Generali Romania’s Underwritten Premiums Down 15.6% In 1Q, To RON96.6M

05.16.2011 By Ioana Tudor

Romanian insurer Generali Romania’s underwritten premiums decreased by 15.6% in the first quarter of 2011, to 96.6 million lei (about EUR24 million), from RON114.5 million in the same interval last year, the insurer said Monday.

General insurance premiums brought the company RON73 million in the first three months of the year (from RON93.4 million twelve months ago).

On the life insurance segment, the insurer's underwritten premiums increased by 13% in the first quarter of the year, to RON23.7 million.

Generali Romania has a share capital of RON129.45 million and is part of Italian group Generali. It is owned by Generali Holding Vienna (83.8%), Astra Asigurari - (16.03%) and other shareholders (0.17%).

Generali paid claims of RON246.91 million in 2010, up 5.7% compared to 2009.

The insurer's revenues from underwritten premiums dropped by 13.2%, to RON439.91 million, while its net profit increased by 30.9%, to RON20.89 million.

Generali Romania estimates its underwritten premiums will rise by 0.4% this year, to RON441.51 million, and its net profit will stand at RON860,000.

The local general and life insurance market dropped 6.6% in the first three months of the year, to RON2.14 billion, as underwritten premiums on the general insurance segment decreased by 8.8%, to RON1.71 billion, according to preliminary data released by insurance regulator CSA. (EUR1=RON4.1054)