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Aegon Group to continue investments in the Romanian market

Interview with SILVIA SIRB, CEO AEGON Life Insurance.

The company has recently launched a new life insurance division in Romania. What are the expectations at this moment?

We would like that by 2013 to be among the first five players in the life insurance local market. This market has a huge potential, there is room for growth - the penetration rate of life insurance in Romania is 0.37 per cent only. In addition, AEGON Asigurari de Viata is a project designed in line with the current situation of the market and the current expectations of the clients, thus, we start from a sound base. Now that we have launched the operations, we would consolidate the back-office zone, and then we intend to develop partnerships which we already have and to initiate new ones. As you see, we do not lack challenges in this first year of operation. The most important is to follow the vision, the strategy to be accurately implemented and success shall come rather earlier than later.

Will the company continue investments?

The AEGON group invested nearly EUR 26 M in developing the operations in the Romanian market. Nevertheless, we are willing to invest more, but the decisive factors are represented by the evolution of the business context, its stability, and mainly, the client, whose needs are continuously transforming and diversifying.

How significant competition is currently and what are Aegon assets?

The competition is significant given the current development level of the insurance market in Romania. The Romanian market has a huge potential, and AEGON Asigurari de Viata has multiple advantages. One of the major assets is that entering the market now, the company strategy, internal architecture, as well as the portfolio of products and services, are all tailored to the current level of the market and to the requirements and needs of the Romanian clients. The operational system is complete, integrated, which enables us to be flexible. We also differentiate through the accessibility of products, the flexibility throughout the whole contract period, but above all, due to the fact that each product renders to tailoring, based on the needs of each and everyone - clients and partners. A second area where we differentiate from competitors is related to investments, in case of unit - linked products. The clients of AEGON Asigurari de Viata may switch among the funds attached to the products having the investment component two times per year without paying anything, and if they want to do several switches, the cost is very small. All these advantages, cumulated, are available at AEGON Asigurari de Viata.

What is the stage of the acquisition process for the 50 per cent stock owned by Banca Transilvania in the private pension company?

I am happy to inform you that CSSPP (Supervision Commission for the Private pensions) has just authorized the full take-over by AEGON of the pension fund. Thus, the Dutch group will own in Romania both the pension company and the life insurance one.

Will the company enter the general insurance segment? What will be the modality chosen - Greenfield or purchase of a stakeholder?

It is too early to speak about such a strategic decision. At this moment, we focus on consolidating the life insurance project, which we have just launched, and the private pension one. However, we monitor the market and if, at a certain moment, we believe it is appropriate to enter the general insurance segment, then we shall analyse, at that moment, the best modality to achieve this market entry. Perhaps through acquisitions.

Do you intend to expand the company product portfolio?

Currently, AEGON Asigurari de Viata offers 3 categories of products - risk premiums, saving products and investment products (unit linked). We shall definitely launch new products, but this will be a clear itemized decision, based on meeting the needs of our clients, in line with adapting ourselves on the strategy and sales ability of our partners.

 

Sursa: http://www.nineoclock.ro

Tags: asigurari viata clients products company insurance group investments romanian market aegon

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