,579 profit, from a loss of RON90.51 million posted in 2009, while its revenues from underwritten premiums declined 33.6%, to RON217.14 million. (EUR1=RON4.106)