First half-year profit after four years of losses for Ardaf

Ardaf insurer, controlled by Generali PPF, in the first half of this year generated income worth 9m RON (2.16m euros), after having ended last year with a loss of 90m RON (21.24m euros). This is the first half-year profit the company has registered since 2006.
First half revenues dropped by 13.5%, to 141m RON (33.86m euros).
Mandatory car insurance holds the biggest weight in the insurer's portfolio, of 57.3%, down 1.6% from the first six months of 2009.
Comprehensive insurance weighs 33% in the insurer's revenues, up 1.7% from a year ago. Other types of insurance also weigh slightly heavier from last year, with the company banking on portfolio diversification. Nevertheless, Ardaf in the second quarter gave up its life insurance portfolio, transferring it to Generali, part of the same group.
Ardaf representatives say they will focus more on mandatory home insurance this year and in 2011.
"We have been among the companies that advocated the necessity and benefits of this law and also among the first to start electronically issuing mandatory home insurance policies. We will further support this segment," stated Stanislav Uma, Ardaf chairman and CEO.