Generali insurance operations in Serbia and Montenegro up 18.3%

The Generali Group’s operations in ten countries of the Central Eastern Europe region developed very successfully in 2014. With €3,371 mln gross written premiums (GWP) the CEE companies accounted for 5% of the Group total and with €399 mln operating result for 9% of the Group total.

Especially in the property and casualty (P&C) insurance lines the Group’s CEE companies improved their performance once again. Gross written premiums grew by 1.3% to €1,884 mln, thanks both to motor (+2.6%) - in particular in motor third party liability (MTPL) insurance with a growth of 6.6% - and non-motor (+0.2%) lines. Also accident and health insurance went up substantially (+3.6%).

The CEE countries have once again confirmed the outstanding performance with the combined ratio at 87.7% (-1.1 p.p.) being best of the whole Group.

With gross written premiums of €1,487 mln life insurance business the CEE region remained stable at constant reporting lines, but decreased slightly (- 1.5%) when taking one-off impacts in Poland into account.

The Generali CEE CEO, Luciano Cirina, said: “We continue to reap the benefits of our strong regional position in P&C being fully in line with the Group’s strategy to push especially the P&C business”.

Nearly 90% of the Group’s business in the CEE region is done in five markets – Czech Republic, Poland, Hungary, Slovakia and Serbia/Montenegro - whereas Romania, Slovenia, Bulgaria and Croatia account for around 10% of total gross written premiums.

The Czech Repulic is the Group’s most important market in the CEE region with gross written premiums of €1,807 mln (-3.0%). The Group is market leader in this country showing a market share of 31.4%.

In Poland GWP grew by 1.9% to €540 mln mainly thanks to Proama’s strong performance on the motor insurance market. Poland’s share in the Group’s CEE insurance portfolio is 16%.

In Hungary the Group remained on its successful path of growth with GWP of €393 mln (+ 4.2%). Nearly 12% of the Group’s CEE business comes from this country.

Generali Slovakia’s business was stable at €174 mln whereas Serbia/Montenegro pushed its business by 18.3% to €138 mln.

More than 12,800 employees are taking care of around 16 mln customers insured by Generali Group companies in the CEE region.