EnglishAviva plc. will convert Eastern European subsidiaries into branches and manage all such operations through one company based in Ireland, the insurer announced yesterday. The plan includes the Romanian subsidiary. Aviva operations in Great Britain will remain unaffected.
The group has developed a two-phased strategy to capitalize on opportunities in Europe. In the first phase, Delta Lloyd will be listed on the stock exchange, as announced on 19 October 2009. In the second phase, a new management team will be assembled at pan-European level and be entrusted with the objective to integrate the 12 separate Aviva businesses across Europe.
Aviva expects the new strategy to have the operations managed by Aviva Europe contribute to the target to double total return earnings per share by 2012, while observing the International Financial Reporting Standards (IFRS).
Aviva is present in Romania via Aviva Asigurari de Viata (Aviva Life), Aviva Societate de Administrare a unui Fond de Pensii Privat (a private pension fund management firm) and Aviva Investors Romania (acquired on 30 November 2007).
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