British group Aviva, which operates on the Romanian insurance, private pensions, and investment management market, continues to pursue organic growth and does not plan to make acquisitions, although development in Romania has been slower than that of rivals ING and AIG Life (currently Alico).
"Each player has its own strategy. We entered the market at the right time and our strategy was the right one. We are not targeting acquisitions, we will continue to grow organically," Andrea Moneta, CEO of Aviva Europe, told ZF during a few days' visit to Bucharest.
The British group entered the Romanian insurance market ten years ago, in 2000, shortly after Dutch-held ING and American-held AIG, which came in 1998.
Aviva ranked fourth last year in terms of gross underwritten premiums, with 101 million RON (24 million euros).
Since it entered the Romanian market, the British group has been loss-making, with losses hitting 13.4m RON (3.2m euros) last year. "Of course losses are not part of our strategy. Our long-term objective is to become profitable. This moment will come, but we are talking about life insurance, which is different from general insurance," explains Andrea Moneta.
British group Aviva, which operates on the Romanian insurance, private pensions, and investment management market, continues to pursue organic growth and does not plan to make acquisitions, although development in Romania has been slower than that of rivals ING and AIG Life (currently Alico).
"Each player has its own strategy. We entered the market at the right time and our strategy was the right one. We are not targeting acquisitions, we will continue to grow organically," Andrea Moneta, CEO of Aviva Europe, told ZF during a few days' visit to Bucharest.
The British group entered the Romanian insurance market ten years ago, in 2000, shortly after Dutch-he
