AIG Life aims to sell 50,000 policies

Insurance company AIG Life announced on Thursday that it plans on selling 40,000 – 50,000 policies this year. The company currently has about 250,000 customers, 220,000 of whom are individual customers, with the rest of them being group insurance customers (15,000) and financial institution insurance customers (14,500). “Group insurance policies usually cover employees of multinational companies. However, demand for group insurance from local companies has greatly increased lately,” says Theodor Alexandrescu, chief executive of AIG Life. AIG Life sells insurance for financial institutions through Raiffeisen, Citibank and ABN Amro. From the 220,000 policies included in the company”s portfolio, 30% are mixed life insurance policies, 25% are policies with compounded benefits (that cover only the risk of accidental death), 18% are accident-related policies and the remaining 18% are simple death insurance policies. The company says the protection it has undertaken in case of death stands at 2.05 billion euros for all policies, while benefits undertaken to be paid stand at 800 million euros. ZF