In 2006 the top ten companies on the life insurance market underwrote gross premiums worth 306m euros, 11.6% more than the figure reported in 2005.
ING Asigurari de Viata and AIG Life retained the first two positions in the top ten ranking of life insurers, while the other eight companies switched positions. Significant changes include Generali's entry in the top ten, with a 103% increase in euros, for life insurance policies, and the exit of Interamerican. Despite the 23% increase to 7.8m euros Interamerican posted last year, it could not outstrip the fast expansion rate of Generali, which registered underwritten gross premiums of 11.63m euros. A strategic move by Generali aided its entrance into the top ten ranking of unit-linked life insurance, by the launch of Generali Investment Unit Solution.
ING Asigurari de Viata retains the leading position on the life insurance market, with gross premiums of 123.1m euros last year, an increase of 13.5% against 2005. Consecutively, ING Asigurari generated a gross income of around 12m euros last year replacing the most profitable company - Allianz-Asigurari.
ING Viata is counting on the position it holds domestically, by this year relying on 15% higher revenues from gross underwritten premiums, which it expects will reach 500m RON (141m euros). Its general manager, Bram Boon, announced the company would not generate the same income as in 2007, as this year it intended to become actively involved in the private pensions system.
AIG Life retained the second position through a 39.12% increase in gross underwritten premiums to 39.72m euros, as a result of diversifying its distribution and increasing the number of new sales in terms of number of clients. AIG Life is also considering entering the private pensions market and is to make a final decision when the Romanian authorities have dealt with problems highlighted by insurers part of the Association for Privately-managed Pensions in Romania (APAPR). In 2006 Asiban witnessed a 28.4% decrease in the volume of gross underwritten premiums allowing Asirom to climb from 4th position into 3rd, as its life insurance turnover increased by 13.2% to 25.8m euros.
Grawe climbed four positions in the ranking within one year, from 9th to 5th aided by gross underwritten premiums worth 18.3m euros in 2006, an 87.8% increase against 2005.
Other insurers that moved up in the ranking last year were Allianz-Tiriac Asigurari and Aviva, currently filling the 4th and 6th positions, both climbing two positions from 2005.
Split from BCR Asigurari, the life insurance unit of BCR, posted revenues worth 14.29m euros last year and plans to underwrite twice as many gross premiums this year as in 2006. Last year saw Omniasig Asigurari de Viata fall two positions amid a 9.6% decline in gross underwritten premiums to a total of 13.8m euros.
Top 3 life insurers in 2006
ING Asigurari de Viata continues to lead the market, having underwritten gross premiums worth 123.1m euros in 2006, up 13.5% against 2005
ING Viata counts on a 15% increase in revenues from gross underwritten premiums this year, to 141m euros
AIG Life retained its second position on the market last year on a 39.12% increase in gross underwritten premiums reaching 39.72m euros
Asirom managed to move up from fourth position to third in 2006, thanks to 25.8m-euro premiums
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