Ardaf, an insurer controlled by Generali PPF, last year cut itsnumber of employees by more than 600 people, in a bid to curb thelosses it has been registering for the past several years.According to a report by the insurer, the total number of employeesstood at 760 last year, down from almost 1,400 in 2008. Part of theemployees made redundant by the company were sales agents with anemployment contract and fixed wage, but were transferred to feecontracts. Ardaf's gross underwritten premiums fell by 8% lastyear, 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 grossunderwritten premiums by 4% from 2009, to 340m RON. According toArdaf's report, the company last year raised administrators' andmanagers' salaries by 46%, with their total value amounting to22.4m RON. The insurer's rent expenses reached 10m RON last year,up 46%. The company's budget also includes net income worth 1.2mRON, according to Romanian accounting standards.
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