Insurer AIG Life Asigurari raises business 51% in H1 to 140m lei helped by gross profit, sales

Romanian insurance company AIG Life Asigurari said its first semester business grew 51 percent over the similar period last year underpinned by double gross profit stemming from sales increase.

The gross profit doubled year-on-year to 24 million lei and the value of contracts rose 37 percent over the first six months of 2008. The company did not reveal data on the net profit.

The company's main development on the life insurance segment was supported by growth on the mandatory private pension market or Pillar II. 

The pension fund business AIG Fond de Pensii is the fourth player by assets on Pillar II and counts 270,643 clients. A new pension system was introduced in Romania last year comprising of the traditionally state-collected pensions or Pillar I, the private pensions or Pillar III and a new type, the private mandatory pensions.

AIG Life is controlled by American Life Insurance Company (ALICO) and rolled into the Romanian market in 1998.

Plans for this year and the next one include opening new offices countrywide and releasing services to respond to clients' demands.

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