Dissertation Summary

~Study on Unit Linked Insurance~

One of the newest and most innovative life insurance products is unit-linked insurance that
gives investors both insurance and investment under a single integrated plan.

My dissertation is structured in three chapters as follows:

The first chapter titled "Evolution of Unit-linked Life Insurance in Romania" includes the
analysis of this market for a period of six years, namely 2013-2017. To perform this analysis I
presented the evolution of the volume of gross direct premiums written, the number of
insurance contracts in force and the number of gross indemnities paid for unit-linked
insurance policies. The results of the analysis show that unit-linked life insurance had a
predominantly upward trend during the analyzed period. After the analysis of the entire
market, I presented these indicators for each Romanian insurance company that offered unit-
linked life insurance products during 2013-2017.

The second chapter is "The main investment programs proposed by the Romanian life
insurance companies". Insurance companies whose investment programs will be detailed are:
Asirom Vienna Insurance Group, NN Life Insurance, BCR Life Insurance Vienna Insurance
Group, Allianz-Ţiriac Insurance and BRD Life Insurance. The investment programs offered
by these companies will be categorized into three categories: low-risk investment programs,
medium-risk investment programs and high-risk investment programs, according to the risk
aversion of the policyholder.

The last chapter is dedicated to the case study. In this last part of the paper, I did some online
simulations for this insurance product. The role of these simulations is to identify the
advantages and disadvantages of investment programs and the opportune situation to invest in
them (depending on the interest rate, the premium paid, the exchange rate for the foreign
currency investment programs, etc.). At the end of the dissertation, I presented some final,
general conclusions.