AVIVA Asigurari de Viata: growing 10% above market average
AVIVA Asigurari de Viata, ranking seventh among the Romanian life insurance companies, aims to overcome with 10% the growth pace of this market in 2008, according to Shah ROUF, CEO of AVIVA Group in Romania. As the average growth of the life insurance market is estimated at 25% in 2008, AVIVA has a growth target of 35% (up to about EUR 34 million), identical to that of last year.
Shah ROUF estimates that life insurance could gather ground in the total market from the current 20% to 50% or more only by providing tax facilities.
"The single biggest positive impact the market can give is to make Life premiums also tax deductible as with pensions. It would give considerable risk coverage to the economy and be a great social good", he declared for XPRIMM Insurance Newsletters.
The company has invested nearly EUR 40 million in the mandatory private pension campaign, which has occupied the first place in the AVIVA agenda last year, and the result can be seen: a place in the Top5 on the market and significant opportunities for cross-selling to the new clients' portfolio.
"It is too early to analyze the impact of pension campaign activity on our life insurance but we expect it to be positive as we attempt to approach the mandatory pension customers with life insurance products later in the year and beyond", the CEO of AVIVA Group Romania has stated.
AVIVA posted a premium volume of EUR 25 million last year, growing by about 35% as compared to 2006 results. On the mandatory pension market (2nd Pillar), AVIVA is the forth company by the number of participants attracted to the fund it manages, having over 306,000 adherents (and a 7.4% market share). After the first contribution round the pension fund managed by AVIVA held the fifth place, this time by assets with a 6.75% market share.
At the same time, AVIVA Asigurari de Viata is the forth company on the voluntary pensions market (3rd pillar), with nearly 6,500 participants.
Author: Andreea IONETE
on 12.06.2008
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