ARDAF aims up high

The increase in the volume of gross premiums subscribed (to $40 million) and a higher market share (from the current 4% to 7%) are but two of the most important goals insurance company ARDAF has set for this year. The 2003 targets endorsed by the General Meeting of Shareholders last month include reducing the share of the auto insurance from 78% to 75% of the total, ranking fourth instead of fifth on the general insurance market, climbing up one place from 6 to 5 on the overall market and, last but not least, making it into the Top 10 of the life insurance market. ARDAF concluded last year with 109.9bn ROL in profit, yet shareholders agreed not to have dividends distributed. One of the current development goals of the company is to expand in Bucharest by opening new agencies. The project is based on the fact that only 10% of ARDAF’s 2002 turnover were derived from Bucharest-based operations. “We are planning to have 30% of our turnover derived from our Bucharest operations in 2003,” Steluta Racolta, ARDAF chairperson says. To that end, ARDAF opened two new agencies on Wednesday. ZF