Current sales of financial protection products by Aviva Life Insurance have doubled in comparison with the same period in 2008.
Current sales of financial protection products by Aviva Life Insurance have doubled in comparison with the same period in 2008.
According to sales results, in the first half of 2009 more and more Romanians became aware of the need for financial protection for their loved ones should unforeseen circumstances occur, and the need to gravitate towards life insurance products with an increased element of protection.
The company’s best-selling insurance products were “complete” – insurance that covers the risk of death by any cause, to which a variety of supplementary clauses may be appended, and “essential” – life insurance that covers the risk of accidental death. So the company’s sales for this segment have doubled when compared with the same period last year, with “complete” recording a 100% increase, and “essential” an increase of 130%.
As far as providing a better future for their children is concerned, Romanians are increasingly realising how important financial planning is in order to provide them with a successful start in life, regardless of what might happen to their parents. This is demonstrated by the 130% increase in the amount insured compared with the same period last year in the context of financial planning for children in receipt of Student Bursaries.
Another persistent cause for concern has been the post-retirement period. Even though in general terms very few Romanians take action and save for this purpose, there is nonetheless a palpably more acute concern about this stage of life, at least amongst Aviva’s customers. This is why the amounts insured in insurance plans aimed at the post-retirement period have increased by 30%.
“The growth in sales indicates first and foremost a greater acceptance by Romanians of long-term savings products, a need to be covered by life insurance products. Those customers who have realised that the things that are really important, such as family or income in retirement, have to be protected in this way from the hard times and who have acted accordingly, will gain in the long-term, because, regardless of the international context, the things that are really important are unique and have to be protected from what is going on.
"There are things you can control, but most things don’t depend on you. However, what does depend on you is whether you are prepared to face up to these events head-on,” stated Shah Rouf, CEO of Aviva Life Insurance.
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Notes for editors:
For further information:
Lavinia Pavel – Brand Communication Coordinator
Telephone: 0723 310 378
E-mail: lavinia.pavel@aviva.ro
About the Aviva Group
Aviva is the oldest insurance group in the world and the largest in Great Britain, dating back to 1696.
Today, Aviva has 54,000 employees and 50 million customers in 28 countries across the world.
The group is the market leader for life insurance and pensions in Europe, leading on the majority of the markets in which it operates.
Aviva manages over £352 billion worth of funds*, putting Aviva in fifth place in the top flight of international insurance companies.
Aviva Group Romania
Aviva Group Romania includes three companies: Aviva Life Insurance, Aviva Management Company for a Private Pension Fund, Aviva Investors Romania (purchased in November 2007).
About Aviva Life Insurance and Aviva Management Company for a Private Pension Fund
Aviva began operating as a provider of life insurance in Romania in 2000, currently holding a portfolio of over 850,000 customers and managing funds of 27 million pounds. In 2007 Aviva established a pensions company which manages the mandatory pensions fund Pensia Viva and which currently has a portfolio of over 300,000 customers.
About Aviva Investors Romania
Aviva Investors Romania currently administers €15 million in four mutual funds, each based around a different type of investment: Aviva Investors (AI) Intercapital (a shares fund), AI Capital Plus (a diversified fund), AI Orizont (a fixed-income – bonds – fund) and AI Tezaur (a monetary fund). Aviva Investors Romania also administers individual investment accounts.
Aviva Investors Romania has shown throughout the years that it is one of the most dynamic and innovative administrators in the market. The company launched the first commission-free sales fund on the Romanian market (AI Tezaur) and the first bonds fund in Romania (AI Orizont). Aviva Investors Romania is also proud to support the growing investment funds market in Romania.
* according to data recorded on 30 June 2009