Ardaf insurer, controlled by Generali PPF, in the first half ofthis year generated income worth 9m RON (2.16m euros), after havingended last year with a loss of 90m RON (21.24m euros). This is thefirst half-year profit the company has registered since 2006.
First half revenues dropped by 13.5%, to 141m RON (33.86meuros).
Mandatory car insurance holds the biggest weight in the insurer'sportfolio, of 57.3%, down 1.6% from the first six months of2009.
Comprehensive insurance weighs 33% in the insurer's revenues, up1.7% from a year ago. Other types of insurance also weigh slightlyheavier from last year, with the company banking on portfoliodiversification. Nevertheless, Ardaf in the second quarter gave upits life insurance portfolio, transferring it to Generali, part ofthe same group.
Ardaf representatives say they will focus more on mandatory homeinsurance this year and in 2011.
"We have been among the companies that advocated the necessity andbenefits of this law and also among the first to startelectronically issuing mandatory home insurance policies. We willfurther support this segment," stated Stanislav Uma, Ardaf chairmanand CEO.
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