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Generali-Providencia revenues climb 12%

Hungarian insurer Generali-Providencia Biztositó said its revenue from premiums rose 12% to Ft 138.3 billion in 2007.

The company noted revenue growth was well over the industry average, which did not even reach the 8.0% rate of inflation in 2007.

Revenue from life insurance policies with regular premium payments grew 10% or Ft 3.2 billion. But revenue from policies with one-time premiums jumped 90% to Ft 20.7 billion.

Generali-Providencia's stock of health and accident policies with regular premium payments grew 16% to Ft 437 million in 2007. The company signed 98,000 new home insurance policies, raising total stock to 530,000. The value of the stock rose Ft 2 billion to Ft 17.4 billion.

Generali-Providencia's revenue from mandatory vehicle insurance fell by 3% to Ft 17 billion because of lower average premiums. Revenue from premiums for comprehensive vehicle insurance policies decreased 6% to Ft 24.8 billion as vehicle sales dropped and average premiums fell.

Revenue from premiums for unit-linked policies rose 70% to Ft 60.9 billion.

Generali-Providencia's invested assets, excluding assets for unit-linked policies, climbed 5.4% to Ft 205 billion.

Generali-Providencia is Hungary's second-biggest insurer after Allianz, based on figures compiled by the Hungarian Association of Insurers (MABISZ). (MTI-Econews)