Alico resumes growth with 10% turnover increase in four months

Alico Asigurari (the former AIG Life), ranking third on the domestic life insurance market, saw its underwritten premiums go up by 10% in the first four months of this year, to around 95m RON (22m euros), while the entire life insurance market climbed by 6% in the same period. The company’s turnover started picking up, after in 2009 the crisis cut it by 30%, to 200m RON (47m euros). “A significant increase, of 26%, was registered by accident and sickness insurance, while underwritten premiums from health insurance went up by 25%,” stated Theodor Alexandrescu, general manager of the company. He states the company operated at a profit in January-April, but did not disclose its value. In 2009, Alico made net income worth 69.1m RON (16.4m euros), 29% above the previous year’s figure. Alico manager says sales of life insurance having an unemployment clause attached have risen significantly this year, and claims have increased accordingly. This type of insurance is usually bought by banks, non-bank financial institutions or telephony operators for groups of clients and covers the payment of instalments in case the insured person loses his or her job.