“Last year’s growth was supported by the projects launched in 2009, when we expanded our distribution channels and product range (…) The results were visible last year and can be seen in 2011 as well. Both in 2010 and before, our projects were based on a strategy of profitable growth, paying attention to market’s opportunities,” Alico Asigurari general manager Theodor Alexandrescu said in a press release.
The products with the most significant growth in 2010 were accident and illness insurance, as well as health insurance policies. Revenue from these underwritten policies increased by 21%, to over RON23 million.
“Just like in previous years, the company’s range is made up mostly of life insurance with guaranteed benefits, which accounted for 75% of the gross underwritten premiums in 2010. These products guarantee an insured amount at the end of the contract, including a 3.5% technical interest rate, along with the investment benefit obtained by the company,” says the press release.
In the coming period, Alico will continue to train its own distribution team, while also seeking partnerships with banks and financial institutions.
Alico Romania’s main competitors are ING Asigurari de Viata and BCR Asigurari de Viata.
The Romanian general and life insurance market shrunk last year by 6.36%, to RON8.31 billion. Underwritten life insurance premiums increased by 2.3%, to RON1.67 billion.
American Life Insurance Company (Alico) is a MetLife company, operating in Romania through Alico Asigurari Romania and Alico Pensii. It was bought by MetLife on November 1, 2010.
MetLife is a major player on the international insurance market, with 90 million clients in more than 60 countries. (EUR1=RON4.1719)