Despite the problems of American International Group overseas, the Romanian subsidiary of the US insurer was not affected, the company reporting major increases of underwritten gross premiums of profits and assets as managing director of the company, Theodor Alexandrescu stated at a media briefing occasioned by the release of nine-month earning report.
“AIG Life Romania is a different company, we are subsidiary (and not a branch that depends financially upon the parent companies), we have a separate accounting policy which is not affected by the financial problems of other companies within the group, “ Alexandrescu added.
As for the sale of AIG Life Insurances Romania, in the context of AIG’s overseas financial problems is a scenario about which Alexandrescu said he had not been informed by the majority shareholder of the company.
Alexandrescu said a financial crisis makes a life insurance policy even more attractive, people being more concerned about their financial welfare and their health.
“A life insurance is not meant to make you rich, but it is a significant support, to bring back the insured individual, who has no additional financial resources, to the former financial status before some unexpected events. An insurance policy is an additional form of protection for the insured and his family”, Alexandrescu explained.
Some 93% insurance policies are renewed annually at AIG, and the number of withdrawn clients was low, while the number of new clients rose 20% in the last quarter, according to Alexandrescu.
According to nine-month report, AIG Life Insurance Romania registered 219.9 million lei worth gross underwritten premiums, up 49% from a year ago.
Thus, AIG Life Insurance Romania reported underwritten gross premiums worth 75.3 million lei in second quarter this year, compared to 79.9 million lei in third quarter, namely a 6% growth from previous quarter.
“In September and October, we registered record sales. Thus, the company posted underwritten gross premiums of 10 million US dollars per month, from the monthly average of 9.3 million US dollars in previous quarter,” said Alexandrescu.
The company has 700,000 clients, according to the managing director of AIG, and new clients account for 150,000 in first nine-months this year.
Translated by Camelia Oancea
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