NN, the leader on the local life insurance market, announced yesterday that 2016 was the best year in the last decade for the company’s local activity.

NN wrote gross written premiums of almost EUR 662 million (EUR 146.6 million) in 2016, up 5.2% over 2015, and reached total assets under management of over RON 12 billion (EUR 2.6 billion) on the private pension segment.

The company also saw a gross profit of EUR 6.6 million last year, up 31% over 2015. The increase was supported by the country’s GDP record growth, supported by monetary and fiscal policies.

“The recovery of the business environment overall, the increase in the number of employees in the economy and of the value of their benefits have reflected in higher sales of life and health insurance as well as voluntary pensions,” said Mariu Popescu, NN Romania CEO.

The average gross premium for the contracts concluded last year amounted to RON 1,815 (EUR 402), up 4.1% over 2015. The evolution was largely supported by the fees paid for the health insurance launched in the second quarter of last year.

The assets managed by the company’s life insurance segment NN Asigurari de Viata exceeded EUR 722 million, up 7.7% over the previous year. The evolution is similar to the one recorded in the previous years, which confirms that the life insurance business has had a sustainable growth.

editor@romania-insider.com