AIG Life, 18.4m-euro turnover in Q1

AIG Life, the second largest company on the life insurance market, posted turnover worth 18.4 million euros in the first quarter of the year, up 34% on last year and double the market average. “The growth registered in the first quarter follows the upward trend, which is the result of effective, objective management, both in terms of distribution and in terms of operations. We are still reaping the benefits of the intensive training given to distribution personnel during the signing-up period (the campaign to join a mandatory pension fund), which had a positive impact on the life insurance segment,” says Theodor Alexandrescu, general manager of AIG Life. The company’s turnover in the first three months of the year amounted to half the turnover of ING Asigurari de Viata, leader of the life insurance market. ING Asigurari closed the first quarter with underwritten premiums worth 37 million euros, up 9%. AIG Life’s gross profit stood at around 2.7 million euros (10 million RON) in Q1, up from 2.1 million euros (7 million RON) in the same period of 2007.