ING Asigurări turnover, up 3% last year, profit down to half

ING Asigurări, the biggest company on the life insurance market, last year saw gross underwritten premiums rise by 3%, to 543m lei (129m euros). However, the company’s gross income halved against 2009, from 93m lei to 46.5m lei on the lower insurance contract fee and new product development expenses.
Turnover growth slowed down in the last quarter of 2010, when underwritten premiums were flat at the 139m lei level registered in the same period of the previous year. In January-September 2010, the insurer’s turnover had increased by 4.3%, to 404m lei.
“Our main objectives this year include keeping our current market share and strengthening our leading position. After a year full of launches in the area of unit-linked products, in 2011 we’re adding a serious illness insurance product to our offering,” said Cornelia Coman, general manager of ING Asigurări.
Unit-linked policy sales advanced by 39% last year against 2009, with the weight of these contracts in the overall portfolio reaching 56%, according to the company’s representatives.