BCR Viata posts 40% higher business

BCR Asigurari de Viata, the third largest company on the Romanian life insurance market, ended the first nine months of this year with 168.4 million RON (39.8 million euros) in underwritten premiums, up 40% against the similar period of last year. The life insurance market fell by 10% in the first nine months of the year. The gross profit posted by the insurer during this period amounted to 12.5 million RON (3 million euros), 82% more than in the first three quarters of 2008. The results are because of the collaboration with BCR, the largest bank on the Romanian market, with BCR Viata being a bancassurance company. "Additionally, the launch of products in very high demand, such as index-linked BCR Garant, as well as of traditional life insurance products, such as coverage for children's tuition fees, allowed us to expand our client portfolio," said Florina Vizinteanu, general manager of BCR Viata. The company was set up by the BCR in 2005, and sold last year, together with BCR Asigurari (which specialises in general insurance), to Austrian group Vienna Insurance, for 244 million euros.