AMSLICO Life, the Slovak branch of the American International Group (AIG), has announced preliminary net profits of Sk200 million in 2001, a 44 per cent increase over the previous year. Written premiums climbed 21 per cent to Sk2.6 billion last year, beating company targets by Sk100 million.
This year the company plans to increase net profits to Sk260 million and collect premiums of Sk3 billion, said Amslico representatives.
According to a preliminary report by the Slovak Association of Insurance Companies, Amslico controls almost 19 per cent of the life insurance market and has over 180,000 clients. While it is one of the five largest insurers on the Slovak market measured by written premiums in life and non-life insurance sectors, Amslico saw its overall market position drop to fourth, with an 8.3 per cent market share.
Slovenská Poisťovňa continues to dominate the market and accounted for 23 per cent of aggregate commercial output, followed by Kooperatíva with 15.8 per cent and Allianz with 12.6 per cent. Amslico accounted for 8.6 per cent of aggregate commercial output.