Chrysler 2000 Annual Report Download - page 74

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Report on Operations – Insurance
RESULTS FOR THE YEAR
Consolidated premiums totaled 4,498 million euros in 2000,
or 10% more than in 1999. Casualty insurance contributed
2,029 million euros (+7.8%) and life insurance 2,468 million
euros (+12%).
Net premiums earned amounted to 4,363 million euros,
for a gain of 11.2% over 1999.
The insurance operations were adversely affected by the
freeze of automobile insurance rates in Italy and an increase
in the average cost of claims. However, these negative factors
were offset by the sharp gains achieved in other areas of
casualty insurance as a result of programs launched to
increase efficiency and improve profitability. Overall, the
ratio of claims to premiums showed a modest improvement.
The investment portfolio generated income of 325 million euros
(331 million euros in 1999) after transaction costs and net of
the share distributed to holders of life insurance policies.
Income before taxes came to 163 million euros, compared with
178 million euros in 1999. The 2000 figure is net of a provision
of 24.4 million euros set aside as a conservative measure in
connection with an administrative fine levied in Italy for alleged
antitrust violations. An appeal of this fine is pending before the
Regional Administrative Court of Lazio. Net income came to
85 million euros, compared with 92 million euros in 1999.
At the end of 2000, investments in financial assets and real
estate totaled more than 13,200 million euros, for an increase
of more than 2,300 million euros over the previous fiscal year,
exceeding insurance reserves by more than 1,200 million
euros (1,134 million euros in 1999).
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Toro has played a key role in the recent evolution of the
competitive scenario. It has forged partnerships and carried out
acquisitions that provided more strength and a better dimensional
balance to its operations. Toro will continue to pursue internal expansion
by focusing the efforts of its operations on strategic opportunities in
bankassurance and new technologies, and external expansion by
pursuing a targeted and selective growth on foreign markets.
Premiums by business unit
Life insurance
Automobile insurance
Other casualty insurance
54%
29%
17%
Distribution Network
Rest Rest of
Italy of Europe the world Total
Agents 900 355 – 1,255
Dealers 814 277 344 1,435
Bank counters 1,796 – – 1,796
The headquarters of Toro Assicurazioni.