AIG Life, the domestic life insurance arm of the world's largest insurance group, American International Group, closed the first half of this year with turnover worth 30 million euros (100 million RON), up 70% against the first half of last year.
"Sales of individual policies saw a significant increase due to a bigger sales force. We now have 1,500 agents, 50% more than at the end of last year. It is not only the sales figures that rose, but also productivity, as a result of our private pensions campaign. This awareness has also had an impact on life insurance sales, as an alternative to private pensions," Theodor Alexandrescu, general manager of AIG Life told ZF.
At this point, the insurance premium paid by the company's clients revolves around 520 euros, 30% higher compared with the end of last year. Individual policies account for over 96% of the insurer's sales, with the remaining 4% derived from insurance purchased by companies for their employees. Apart from agents and brokers, AIG Life distributes its products through Raiffeisen Bank, CitiFinancial and ABN Amro Bank, which account for 9% of its clients.
In early April, AIG Life launched three unit-linked (investment-related) life insurance products with low, medium and high risk, and has so far sold several hundred policies. According to Theodor Alexandrescu, the average premium for these contracts exceeds 1,000 euros.
AIG Life is planning to enter the market of mandatory pensions and will set up a company to manage second pillar funds, after it recently received the necessary authorisation from the Private Pensions Supervision Commission.
"We aim to be an important player on this market, with a similar market share to the one we hold on the life insurance segment," says Alexandrescu. At the end of last year, AIG Life held around 12% of the domestic life insurance market and was the second-largest player after Dutch-held ING Asigurari de Viata (ING Life Insurance).
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