The increased profit came on the back of lower investments in 2014 as several projects started earlier were completed during the year, ING Asigurari de Viata said in a statement.
Gross written premiums grew by nearly 10% to 614 million lei last year. The financial assets under ING Asigurari de Viata's management increased 12% on the year to 2.8 billion lei at end-December.
The net assets managed by ING Asigurari de Viata's voluntary private pension funds, ING Activ and ING Optim, rose by more than 30% on the year to a combined 506 million lei at end-December, translating into a market share of 48.7% in the voluntary private pension funds segment.
On the mandatory private pensions segment, the company's net assets rose by 36.3% to 7.14 billion lei at the end of 2014, ING said. Its market share on this segment was 37.4% in the period under review.
Starting from April, ING Asigurari de Viata will change its name to NN Asigurari de Viata, ING Pensii will become NN Pensii, and ING Investment Management will be renamed NN Investment Partners.
ING Asigurari de Viata, a unit of Dutch ING Groep NV, was set up in 1997. Read the full story ING's Romanian life insurance unit profit jumps 150% in 2014