Security Vida targets 20% sales increase this year

Chilean life insurer Security Vida expects to boost sales 20% this year, compared to 2003, local daily La Segunda quoted company president Francisco Silva as saying. Voluntary retirement plans, the APVs, will be one of the main sales drivers this year with annual growth estimated at 100%, Silva said. Security Vida boosted APV sales 200% last year on 2002, he added. Silva attributed the strong demand for APV plans to Chile's improving economy, which permits "people to think about saving". Security Vida does not harbor any plans to merge with or acquire other companies, Silva said. Sister company, Seguros Security Previsión Generales announced its merger at the end of March with fellow local general insurer Las Américas. Security Vida forms part of the local Security financial services group.