Aviva, the fourth largest company on the life insurance market, has budgeted an increase in gross premiums underwritten in 2011, but it will end this year with a turnover decline compared with 2009, said Mihai Popescu, the company’s general manager.
Last year the company underwrote around 102 million RON (24
million euros) in gross premiums, 5% less than in 2008, with
Aviva’s turnover falling by 17% this year against the corresponding
period of 2009, to 40 million RON (9.5 million euros) because of
the cancellation of policies and of the change in the accounting
method used.
“We provided for an increase in gross underwritten premiums in next
year’s budget, but I don’t want to provide a figure yet. In 2011 we
will seek to ensure a quality portfolio, i.e. raise the share of
contracts that last until maturity and develop the bancassurance
channel,” Popescu says.
The life insurance market recorded a 2.9% rise in the first nine
months, to a volume of gross premiums underwritten of 1.22 billion
RON, after it had seen a two-digit fall last year.