The profit of ING Asigurari de Viata could fall 50% in 2010
ING Asigurari de Viata estimates to obtain in 2010 a profit of RON 35 - 40 million, compared to RON 77 million, under the circumstances of the deterioration of the national economic conditions and of the austerity measures adopted by the Government.
"VAT increase will most likely reflect in the company's profits, considering we will register expenditure increases, which we will not transfer in the cost of policies", Cornelia COMAN, General Manager of the insurer said.
Also, according to the quoted official, in smaller towns, many of the company's customers are public servants, whose revenues will be reduced by 25%, which will influence the volume of underwritings.
However, ING Asigurari estimates that lapsing rates will remain at a low level, reasonable compared to 2009.
"There is the possibility that the lapsed policies may grow pretty much in the first part of 2011, in case things don't recover from the macroeconomical point of view", Cornelia COMAN stated.
Author: Mihaela CIRCU
on 30.06.2010
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