Chrysler 2001 Annual Report Download - page 66

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66
Insurance
(in millions of euros) 2001 2000 1999
Consolidated premiums 5,751 4,498 4,088
Premiums earned 5,461 4,363 3,922
Income before taxes 220 163 178
Net income before minority interest 152 85 92
Insurance reserves 15,677 12,010 9,733
Investments in financial
assets and real estate 16,971 13,232 10,867
Stockholders’ equity 1,826 1,593 1,444
Number of employees 3,213 2,875 2,907
Highlights
Premiums by geographical
region of destination
Employees by geographical
region
050 100%
Abroad
Italy
Francesco Torri,
Toro Assicurazioni’s Chief Executive Officer.
Established in 1833, Toro Assicurazioni gradually
expanded its operations to include all segments
of the insurance business.
Toro Assicurazioni
OPERATING PERFORMANCE
In 2001, the Italian insurance market expanded at a slower
rate than in previous years. Difficult conditions in the financial
markets and the start of the tax reform of the pension system
limited the growth of the life insurance segment. However,
the expiration of the rate freeze gave fresh momentum to the
automobile insurance market.
Also in France, the Sector’s second largest market, growth
was hampered by an unfavorable economic environment
and turmoil in the financial markets.
As a result, total premiums written in France declined by 4%
in 2001.
Against this background, the Sector confirmed its position
as Italy’s third largest insurance group, bolstered in part by
the positive contribution of the new companies it acquired
during the year. More specifically:
❚Lloyd Italico Danni and Lloyd Italico Vita were purchased
in April 2001. These companies generated premiums
totaling about 280 million euros and income before taxes
of more than 15 million euros in their first year in the Sector.
❚Augusta Danni, a company that already belonged to the
Fiat family and that was transferred to the Toro Group in
July 2001 contributed premiums in excess of 215 million
euros.
❚The Augusta Vita joint venture (Augusta Danni 40% and
Generali Assicurazioni 60%), was dissolved in 2001. In May,
Augusta Danni acquired 100% control of Augusta Vita.
In 2001, the company wrote premiums totaling about
65 million euros.
The performance of the other Sector companies is
reviewed below:
❚Toro Assicurazioni, the company that leads the insurance
operations of the Fiat Group, continued to implement
a development plan designed to help the entire Sector
achieve continued growth and greater profitability.
Consistent with this strategy, it reduced the automobile
insurance portion of its casualty insurance portfolio,
thereby obtaining a marked improvement in the ratio
of claims to premiums.
❚Nuova Tirrena was able to reach its ambitious growth
target in the life insurance segment and posted another
significant improvement in operating performance.
❚Roma Vita, a joint venture with Banca di Roma, climbed
to second place among Italian bankassurance providers,
also thanks to the outstanding performance of its distribution
system, which now includes Banco di Sicilia’s branch network.
Roma Vita grew at a remarkable rate (+32% compared with
2000), generating premiums of more than 2,300 million
euros.
❚Toro Targa Assicurazioni, a joint venture with TargaSys
(Fiat Auto) that sells insurance products through the Fiat
Auto dealer network, continued to expand its operations.