Generali Asigurari in Q1 collected nearly 63bn lei in premiums, against 35bn lei in the same time last year, which accounts for an actual growth of about 40%, inflation exclusive.
“Q1 results this year are good. Unfortunately, car insurance still accounts for a large share,” Emil Boldus, company chairman, told Ziarul Financiar. Generali’s goals for 2001 are increasing receipts by at least 50% and 366bn lei in turnover. It also anticipates 20bn lei in profit this year, which “is not very much”, as Boldus puts it, because of the high expenses made for promoting life insurance products.
Generali Asigurari last year collected nearly 8 million euros in premiums, that is 46% higher than the previous year, which accounts for some 3% in non-life market share. Car insurance (Casco) registered the highest weight in receipts, followed by fire, theft and other damages insurance, as well as by construction insurance.
The company in 2000 made some 11bn lei in gross profit against 290bn lei in turnover and paid 44bn lei in damages last year, which accounts for about 26% in damage technical rate, as compared to 27% in 1999.
The company is currently employing 140 people, has 24 agencies and three working stations in major cities across the country and is planning to open more over the next period.
Generali Asigurari entered the life-insurance market in May last year, when it collected 335.6 million, with an aggressive marketing campaign already in progress and the launch of new products scheduled for this year.
The company has an agreement concluded with Banca Italo-Romena, allowing those who buy a Generali life insurance policy to have access to preferential interest credits.