Generali Subsidiaries in Poland Triple Net Profit Y/Y in Q1

4. Juli 2006, 00:00

The three subsidiaries of Austrian insurer Generali generated a combined net profit of 25.7 million (EUR 6.425...

The three subsidiaries of Austrian insurer Generali generated a combined net profit of 25.7 million (EUR 6.425 million) in the first three months of the year, a threefold increase over the same period a year ago.  

"Achieving this result is due to achieving a desired claim ratio," said Erich Fischer, president of Generali Polska.

The companys life insurance division saw its Q1 revenues double year-on-year to PLN 117.5 million (EUR 29.4 million). President Fischer explained this was the result of increased activity of the sales network and of increased cooperation with external channels.

Generalis pension fund increased the number of active accounts increase 10 times to 424,000 at the end of March this year from from 47,300 in Q1 2005. The value of its assets under management rose 100 per cent to PLN 3.3 billion (EUR 825 million).

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