ING's insurance profit halves

ING Asigurari de Viata (ING Life Insurance), posted a gross profit worth 2 million euros in the third quarter of the year, half as much against the same time last year. Overall, in the first three quarters of the year, the insurer posted gross profit worth 6 million euros, down 45% against the first nine months of 2006, indicates data published by the group in Amsterdam. On the other hand, the company saw a rise in terms of underwritten premiums. In the third quarter of the year, ING Asigurari de Viata saw gross underwritten premiums worth 39 million euros, against 34 million euros in the same period last year. Revenues from premiums underwritten climbed to 110 million euros in the first nine months of the year, up almost 24% against the same time last year. “In the third quarter of the year, we continued investments to develop our private pension business, as well as to render products more effective. Currently, we have over 690,000 applications registered (to join the private pension fund),” Bram Boon, general manager of ING Asigurari de Viata and chairman of ING Fond de Pensii (ING Pensions Fund), told ZF.