ING Asigurări de Viaţă Posts 31.3 Mio RON Profit In Q1

Ana Sabiescu

Life insurer ING Asigurari de Viata concluded the first three months of the year with a gross profit of 31.3 million RON, up five-fold from the first quarter of 2008. "However, the volume of subscribed gross premiums on the life insurance segment reached 130.2 million RON at the end of the first three months of this year, down by 4.5% from the corresponding period of last year, following a decrease in the volume of single premium products," said Aurelia Coman, CEO of ING Asigurari de Viata and Chairperson of the Board of Directors of the pension fund ING Fond de Pensii.

The overall value of the assets managed by the life insurer reached 1.49 billion RON at the end of March, which is the largest volume of assets managed by one company on the Romanian life insurance market. The company"s market share has been estimated at 50%.

On the optional pension segment, ING Asigurari de Viata manages two pension funds - ING Clasic and ING Optim - totalling 64,000 customers, 44 million RON in assets and more than 40% in market share. At the end of Q1, the value of the units reached 11.58 RON for ING Optim and 11.25 RON for ING Clasic. The company is planning to attract 25,000 new customers to the optional pension funds and hopes to reach an asset value of 100 million RON while maintaining the same market share.

The overall value of the assets managed by the ING private pension fund amounted to 468 million RON at the end of Q1. The management firm, ING Fond de Pensii, reported a share capital of 232 million RON. The unit value of the ING privately managed pension fund reached 11.45 RON at the end of the reporting period. The company holds 38.9% of the privately managed pension fund market with over 1.55 million customers of whom approximately 1.2 million have made at least one monthly payment.