Allianz Greece in 2020 managed to strengthen its coverage of capital requirements arising from the Solvency II framework. Its solvency ratio (SCR) came to 147% from 141% in 2019, and its minimum capital requirement (MCR) at the end of 2020 was 331%, from 335% in 2019.
According to the company’s Solvency II report, the year 2020 closed for Allianz Greece with turnover amounting to €155 million, down just 1.1% from 2019. The company’s earnings after taxes totalled €7.9 million for 2020 compared to €3.7 million for 2019, increased by 113.5%. The exceedingly improved profitability is due to better operating results before taxes in 2020 due to positive developments in losses and the fact that the company’s results in 2019 were encumbered with a change in the tax rate.
Driving Allianz’s growth in 2020 was the non-life insurance division (except motor), with a 12.6% growth. The company will continue its strategic focus on the non-life sector in the coming years. In health insurance, Allianz saw double-digit growth of 10.6%, while the motor sector closed at -5.4%.
Allianz Greece CEO Philippa Michali commented on the company’s performance: “Looking back on 2020, without a doubt the pandemic was an unexpected challenge we had to respond to. Under these conditions, we managed to exceed our goals, thanks to our strong balance sheet and business model. Our turnover for 2020 was only slightly lower than for 2019, while profitability far exceeded last year’s results. The increase in profitability is due not only to the encumbrance we had on the results for 2019 due a change in taxation, but also to the better operating results we achieved in 2020. This confirms that our business performance is very balanced and healthy, and that our strategy is oriented appropriately.”
As to Allianz Greece’s qualitative indicators, Ms Michali said: “It is not only the financial figures for 2020 that encourage us to implement our long-term transformation plan with certainty and self-confidence. Since 2015, for six consecutive years, our customers have rewarded us by putting us first in the NPS Customer Satisfaction Index for non-life insurance. This certifies the high level of solutions we offer the people who place their trust in us and the return on our customer-focused strategy.”
Finally, in mentioning the people of Allianz and their contribution to the achievement of corporate goals in the midst of the unprecedented circumstance of the pandemic, Ms Michali said: “I want to extend a warm thank you to Allianz’ employees and associates, as during a very demanding year, we proved that united we are stronger and able to overcome adversities; we adapt to new working conditions and continue to support our customers. The strengthening of our team was reflected in the annual Employee Commitment Survey (AES), with all related indicators showing significant increases of more than 10% from 2019.”
