Generali's profit down almost four times

Generali, one of the top ten players on the insurance market, saw its profit decline almost four-fold last year, to 0.9 million RON (0.25 million euros), according to data published by the company. The insurer ended last year with overall revenues worth 643.8 million RON (175 million euros), down 2% against 2007. Revenues from gross underwritten premiums amounted to 417.5 million RON (113.5 million euros), up 9% against 2007 results. Almost 80% of the company’s business is generated by the general insurance segment. Generali has recently revised the value of its gross underwritten premiums budgeted for 2009 downwards by 7%, to 510.2 million RON (127.5 million euros – at 4 RON/EUR, the exchange rate forecast by the National Forecasting Commission for 2009). If this is achieved, it would amount to a 22% rise against 2008. Currently, the insurer expects a 24.6 million-RON (6 million-euro) net profit for 2009, according to International Financial Reporting Standards (IFRS), down 41% against the initial forecast for this year.