ING Asigurari business down, profit doubles

ING Asigurari, the largest company on the Romanian life insurance market, ended last year with 527.1 million RON (125 million euros) in gross underwritten premiums), down 5% on 2008, according to company data.

In 2008, according to ING, overall underwritten premiums amounted to 557.5 million RON, less than the 668 million RON that results from the 2008 annual report of the Insurance Supervisory Commission (CSA).

This amounts to a 21% decline against CSA data. Company officials say the difference comes from the change in the accounting method used for calculating revenues derived from traditional premiums.

ING Asigurari posted 92 million RON (22 million euros) in gross profit in 2009, 2.4 times higher than that recorded in the previous year. Financial assets managed by the company amounted to 1.8 billion RON (430 million euros), 19% more than in 2008.

The company increased its average premium by 3% last year, to 1,251 RON (around 300 euros).