Ardaf posts 45% growth

Insurance company Ardaf finished last year with over 64.5 million euros (233.9 million RON) in revenues, according to company estimates, witnessing a 45% increase in euros as compared with 2004. The RON increase is 30%. This year, the insurer is expecting a volume of gross underwritten premiums of over 90 million euros (327 million RON), that is a 40% growth compared with last year. The company says it has not completed its financial statements yet, which would enable it to reveal the financial results for 2005, but that it is surely going to make profit, according to the company”s chairman Octavian Manastireanu. In 2004 Ardaf made profit worth almost 102,000 euros (413,000 RON). The volume of gross underwritten premiums amounted to 62.9 million euros (227.8 million RON) last year according to estimates, up 46% as compared with 2004. Mandatory auto liability insurance policies saw the biggest increase, which doubled from last year, reaching 29.5 million euros (106.7 million RON). Another significant increase, representing 62% in euros was seen by comprehensive naval insurance policies, which brought the company over 3.56 million euros worth of gross underwritten premiums (12.9 million RON). ZF