NN paid almost 1 billion RON to insurance and private pension clients in Romania, up 27 percent in 2023

NN paid insurance customers and private pensions participants 983 million RON in 2023, 27 percent more than the previous year.

In the life and health insurance segment, NN Asigurari de Viata paid customers total benefits of over 585 million RON last year for situations covered by insurance and for policies that reached the end of the contractual period, according to unaudited financial data. The sums covered unplanned expenses for health problems that required hospitalization and surgery, provided support for families in the event of death, covered loss of income for clients who could no longer work, or represented benefits accumulated through insurance products with savings components. More than 36 million RON were paid for covered health-related situations alone. At the same time, in the home insurance segment managed by NN Asigurari, the company paid almost 3.6 million RON to customers who went through unforeseen situations related to their home.

NN Asigurari de Viata had record gross written premiums of over 1 billion RON in 2023, up 5 percent from over 970 million RON in the previous year, according to unaudited financial results. The financial assets managed by NN Asigurari de Viata increased by 12 percent to almost 4.9 billion RON in 2023, and the company recorded gross profit of 119 million RON, according to unaudited financial data. The liquidity ratio was 2.67 last year and Solvency II ratio was 224 percent, confirming the company’s financial stability and ability to meet its obligations to customers.

“People’s need for protection and financial support when something unexpected happens has increased. We are not only seeing more people choosing life or health insurance, but also their need for greater benefits in covered situations. At NN we continued to support clients with customized solutions and excellent digital experiences when interacting with their insurance and private pension products. And we have provided real financial support to those who have gone through a situation covered by their insurance when they need most”, said Kuldeep Kaushik, CEO NN.

In the voluntary private pensions segment managed by NN Asigurari de Viata, the company paid over 59 million RON to participants in the NN Activ and NN Optim funds who met the requirements to benefit from their Pillar III pension, up 12.3 percent compared to 2022. Net assets under management reached over 2.6 billion RON at the end of last year, cumulatively for the NN Activ and NN Optim funds, 33 percent above the 2022 level, representing a 56.2 percent market share according to the Financial Supervisory Authority’s data. The two managed funds had almost 326,000 participants at the end of last year, equivalent to 46 percent of the total number of participants in Pillar III. NN Asigurari de Viata generated record investment performance for its participants in 2023, of 18.5 percent for the NN Activ fund and 16.5 percent for the NN Optim fund, according to calculations based on FSA data.

In the mandatory private pensions segment managed by NN Pensii SAFPAP, the company paid almost 336 million RON to participants who met the requirements in 2023 to benefit from their Pillar II pension, more than double the payments of almost 160 million RON in 2022 and the equivalent of 44 percent of the total payments since the launch of the Fund Privately Managed by NN. NN Pensii SAFPAP recorded net assets under management of 43 billion RON at the end of last year, up 30.3 percent, representing a 34 percent market share, according to the Financial Supervisory Authority’s data. The managed fund had 2.1 million participants at the end of last year, equivalent to 25.8 percent of the total number of Pillar II participants and generated an investment performance for its participants of 18.2 percent in 2023, according to calculations based on FSA data, above the 6.6 percent inflation at the end of the year.

In addition to impacting the lives of customers, NN also contributed to the communities it is a part of and invested in 2023 almost 4.2 million RON in socially relevant initiatives that focus on health, education and financial inclusion in disadvantaged categories, according to unaudited financial data. The most important initiatives were the partnership with the Inima Copiilor Association for the expansion of the Cardiac Surgery Department of the Marie Curie Children’s Hospital in Bucharest, the partnership with the Autism Voice Association for the Autism Voice Institute and the partnership with EA – The Entrepreneurship Academy for the development of the first scholarship fund for the education of the future generation of entrepreneurs in Romania.