AIG Life profits reach 1m euros

AIG Life Asigurari Romania announced 42bn ROL (one million euro) net profits for the first nine months of the year. This is their first profit since the company was established in 1999. The value of premiums collected rose 47% on the same period last year to 564bn ROL (13.7 million euros). Total revenues were 636bn ROL (15.5 million euros), up 51% on the first nine months of 2003. AIG Life Romania says the results will enable it to achieve its 2004 goals of an 880bn ROL (21 million euro) turnover and 62bn ROL (1.5 million euros) in profits. The company’s total assets will be worth 1,250bn ROL (30 million euros) by the end of the year. Profits were “slightly ahead of schedule,” according to AIG Life Asigurari Romania chief executive Martin Zonneveld, who went on to explain that “it takes six or seven years for life insurance companies that sell traditional or guaranteed products to start making profit.” ZF