COST CONTAINMENT LEADS TO PROFIT GROWTH AT ESTRELLA

Spain's Estrella Seguros, a subsidiary of Italy-based insurer Generali, has posted a net profit for 2002 of 4.6m euro, up 8.6% year-on-year, attributed by the company to containment of administrative costs and the stabilisation of less profitable lines of business. Premiums also grew 8.6% to reach 1.11bn euro. Life premiums grew 32.2% to 549.7m euro. Income from non-life cover was down 9%.