ING Asigurari De Viata 1Q Premiums Down 1.7%, To RON133.5M

05.05.2011 By Bostan Radu

Romanian insurer ING Asigurari de Viata's underwritten premiums decreased by 1.7% in the first three months of the year, to 133.5 million lei (EUR32.5 million) and its gross profit dropped 28.7%, to RON11.26 million, the company said Thursday.

The decline in underwritten premiums owes to lower sales of unit-linked products, said the company.

The number of reactivated clients, who returned after previously having cancelled their policy because of financial difficulties, doubled in the first quarter compared to the same period last year. The total number of terminated contracts dropped by 36%.

Average premiums underwritten in the first three months of the year increased by 6% compared to the same interval in 2010, to RON1,539.

ING Asigurari de Viata's solvency margin is of 2.08, higher than the minimum legally required level of 1, and its liquidity quotient is of 4.84, above the minimum required level.

The company managed financial assets worth RON2.08 billion at the end of March, 8.4% higher than in March 2010.

On the voluntary pension segment, the two funds administered by ING Asigurari de Viata have 90,956 contributors, up more than 24% from the first quarter of 2010. The funds' total assets increased 53% in the first three months, to RON166.27 million.

On the mandatory pension segment, the fund's total assets increased 63% on the year, to RON1.9 billion. (EUR1=RON4.1127)