Dutch Aegon Invested EUR20M In Romania

"We are ready to invest even more, but that will depend on the evolution of the life insurance and private pension markets," Kepecs said at the launch of the Dutch group’s Romanian life insurer Aegon Asigurari de Viata.

In Romania, the Dutch group also owns 50% of pension fund BT Aegon Fond de Pensii. At the beginning of this year, Aegon sad it would buy out lender Banca Transilvania’s 50% stake in the pension fund for EUR11 million and the deal is expected to be completed in the second quarter of the year, as it is pending approval from the Romanian private pension system regulator CSSPP.

BT Aegon Fond de Pensii is one of the 14 players operating the Romanian mandatory private pension segment. Kepecs also said Aegon is ready to enter the voluntary private pension segment as well.

"We are also considering entering the general insurance segment, either through a greenfield investment, or by an acquisition, but that won’t happen this year,’ Kepecs said.

Silvia Sarb, general manger of life insurer Aegon Asigurari de Viata said one of the management’s goals is to place the company among the top five life insurers in Romania by the end of 2013.

Aegon first announced plans to enter the Romanian life insurance market in 2007 and was cleared by the Romanian insurance regulator to operate on the market at the end of 2008.

Aegon is one of the world’s largest financial groups and has been operating in insurance and pensions since 1844. Headquartered in The Hague, Aegon has businesses in over 20 cou8ntries and serves more the 40 million clients worldwide.

The Romanian life insurance market in 20008 stood at RON1.79 billion, accounting for 20.5% of insurance premiums subscribed for the entire industry.

The biggest players in the Romanian life insurance industry are ING Asigurari de Viata - RON604.4 million, AIG Life - RON286.04 million and BCR Asigurari de Viata - RON160.15 million.