ING life insurance profit grows significantly in Q1

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Life insurances brought ING Romania a gross profit worth 31.3 million lei in the first three months of the year by over five times higher than during the same period of 2008, Company data say.

The developments were mainly brought about by the increase in the weight of the traditional products of the total portfolio, which stood at 40 percent and the significant drop in the operational costs in the Q1 of 2009 compared to the first three months of 2008, said ING Life Insurance Department’s general manager and chairwoman of the ING Pension Fund’s Board of Directors Aurelia Coman.

In the life insurance segment the gross underwritten premiums amounted to 130.2 million lei in the first three months of 2009, by 4.5 percent less than over the same time span, last year, as a result of the decrease in the single premium insurance products.

The preferred products in the ING Life Insurance portfolio during this time are the mixed life insurances and the traditional savings for the children’s educations. The number of the mixed life insurances concluded in the first quarter of the year is by ten percent higher than that during the same period, last year.

The managed assets total 1.497 billion lei in end March, which means the highest figure on the life insurance market, the expected market quota staying at 50 percent.

‘We expect the insurance market to develop positively this year, even if the percentage is very low, probably up to 5 percent,’ Coman added.

In the optional pension segment, ING Life Insurance manages two optional pensions funds namely ING Classic and ING Optimal grossing 64,000 subscribers and manage assets worth 44 million lei and a market quota of over 40 percent, on March 31, 2009.

In the private pensions segment ING Fund holds 38.9 percent of the market contingent of the assets, numbering over 1.55 million clients, at least about 1.2 million of them make regular contributions.

The private pension funds amounted to 468 million lei, on March 31, 2009, the ING Pension Fund’s capital shares amounting to 232 million lei. The fund unit’s value had grown to 11.45 lei for the ING managed private pension fund at that time.

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