ING Asigurari de Viata subscriptions dropped 4.5 percent in the first quarter, compared to the same period in 2008, to RON 262 million (€63 mln). This evolution is sustained by a reduced appetite of clients for products with an investment component, especially those with a single premium, said the company.
The drop registered by ING Asigurari de Viata exceeds that on the life insurance market which, according to figures provided by the Insurance Supervisory Commission (CSA), declined 3 percent in the first six months compared to the January-June 2008 period.
“I have noticed a change in customer preference in this period, as they are looking specifically for products which offer them protection and guaranteed yield. As such, in terms of new ING Asigurari de Viata sales in the first half of the year, this type of contract makes up 80 percent of the total number of policies, compared to 40 percent in the same period in 2008,” according to the company’s General Manager, Cornelia Coman.
The company indicated that the yield of unit-linked products, which are sustained by low-risk investment programs, was 5.4 percent in H1 2009. In this same period, policies linked to lei-denominated investment programs, with very high risk, brought gains of 12.8 percent.
According to Coman, the life insurance market could increase by up to 5 percent this year.
