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AEGON launches new life insurance division in Romania

The Dutch AEGON Group has invested EUR 20 M in the development of its business in Romania and will continue to allocate funds according to the specific evolution of insurance/pension markets and legislative predictability. ‘We are ready to invest even more, but the total will depend on the evolution of the life insurance and private pensions markets,' said Gabor Kepecs, AEGON CEO for Central and Eastern Europe, attending the conference organised to launch Aegon Asigurari de Viata.

The new life insurance company will operate next to the Group's private pensions division in Romania, the latter having been launched in partnership with Banca Transilvania, back in 2007. AEGON is currently acquiring the 50 per cent held by Banca Transilvania in the private pensions company. The company says things will not stop there.

‘We are contemplating entry to the general insurance segment either by a greenfield investment or by acquiring a market player, but not this year,' Kepecs also said. According to the AEGON official, Romania is a growing market. ‘The penetration rate of life insurance products in Romania is just 0.37 per cent compared to 1.2 per cent in Poland and 1.1 per cent in Hungary. There is clearly room to grow, which makes Romania one of the key-markets for our business in this region,' Kepecs said.

AEGON Asigurari de Viata CEO Silvia Sirb in turn explained that the company's product portfolio included six different policies grouped as risk insurances with a saving component and unit-linked. ‘We have no territorial units yet but will open our own branches in the future, according to the way the market will go,' the head of Aegon Asigurari de Viata further said.

 

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Tags: aegon romania insurance

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