AVIVA EUROPE: The crisis does not change our development plans in Romania
 The financial crisis does not change AVIVA's investments plans and development strategy in Romania, Andrea MONETA, CEO, AVIVA EUROPE has stated while in a meeting with the specialized Romanian media. "The financial crisis does not change our investment and development strategies in Europe and in Romania. Of course, we will probably grow slower than expected before, but the investments and development plans that we had for Romania will not change", he has said.
Referring to the group's plans for Romania, Shah ROUF, CEO, AVIVA Romania, has stated that AVIVA's goal is to reach Top 5 life insurance and private pensions market players in the next three years.
"On the pension market we are in Top 5, in the next three years we should get in Top 5 on the life insurance market. This is our target for AVIVA's operations in Romania", Shah ROUF has said. In H1/2008 AVIVA gained the seventh place on the local life insurance market.
MONETA has stated that the group's strategy is concentrated on the organic business growth and not on acquisitions, but "if there will be individual opportunities we could study them, case by case".
Andrea MONETA, who runs AVIVA's business in Europe (excepting Great Britain), has declared that, unlike in Europe, the recession risk in Romania is a lot smaller, but the recent financial crisis will have some effects upon the real economy because of the credit limitations, the financial market trust and the consumption appetite. However, the "huge" insurance and private pensions markets development potential in Romania puts these segments away from the crisis.
"In Romania's case, the huge insurance and private pensions growth potential - given by the development difference from the West mature markets - is functioning like a safety net against the financial crisis", MONETA has stated.
Shah ROUF considers that the last two years marked a business relaunch for the life insurance sector. "Since we started applying the obligatory private pensions, in the last two years, they built a reason for our business relaunch: the IInd Pilon has raised the clients' education and preoccupying levels for the safety and saving products. Our objective, of reaching Top 5 in the next three years will become easier to accomplish as soon as we will start selling insurance products to our IInd Pilon customers portfolio", ROUF has said.
Author: Mihai CRACEA
on 17.10.2008
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