Ardaf reduced headcount by over 600 people in 2009

Ardaf, an insurer controlled by Generali PPF, last year cut its number of employees by more than 600 people, in a bid to curb the losses it has been registering for the past several years. According to a report by the insurer, the total number of employees stood at 760 last year, down from almost 1,400 in 2008. Part of the employees made redundant by the company were sales agents with an employment contract and fixed wage, but were transferred to fee contracts. Ardaf's gross underwritten premiums fell by 8% last year, to 327m RON (77.5m euros). The company remained in the red, but the value of losses halved: 90.5m RON (21.4m euros) in 2009, from 185m RON in 2008. For 2010, the insurer plans to boost gross underwritten premiums by 4% from 2009, to 340m RON. According to Ardaf's report, the company last year raised administrators' and managers' salaries by 46%, with their total value amounting to 22.4m RON. The insurer's rent expenses reached 10m RON last year, up 46%. The company's budget also includes net income worth 1.2m RON, according to Romanian accounting standards.