No set profit target for Generali

Generali Asigurari expects its revenues from gross premiums underwritten to reach some 1,100bn ROL (30.5 million euros) this year, according to the companya??s general manager Tudor Moldovan (photo). This does not take into account mandatory auto liability insurance, for which the insurer is planning to apply for a licence from the Insurance Supervision Commission this autumn. Generali has not set a profit target for 2005 and its only goal is a??to make profit on the general insurance segmenta??, the general manager says. Last year the company posted more than one million euros (47bn ROL) in losses against a 270,000-euro (10.13bn ROL) profit in 2003. a??The losses were caused by damages incurred by corporate clients,a?? Moldovan explained. a??These were not settled last year but we have set money aside for this and will pay them this year.a?? Generali Asigurari underwrote 24.4bn euros (990bn ROL) in gross premiums in 2004, an increase of 11% on 2003. Gross premiums underwritten for the first three months of 2005 amounted to 6.4 million euros, up nearly 30% on the same period last year. The life insurance segment, however, grew by 68% to reach close to one million euros. ZF