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Generali Pojišťovna strengthens market position

12.5. 2010

Generali Pojišťovna strengthens market position and earns profit of CZK 541.2 million

In 2009 Generali strengthened its position among the largest insurance companies in the Czech Republic with a growth in market share to 6.4%, securing fifth, in certain segments even fourth and third, place on the market. According to methodology used by the Czech Insurance Association total premiums increased by 4% to CZK 8,912.2 million, thus surpassing average growth on the Czech insurance market. Reported net profit, CZK 541.2 million, was similar to in the result of 2008. These figures come from audited IFRS results. Main contributors to financial result were improved technical results in nearly all lines of business, excellent financial allocation and greater savings in overhead costs. All this despite the financial crisis and the global economic slowdown. From a long-term perspective the stable business results of Generali Pojišťovna a. s. were once again confirmed in 2009, enabling the payment of dividends to shareholders.

“Generali successfully handled an extremely demanding year against the backdrop of the financial crisis and economic recession, which had relatively substantial impacts on the entire insurance market,” Petr Kopecký, Member of the Board of Directors and CEO of Generali Pojišťovna said. “Last year’s financial results are a clear indication to our clients and shareholders of the way Generali manages the resources that have been entrusted to our company. Added value in the form of appreciation is a traditional goal of all businesses,” added Mr. Kopecký.

Generali was one of the most dynamically growing companies on the market in 2009. As of 31 December 2009 the company administered over 1,474,000 insurance policies with portfolio premium reaching CZK 9.4 billion.

Total premiums written in non-life insurance grew by 6% to CZK 6,328 million. A market share of 7.8% ranks Generali fourth among the largest insurance companies in this area. The market share is even higher with commercial & industrial insurance: a 11.4% shares ranks Generali third in this category.

Total premiums written in life insurance amounted to CZK 2,584.1 million. A market share of 4.4% places Generali among the strongest companies on the market offering this type of insurance.

The shareholders’ equity of Generali Pojišťovna reached CZK 2.4 billion as of 31 December 2009. As of the same date total balance sheet increased by nearly CZK 4 billion to CZK 18.2 billion. The company has capital investments with a value of CZK 16.7 billion and insurance provisions of CZK 12.8 billion.

By Jiri Civka