NN Hellas has just announced its financial results for 2020. These are some of the highlights:
* NN Hellas, despite being active only in the Life and Health insurance sectors, has climbed to 2nd place for gross written premiums, from 3rd place in 2019 in the insurance market overall. These results solidify its position as the largest multinational insurance company in Greece.
* Both gross written premiums and gross earned premiums increased, the Covid-19 pandemic notwithstanding, whereas the total market shrunk by 4%.
* Earnings before taxes were up more than 50% compared to 2019, by €5.4 million, amounting to €15.6 million.
Gross written premiums in 2020 increased by €4 million to €471 million. Premiums from unit/index-linked and Health products were the main contributors to the growth, which was offset in part by a decrease in premiums from the pension fund management contracts (DAF), due to one-off payments in 2019 which were not repeated in 2020, and the lower premiums from traditional products, for which no new turnover was recorded. Gross earned premiums, based on the IFRS, were up 15%, from €403 million in 2019 to €465 million in 2020.
The increase in earnings before taxes is the result of new sales, improved portfolio retention and improved margins. Earnings after taxes amounted to €10 million, also significantly improved (+163%) from 2019.
With regard to balance sheet figures, total assets, as at 31 December 2020, amounted to €2.2 billion, up by 11% or €222 million from 2019, mainly owing to an increase of €141 million in the investment portfolio due to increased sales of unit/index-linked products and high return on investments. Company equity increased by €59 million. This change, in addition to the €10 million in earnings after taxes for the period, also includes unrealised earnings amounting to €29 million and the €20 million increase in share capital by the NN Group due to Covid-19 pandemic-related market fluctuation.
Since 2016, the company has carried out key structural changes and has achieved positive financial and production results, accomplishing its vision of becoming a model company and continuously strengthening its position in the Greek insurance market. As a result of these changes, the company operating procedures, its corporate governance and its financial results have improved significantly.
