Of all the companies controlled by GENERALI Assigurazioni in the CEE region, ÄŒESKÁ PojišÅ¥ovna is the jewel in the crown. The leader of the Czech insurance market, the company is in many respects a trend setter in the region. In January 2009, Standard & Poor’s raised its rating on ÄŒESKÁ pojišÅ¥ovna a.s. to ËA+Ë from ËAË with a stable outlook. ÄŒESKÁ PojišÅ¥ovna thereby received the highest rating possible in the Czech Republic.
Net earnings calculated by international accounting standards rose EUR56.7m to EUR279.6m in 2009. Premium income fell around 6% to more than EUR1.4bn. The decline was mainly due to a planned reduction of financial risks. Last year at a time of economic crisis, this was an excessively risky area which we decided to leave, ÄŒESKÁ pojišÅ¥ovna chief executive Ivan VODICKA said.
Total premiums of Czech insurance companies increased by 4.5% on the year to almost EUR5.3bn. The insurer's positive economic result was influenced mainly by investment income and operating results that reflected savings in operating expenses.
ÄŒESKÁ pojišÅ¥ovna registered its biggest growth, of 67%, for the insurance of domestic animals, followed by insurance of large risks at 6% and civil construction projects at 4%.
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What is ÄŒESKÁ pojišÅ¥ovna? ÄŒESKÁ pojišÅ¥ovna’s tradition has been evolving since 1827, when the First Czech Mutual Insurance Company (Prvn í Äeská vzájemná pojišÅ¥ovna) was founded in Prague. Initially, it was a single-line insurer focusing on Fire insurance for real estate but by the closing years of the 19th century it was strong enough to survive the extensive losses resulting from several large fires, including the largest insured event of the 19th century, the fire of the unfinished National Theatre. Early in the 20th century, the First Czech Mutual Insurance Company began offering its clients Life assurance, insurance against theft and compulsory liability and accident insurance. After 1948, a single Czechoslovak Insurance Company was established, which held a monopoly until 1991 when the Insurance Act opened the market and enabled competition. By the end of 1999, 42 insurance companies were active in the Czech market. Even in today’s highly competitive environment, ÄŒESKÁ pojišÅ¥ovna continues to hold a privileged position. |
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Market leader in first quarter Czech insurance companies collected premiums worth EUR1.52bn in the first quarter of 2010, up 4.3% on the same period a year earlier, according to estimates of the Czech Insurers' Association. The Association groups together insurers with 98% of the market. The leading position was held by ÄŒESKÁ pojišÅ¥ovna, with a 24.2% share, KOOPERATIVA pojišÅ¥ovna VIG was second with 22.1%, KOMERCNI pojišÅ¥ovna was third with 7.5% ALLIANZ was fourth with 7.1% and GENERALI was next with 6.7%. |
