Generali posts 120m-euro business in 2007

Generali, one of the top ten companies on the insurance market, closed last year with business worth 120 million euros (400 million RON), up almost 42% in euros against 2006, according to estimates made by the company’s general manager, Tudor Moldovan. “The results exceeded our original budget, of 340 million RON. Non-life insurance products sold extremely well, in particular CASCO (comprehensive insurance) because we introduced deductibles (part of the claim is paid by the insured party), whilst fees were lower, which meant more clients. Another important factor was an increase in the sales force,” says Moldovan. Out of total underwritten gross premiums, around 102 million euros (340 million RON) came from general insurance policies, and 18 million euros (60 million RON) from life insurance. Around 10% of non-life policies and 25% of life insurance policies were bought by companies. The head of Generali would not make any estimates on the financial results.