ING Asigurări, the biggest life insurance company on theRomanian market, ended the first half of the year with a 5.5% risein gross underwritten premiums, to 275.6 million RON (66.5 millioneuros). The company's profit, however, halved in the same period,to 28.5 million RON in gross sum (6.9 million euros) following thereduction of certain taxes levied on insurance contracts.
The turnover of the biggest life insurer is starting to see arebound after falling by over 20% last year, according to data ofthe Insurance Supervisory Commission.
"For the second half of the year I expect the VAT raise and thehigh number of redundancies in the public sector to place renewedpressure on the population's revenues and saving ability. Under thecircumstances, we expect the market to remain at the 2009 level,amid similar sales to last year's," said Cornelia Coman, generalmanager of ING Asigurări.
In 2009 the life insurance market fell for the first time, by 13%,to 1.62 billion RON (385 million euros).
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