NN paid over 575 million RON to insurance and private pensions clients in the first half of 2024

NN life, health, and home insurance clients and participants to the pension funds managed by NN benefited from over 575 million RON in the first half of 2024, up nearly 30 percent compared to the same period last year.

In the life and health insurance segment, NN Asigurari de Viata paid customers benefits of over 303 million RON, according to unaudited financial results. The amount represents expenses covered or claims paid to those who faced a situation covered by their insurance, as well as money accumulated through savings and investment products that reached maturity or were redeemed. From the benefits paid for the covered unforeseen events, about 45 percent covered expenses or claims to clients who faced health-related issues. At the same time, in the home insurance segment, NN Asigurari paid over 2.2 million RON to clients who faced incidents related to their homes, more than double compared to the first six months of 2023.

“Beyond providing protection, financial support in covered situations, or savings and investments for their plans, insurance in fact offers people peace of mind and greater confidence in the future. Our ambition doesn’t limit at offering clients increasingly relevant insurance solutions, but we aim to create excellent experiences and interactions with their products and to support them when they need most. Therefore, securing our financial stability and growth ahead of the market, building innovative benefits and products, and transforming our business, through process simplification and development of our digital capabilities, are our main strategic priorities for the coming years”, explained Ramona Livinti, CFO of NN Asigurari de Viata.

Gross premiums written by NN Asigurari de Viata exceeded 562 million RON in the first half of 2024, up by about 12 percent compared to the same period of the previous year, according to unaudited financial results. Furthermore, the financial assets under management surpassed 5 billion RON for the first time, up by 10 percent. The company reported a gross profit of nearly 61 million RON in the first six months of 2024 and paid a total of approximately 54 million RON in contributions to the state budget, up 46 percent from the first half of 2023.

In the voluntary private pensions segment managed by NN Asigurari de Viata, the company paid almost 42 million RON to participants in the NN Activ and NN Optim funds who met the requirements to benefit from their Pillar III pension in the first half of this year. The amount represents approximately 70 percent of the payments made throughout 2023 and increased by 31 percent compared to the same period last year. The net assets under management exceeded the 3 billion RON threshold at the end of June, combined for the NN Activ and NN Optim funds, 32 percent higher than in the same period last year, representing a 56.4 percent market share according to data from the Financial Supervisory Authority. The two funds had a total of 341,000 participants at the end of June, representing almost 45 percent of the total number of Pillar III participants. Through its investment activities, NN Asigurari de Viata generated returns above inflation in the benefit of participants, of 7.77 percent for the NN Activ fund and 5.93 percent for the NN Optim fund in the first half of the year, according to calculations based on Financial Supervisory Authority data.

In the mandatory private pensions segment managed by NN Pensii SAFPAP, the company paid over 228 million RON to participants who met the requirements to benefit from the money in their Pillar II accounts in the first half of 2024, up 75 percent over the first semester of the previous year. NN Pensii SAFPAP managed net assets of over 48 billion RON at the end of June, almost 30 percent higher than the same period in 2023, representing a market share of 34 percent according to the Financial Supervisory Authority’s data. The fund had 2.1 million participants, representing a 25.7 percent share of the total number of participants in Pillar II, and the fund manager generated an investment return in their benefit of 6.8 percent in the first half of 2024, according to calculations based on Financial Supervisory Authority data.