Generali Insurance reports 14 percent decrease in gross written premiums on H1

Newsroom 18/08/2011 | 14:23

In the first semester of 2011, Generali Insurance reported a net profit of RON 9.7 million. The life segment has increased by one percent in the first half of 2011, reaching RON 46 million for gross written premiums.

The volume of gross written premiums has decreased by 14 percent to RON 201 million. This drop in results was caused by decreases in the Motor segment. Gross written premiums for general insurance reached RON 155 million in the first half of 2011. Despite a fall in the motor segment, travel premiums increased by 32 percent, home premiums gained 17 percent, while property damage premiums increased by 7 percent. The insurer gained 22 percent in life premiums for employees.

The Life segment in the Generali Insurance portfolio increased from 19 percent in H1 2010 to 23 percent in H1 2011, while the Motor segment decreased from 52 percent to 40 percent. The Retail segment has seen a 4 percent increase in H1 2011 for home premiums and a 1 percent increase for travel premiums.

Marie Kovarova, CEO of Generali Insurance, believes that the Life segment has growth potential. The company is looking to further increase the volume of written employee life premiums. In addition, the current loan refinancing trend promoted by banks can boost the sale of life premiums.

Generali Group is one of the main players of the European insurance industry with gross written premiums of EUR 73 billion for 2010. The group is managing assets of EUR 400 billion and operates a real estate portfolio of EUR 24 billion.