13/01/2011 15:35
Insurance company, Liberty Life, proceeds with the cut in its operating cost and expects that the Company will return to a profitable course in 2011.
According to an announcement released on Thursday, “the administrative cost in 2009 stood at €3.3 million and was 29.3% of the net premiums, which is exceptionally high for the life sector that does not allow the realization of profit”.
“This sum fell to €2.8 million in 2010 and is expected to drop to €1,650,000 in 2011, which is only 14.1% of the net premiums”, it added.
More than that, following the serious losses that the Company suffered in 2009 and 2010, the profits in 2011 are estimated at €2.4 million.
In 2009, Liberty Life announced losses of €2.2 million against losses of €1.9 million in 2008.
In the first nine months of the year, the Company announced losses of €8.4 million.
According to an announcement released on Thursday, “the administrative cost in 2009 stood at €3.3 million and was 29.3% of the net premiums, which is exceptionally high for the life sector that does not allow the realization of profit”.
“This sum fell to €2.8 million in 2010 and is expected to drop to €1,650,000 in 2011, which is only 14.1% of the net premiums”, it added.
More than that, following the serious losses that the Company suffered in 2009 and 2010, the profits in 2011 are estimated at €2.4 million.
In 2009, Liberty Life announced losses of €2.2 million against losses of €1.9 million in 2008.
In the first nine months of the year, the Company announced losses of €8.4 million.
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