“We registered a positive evolution on the traditional product segment. Gross premiums for these products rose 12 percent compared to the first quarter of last year, but, at the same time, the average premium increased on this business line. On the other hand, gross premiums fell seven percent on the unit linked product segment, partly due to a drop in sales of the sole premium unit linked products,” said the General Manager of ING Life Insurance and Chairman of the Board of ING Pension Fund, Aurelia Coman.
ING Life Insurance registered a gross profit from life insurance worth €7.3 mln, five times higher than the level posted in the first three months of 2008. “This evolution was mainly due to an increase in the share of traditional products in total portfolio, which amounted to 40 percent, and the significant drop in operating costs in the first quarter of 2009 compared ti the first three months of 2008,” Coman added.
He stressed that the company has high solvency and liquidity indicators for life insurance products. “The solvency margin, of some €35 million, available at the end of 2008, covers 1.94 times the minimum solvency margin required by the Romanian legislation. Liquid assets of ING Life Insurance cover 11.05 times our short-term obligations, while the minimum liquidity coefficient is 1,” stressed the General Manager of ING Life Insurance.
