AIG Life doubles its profit in the first nine months of 2008
The Romanian insurer AIG Life had gross written premiums of RON 220 million (USD 93 million) in the first nine months of the year, growing 49% as compared to the same period of 2007. Also, the before-tax profit was RON 43 million (USD 18.2 million), meaning more than double compared to the profit registered as at September, 30, last year (a 108% growth in national currency).
"The profit growth is mainly determined by a careful operational costs' management, as well as a cautious investment strategy, efficient and dynamic in the same time", Theodor ALEXANDRESCU, General Manager, AIG Life, has stated.
"The biggest part from the clients' funds is being invested in state bonds and titles, as well as bank deposits in Romania. Even more, along with profitability, the other financial indicators are above the limits imposed by the law. The solvency margin is four times bigger than the minimum value, and the liquidity level is ten times bigger than the minimum requirements", ALEXANDRESCU has added.
The insurer's development is sustained by the distribution strategy on various channels: its own network (60%), independent brokers (20%), partnerships with financial institutions (15-18%) and the direct sales towards corporate clients.
For the future, AIG Life will continue the developing plans for Romania, offering guaranteed protection and saving benefits. For sustaining the general annual objectives, the strategy will be concentrated on growing and expanding the company, keeping their clients and launching new products and inovative services.
In fact, life insurance market has very good development perspectives, this segment continues its growth in above average rythms.
"People have the same protection needs, no matter the macroeconomical context. The studies made in different economical phases show that in the crisis periods, people are more opened to buying insurance, being aware of some unexpected situations that may appear", Theodor ALEXANDRESCU has concluded.
Author: Mihaela CIRCU
on 12.11.2008
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