In the life and health insurance segment, NN Asigurari de Viata paid customers total benefits of over RON 585 million 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 RON 36 million 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 RON 3.6 million to customers who went through unforeseen situations related to their home.
NN Asigurari de Viata had record gross written premiums of over 1 billion lei in 2023, up 5% from over 970 million lei in the previous year, according to unaudited financial results. The financial assets managed by NN Asigurari de Viata increased by 12% to almost RON 4.9 billion in 2023, and the company recorded gross profit of RON 119 million, according to unaudited financial data. The liquidity ratio was 2.67 last year and Solvency II ratio was 224%, 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.
Private pensions segment
In the voluntary private pensions segment managed by NN Asigurari de Viata, the company paid over 59 million lei to participants in the NN Activ and NN Optim funds who met the requirements to benefit from their Pillar III pension, up 12.3% compared to 2022. Net assets under management reached over RON 2.6 billion at the end of last year, cumulatively for the NN Activ and NN Optim funds, 33% above the 2022 level, representing a 56.2% 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% 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% for the NN Activ fund and 16.5% 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 RON 336 million to participants who met the requirements in 2023 to benefit from their Pillar II pension, more than double the payments of almost RON 160 million in 2022 and the equivalent of 44% of the total payments since the launch of the Fund Privately Managed by NN. NN Pensii SAFPAP recorded net assets under management of RON 43 billion at the end of last year, up 30.3%, representing a 34% 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% of the total number of Pillar II participants and generated an investment performance for its participants of 18.2% in 2023, according to calculations based on FSA data, above the 6.6% 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 RON 4.2 million 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.
