Romania’s ING Asigurari de Viata posts 43% lower gross profit in H1

ING Asigurari de Viata posted a 43 percent smaller gross profit in the first six months of the year, a release by the company reads, according to Newsin. The company reported a 4 million euros gross profit in the first half of the year, down against the 7 million euros registered in H1 last year. The volume of gross subscribed premiums went up 20 percent in the first half of the year, to 71 million euros.

ING Asigurari de Viata is one of the first authorized administers of optional private pensions in Romania with two funds for the third pillar, ING Clasic and ING Optim. ING Asigurari de Viata was the first company to receive a license to establish a pension fund.

Romania has adopted a new three-pillar pension system to help workers better save and prepare for retirement. Pillar I consists of traditional state-collected social security contributions, which will now be supplemented by obligatory privately-managed pension payments, Pillar II, and the optional private pension funds, known as Pillar III.