Generali sells 80m euros' worth of policies, down 9%

Generali, one of the top ten insurers on the market, underwrote gross premiums worth 335.9 million RON (80.3 million euros) in the first three months of the year, down 9% against the similar period of last year. The decline deepened in the third quarter, when premiums underwritten amounted to 101.5 million RON, after the company had ended the first half with 4.4% lower turnover.

The business decline was due to the general insurance trend, with premiums underwritten down by 12% against January-September 2009, to 268.5 million RON, because of the weak performance recorded on the auto insurance segment.
“We continue to operate on a market dominated by auto insurance, but we have always pursued a balanced portfolio by cutting the volume of auto insurance and by developing other lines of insurance. In the mentioned interval, we managed to reduce the share of auto insurance in our portfolio by five percent,” said Marie Kovarova, the company’s CEO.
Generali saw a 6.4% increase on the life insurance segment, where it underwrote 67.4 million RON (16.1 million euros) in gross premiums in the first nine months of the year.