AIG Life, 5m-euro capital increase

AIG Life, the second largest player on the life insurance market, has increased its share capital by 18 million RON (around 5 million euros), to 78.5 million RON (21.8 million euros), according to a shareholders’ decision in March this year. The issued shares were entirely subscribed by American Life Insurance Company, a part of the American International Group, which, following the capital increase, controls over 99.9% of the capital. AIG Romania and International Technical & Advisory Services Limited each hold one share in AIG Life. The company was set up in 1998 and operates exclusively in life insurance, but ranks second in this sector, according to 2007 results, after ING Asigurari de Viata. In 2007, the company underwrote gross premiums worth 217.1 million RON, up 57.2% against the previous year. Premiums underwritten on the overall life insurance market amounted to 1.44 billion RON in 2007.