Aviva Life Insurance Romania, the first quarter of 2007 has seen an increase in the level of gross subscribed premiums of 30.45% - 19,098,352 RON, compared with 14,640,584 RON in the same period of last year.
Aviva Life Insurance Romania, the first quarter of 2007 has seen an increase in the level of gross subscribed premiums of 30.45% - 19,098,352 RON, compared with 14,640,584 RON in the same period of last year. The total value of assets also recorded significant growth of 56.95%, amounting, on 31 March 2007, to 164,700,459 RON (104,938,244 RON on 31 March 2006).
Aviva's investment programmes have also made good progress in the first quarter of 2007 - with the programme in RON, Practic MAX (launched on 1 February 2006), worthy of particular mention.
In the first 12 months since its launch, this programme has seen one of the best rates of growth on the market, up by 18.33%, increasing its output on the BET index on the same period by 4.35% points.
"The results recorded in the first quarter of 2007 have been in line with our projections. We are pleased with what we have achieved in the context of the significant changes that we are preparing at an organisational level as we move into the private pensions market. We are not analysing our company's performance solely at the quarterly level, but we are attempting to focus on long-term performance. We are convinced that, in time, Romania will become the second most important market in Central and Eastern Europe, after Poland," according to Shah Rouf, director general of Aviva Life Insurance.
With regard to private pensions, in April Aviva received an administrator's licence for voluntary pension schemes (pillar III) and authorisation to produce the prospectus for issuing the first voluntary pensions fund.
The company is waiting to receive, in the coming days, the green light from the CSSPP for the optional pensions fund "My Pension", in order to progress to the operational phase of the project.
"We are ready to move on to the action phase! If so far we have prepared tactically the whole voluntary pensions project, we can now hardly wait to put things into practice. We hope to be selling the first voluntary pension plans from the middle of May, employing a sales staff of approximately 2,000 marketing agents, our initial target being the big companies that we already have in our portfolio. We already have 1,200 full-time marketing agents and a further 800 part-time agents in the process of receiving authorisation from the CSSPP," added Shah Rouf.
For pillar III Aviva will administer a single moderate risk pension fund.
At the same time, Aviva has also begun proceedings for the authorisation of a private pensions company for pillar II. On 4 May the company submitted its request for authorisation to establish a private pensions company (pillar II) in accordance with Law 411/2004. Aviva Life Insurance is one of the first companies in Romania to have already progressed to concrete actions also for pillar II.
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For further information:
Giliola Ignat
Telephone: 021 203 83 73
Notes to editors:
About Aviva
Aviva Life Insurance is a part of the Aviva group, the largest provider of insurance in Great Britain and one of the first two life insurance companies to have been authorised by the Oversight Committee for the System of Private Pensions (CSSPP) as an administrator of voluntary pension scheme funds.
The Aviva group is the number one for private pensions and life insurance policies in Europe. Aviva is the market leader on the markets in which it operates. In Poland, the pensions fund administered by Aviva has been named the highest performing in Central and Eastern Europe. The group administers 535 billion euros' worth of assets, representing the money of over 40 million clients worldwide.
In Romania, Aviva has over 400,000 clients and agents and development centres in 19 towns.