“I expect the first-quarter growth rate of ING Asigurari de Viata to continue throughout the year and to end 2014 on the plus side. ING Asigurari de Viata posted growth on an overall declining market, which led to an increase in market share from 34% in 2013 to 38.3% on March 30,” Popescu told a news conference.
In the first quarter, ING Asigurari de Viata underwritings increased 7.3%, to RON146.25 million, while the loacl life insurance market dropped 8.9% in nominal terms, to RON382.28 million.
The insurer’s gross profit reached RON10.14 million in the first quarter, from RON1.81 million in the first quarter if 2013.
“I believe in the potential of the life insurance market in Romania, where this business segment in the GDP is only 0.3%, compared to 1.6% or 1.8% in Hungary, Czech Republic or Poland. Romania’s population has a large deficit of protection and the need for savings is high,” Popescu added.
ING Asigurari de Viata is the largest life insurance company on the Romanian market by 2013 underwritings, which totaled RON559.6 million, up 2.8% on the year.
The insurer is part of Dutch financial group ING and has been operating on the Romanian market since 1997.