Generali results squeezed despite strong premiums

Insurance companies belonging to the Generali group have so far collected zł.180 million in premiums - and the organization hopes to double that figure by the end of the year. Despite this the group is not forecasting any profit in 2004. "The premiums are mainly the effect of dynamic sales of communication insurance and corporate insurance as part of servicing of international holdings," said Generali management board member Jarosław Mastalerz. However, dynamic growth and necessary investments are responsible for the negative financial result. "We can still invest zł.25 million in distribution projects by the end of the year. If they come to fruition then the group might close the year with a dozen million złoty in the red," said Mastalerz. The company will also offer clients individual pension accounts (IKE) in the coming months, which should attract a few thousand clients in the first year. (Puls Biznesu, p. 9) M.M.