The decline in underwritten premiums owes to the public’s lower purchasing power, says a press release. The real earnings index in May compared to the same period of 2010 was 94.2%, according to the company, which cites the National Statistics Institute.
On the other hand, the consumer confidence index is up 34% compared to the first half of 2010 and research indicates the public is more responsible and more interested in planning their financial future. As the economic context improves, life insurance should become a more important element in the family’s financial protection and savings, says Cornelia Coman, general manager of ING Asigurari de Viata.
According to company data, client interest in products offering protection and guaranteed yields increased in the April-June interval. Traditional insurance products account for 65% of the premiums underwritten by ING in the second quarter, up 10 points from the same period of 2010.
Fees paid to the insured increased 14.9% to RON29.3 million.
ING Asigurari de Viata also manages two pension voluntary funds – ING Activ and ING Optim – which together have 95,264 contributors, up 23% from the first half of 2010. Their combined net assets were worth RON176.4 million after the first half of the year, a 53% increase from the same interval of 2010.