ING Asigurari de Viata (life insurance) in the first five months of this year sold policies worth 177.4 million RON, up 12% in comparison with the January-May 2005 period, while its net income amounted to 14.63 million RON, according to data released by the insurer.
At the end of June, the company accounted for 37.9% of the life insurance market.
ING Asigurari has issued 300,000 policies since it began operations in 1997, its data show.
"We have witnessed constant growth from the very beginning of our activities on the Romanian market, a very important market for ING Asigurari," stated the general manager of the company, Bran Boom.
The company has expanded its distribution network, and currently has 67 offices in 62 cities and more than 2,100 financial consultants.
"Financial protection is very important and we want people to grow increasingly aware of this.
"Many are considering savings or investments, but they are in danger of forgetting about protection. ING Asigurari wants to help people realise that careful financial planning is the key to financial stability," stated Boon.
Company specialists have calculated that Romania is faced with a substantial protection deficit, estimated at around 170 billion RON.
On Tuesday, ING launched the Smart financial protection package to fulfil the need for financial protection.
"The product with multiple options ensures financial protection for the entire family. It is simple and affordable, addressing medium-income households," stated the sales manager of ING Asigurari de Viata, Cristian Motca.
ING Asigurari de Viata estimates it will sell 10,000 Smart financial protection policies by the end of this year, stated the company's sales manager.
"At the latest presentation of the policy in front of financial consultants, their reaction was highly positive. We are confident that customers' reaction will be the same when the policy is launched," added Motca.
The Smart policy covers four risks, namely death by any cause, by accident, hospitalisation in the wake of an accident and surgical intervention in the wake of an accident.
Depending on their needs, customers can opt for one of the three levels of protection, with the sum insured for death by any cause ranging between 10,000 and 30,000 RON.
The policy has a standard five-year duration, with the insurance premium remaining constant for the entire duration of the contract, while the insured sum grows on an annual basis.
In 2005, ING Asigurari posted net premiums worth 391 million RON, 27.6% more than in 2004. This year, the company management anticipates 20% higher revenues from premiums year-on-year.
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