Ardaf will launch a campaign to change its image in September in order to underscore its being part of PPF Investments Czech group. The campaign will last for two months.
The company, which was taken over by PPF Investments Czech group early this year, plans to enter the private pension market in September.
The company's shareholders are to decide during the next meeting of the general assembly of shareholders what kind of pension funds they will manage, but Ardaf's representatives stated they were more interested in managing compulsory pensions (pillar II), than optional ones (pillar III).
"Given the tight authorisation deadline, shareholders will make a decision shortly. As a company operating on all insurance segments, we have to enter the private pension market," stated Dan Bordeanu, deputy general manager with Ardaf.
To sell compulsory pensions, Ardaf has to set up a separate company, with a share capital worth at least 4m euros, according to the current legislation.
The majority shareholder of Ardaf, PPF Investments, plans to reorganise the company's activities this year, with the first step to be the change of the management team.
"I am not concealing the fact that we are in full process of team consolidation, of recruiting the most valuable specialists in the insurance industry," maintains Bordeanu.
He says the company could break even by yearend, after having reported losses of almost 35m euros (over 122m RON) last year and a loss of 8.5m euros in the first quarter of this year.
"We hope to break even this year and step into the black in 2008. We must clean up our portfolio, cut the weight of car insurance from 81% at present to 60% and underwrite low-risk policies. Special attention will be paid to the corporate segment," explains Bordeanu.
He says the reorganisation of the company will not involve closing down territorial branches or layoffs. By late August, Ardaf will move its headquarters from Cluj to Bucharest.
The insurer now has around 200 territorial branches.
Starting autumn, Ardaf will launch a campaign to change its image that will last for two months. "We want to strengthen the Ardaf brand," says Bordeanu.
Ardaf management even considered changing the name of the company, but various surveys showed the brand is well known.
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