AIG Life: 40% increase in gross premiums

AIG Life, the second largest insurance company in Romania, posted gross underwritten premiums worth over 28 million euros (over 36 million dollars) in the first nine months of the year, a 40% increase against the first three quarters of last year, company representatives say. Company assets almost reached 79 million euros (over 100 million dollars) in the first three quarters of 2006. AIG Life’s operating income that was almost double that of same time last year, some 5 million euros (over 6 million dollars). Company officials did not disclose net profit recorded nine months into the year, however, six months into the year net profit was up over 50% against the same time last year, reaching 2.5 million euros. According to company representatives, results were brought about by an improvement of its distribution channels, as well as by maintaining and developing the client network.