Romanian insurer Generali Asigurari revises downwards by 41% net profit estimates for 2009
Publish date: 31-03-2009Generali Asigurari, the Romanian unit of Italy's biggest insurer Assicurazioni Generali Spa, expects a net profit of 24.59 million lei this year, down 41 percent over the year before, considering the risk of canceling some policies following owed and uncashed premiums from some clients.
According to the initial estimates, Generali Asigurari planned to report a net profit of 41.93 million lei in 2009.
The insurer also revised downwards by 7 percent estimates on turnover, from 547.8 million lei to 510.24 million lei. Business should add 22 percent year-on-year in 2009.
On the general insurance segment, the company estimates incomes of 397.3 million lei this year, from 425.53 million lei first estimated, while from the life insurance field it aims to cash premiums of 112.93 million lei, versus 122.28 million lei as initially planned.
The shareholders of Generali Asigurari will also discuss in the next meeting about revoking the members of the surveillance council, appointing new members for a four-year mandate and also establishing their wages.
The insurer booked gross premiums written (GPW) of 417.5 million lei last year, up 9 percent over 2007.
It witnessed an 85.4 million lei business on the life insurance segment in 2008, a 40 percent year-on-year increase, and 332.1 million lei turnover from general insurance, a 3 percent inch over 2007.
The Romanian insurance market is expected to drop this year, according to the head of the union for insurance and reinsurance companies UNSAR, Cristian Constantinescu, who estimates the loss at 100 million euros.
However, president of market watchdog CSA Angela Toncescu sees the market rising in 2009, but at a slower pace than in the previous year.
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