Ardaf turnover, down 30% in H1

Insurance company Ardaf registered a 30% drop (in euros) in gross underwritten premiums, to a volume of 24.3m euros in the first half of the year, according to data sent by the company to ZF. Despite the 30% drop, the company settled 24% more customer claims, in line with the financial data. The decline in turnover was primarily registered in general insurance, which accounts for over 97% of the company’s premiums. Gross premiums from general insurance slumped by 30%, to 23.7m euros. At the same time, life insurance, accounting for 2.4% of Ardaf’s portfolio, brought 13% fewer premiums in the first half of this year. Ardaf’s turnover continued, at a faster rate, the decline started in 2006, when the company’s volume of gross underwritten premiums fell by 14% in euros, from 64.6 to 55.7m euros. Company officials accounted for the H1 decline by rising prudence and by “a focus on quality and value, instead of quantity”.