AIG Life: Profit of 24 million lei in H1 of 2008

AIG Life Asigurari Romania (AIG Life Insurance Romania) ended H1 of 2008 in 140-million lei turnover, up 51% against the same period of 2007.
According to a company release, in euro terms, the volume of gross premiums underwritten amounted to 38 million, up 37%.
The reported gross profit stands at 24 million lei (about 7 million euros), double against the same period of 2007.
In line with the economic forecast, the life insurance market has developed also thanks to the implementation of the 2nd pillar of compulsory pensions, privately administrated. This important element raised Romanians' awareness over the need for long-term financial planning," the AIG release reads.
According to the source, in less than one year since the completion of the accession campaign to the 2nd pillar of pensions, the AIG Fond de Pensii (AIG Pension Fund) company, whose main shareholder is AIG Life, went up two places as regards the administrated assets, ranking 4th. The fund's customers have one of the highest average monthly contributions, of 9.20 euro.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world.
AIG Life Romania was founded at the end of 1998 when the life insurance sales activity started in Bucharest, Brasov, Cluj, Oradea, Timisoara and Constanta. At this moment, AIG Life Romania has agencies opened in the following cities: Bucuresti, Arad, Baia Mare, Brasov, Cluj-Napoca, Constanta, Galati, Iasi, Oradea, Pitesti, Ploiesti and Timisoara. The distribution of services is present across the entire country both through the AIG Life Romania agencies and the brokers network.
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