After three years working as CEO of Aviva Romania, Shah Rouf will be leaving the company in mid-February 2010 for a new opening in the Aviva group family – the position of CEO of Aviva Eagle in Sri Lanka.
After three years working as CEO of Aviva Romania, Shah Rouf will be leaving the company in mid-February 2010 for a new opening in the Aviva group family – the position of CEO of Aviva Eagle in Sri Lanka.
Aviva Romania’s business has undergone major transformation over these past three years and probably the most visible sign of growth is in its level of PVNBP (the present value of new business premiums) – over 800 million euros in the last three years (from November 2006) compared with 100 million euros in the first six years following its emergence on the Romanian market (from 2001 up to and including 2006).
The factor that generated this growth was the establishment of the Aviva Pensions company. In 2007-2008, Aviva was successful in acquiring a significant number of customers at relatively low cost. The improvements made to the Life Insurance company led to the business rising in the top flight of life insurance companies in Romania from seventh place to fourth place. Aviva Romania is one of the two life insurance companies that have managed to record growth in 2009 in the context of a declining market.
“Although I’m eager to take things further, with a new opportunity, I’m sorry to have to say goodbye to my business partners, colleagues and friends in Romania. The truth is that it’s very hard for me to say goodbye to them,” Shah said.
“The three years I have spent here have been a real experience for me from which I’ve learnt a great deal and I am delighted to be able to say that I too have had a role in the major changes experienced by the pensions and life insurance industry,” Shah Rouf went on.
Shah concluded: “In spite of the unfavourable economic climate, there is no doubt that Romania is one of the drivers for the future development of Europe. This being the case, Aviva Europe will continue to invest in the expansion of Aviva’s operations in Romania.”
Aviva Europe is on the look-out for a new CEO for Aviva Romania, but in this intervening period Janos Bartok, as a member of the board of directors of both the life insurance and pensions company, as well as regional manager, will assume interim responsibility.
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For further information:
Lavinia Pavel – Brand Communication Coordinator
Telephone: 0723 310 378
E-mail: lavinia.pavel@aviva.ro
Notes for editors:
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 50,000 customers (excluding credit life insurance policies) and managing funds of £27 million. In 2007 Aviva established a pensions company which manages the mandatory pensions fund Pensia Viva and which currently has a portfolio of over 320,000 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