Omniasig Viata posted 14 million euros in gross premiums last year, down 3.4% in euros from 2003 when it posted 14.5 million euros (547.6bn ROL). The decline comes after a tripling of the company's business in 2003. "The share of the life insurance contracts for loan beneficiaries in the total went down once the regulations on lending imposed by the NBR were modified as of February 1 2004. The reduction in insurance tariffs on this segment in order to support customers by a low crediting cost also led to lower receipts," explained Mihai Belicciu, Omniasig Asigurari de Viata's marketing and sales manager. "On the other hand, the share of individual life insurance increased significantly, though it did not cover the deficit generated by the insurance for loan beneficiaries," Belicciu added. Net profits amounted to 800,000 euros in 2004, 26.4% higher than in 2003. According to the Insurance Supervision Commission report, Omniasig Viata made 632,645 euros (23.7bn ROL) of net profits in 2003. Belicciu says that the profit growth was based on the growth of the individual life insurance segment. Omniasig Asigurari de Viata had 260,000 active policies at the end of last year. ZF
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