After 10 years of activity in Romania, Aviva has announced that it has so far invested RON 243 million in the local market, with a RON 30 million increase in social capital for this year. As company officials stated, Aviva presently administers in Romania assets worth RON 600 million, 21.4 percent increase compared to last year.
Aviva has entered the private pensions market in 2007, currently administering the pensions of 375,000 Romanians. The company’s life insurance services address 50,000 clients. The Capital Garantat (Guaranteed Capital) investment, part of the Unit Linked insurance plans, has reached a 10.6 percent growth in the last 12 months and an annualized return of 16 percent since its launch, in 2000.
“The insurance market has grown constantly compared to the year 2000 and, yet, the true potential is far from being reached. In spite of the economic crisis that we are going through, or because of it, people have understood that it is time they did something for their financial future, so that nobody else does it for them”, stated Mihai Popescu, CEO Aviva Romania (in picture).
The CEO has also added that the company’s current priorities are business development, as well as organic growth. Aviva’s most important investments now consist in infrastructure, technology and direct sales force.
Aviva ranks fourth in the local insurance market with gross premiums worth RON 101 million in 2009, a 5 percent decrease compared to 2008. The insurance market has dropped by 13 percent in 2009, of which Aviva holds a market share of 6.3 percent.