Despite the overwhelming adversities faced by all of Greek society, including the Greek insurance industry, due to the pandemic, NP Insurance in 2020 managed to respond well in all sectors, presenting an increase in turnover, profitable results for the 17th consecutive year, prompt payouts of compensation and strong fundamentals, to the satisfaction of its employees, its associates and its customers.
An important distinction for NP Insurance in 2020 was the sharp increase in its solvency and capital adequacy, ranking it first in the Greek Insurance market for both SCR and MCR solvency ratios, and well above the European averages.
The key Solvency Capital Requirement (SCR) ratio rose to 289% and the Minimum Capital Requirement (MCR) ratio to 1,157%.
NP Insurance figures
– Turnover (written premiums) amounted to €38.0 million, up 5% from 2019.
– Earnings before tax amounted to €8.6 million.
– Equity based on IFRS came to €74.5 million.
– Company assets exceeded €120 million.
– The investment portfolio amounted to €103.2 million.
– Technical provisions were €37.8 million.
– Compensation payouts exceeded €13.2 million.
Special emphasis on associate training and recertification
NP Insurance continued to place great emphasis on ongoing training for its associates throughout 2020 and during lockdowns, as it considers it to be a key driver for professional development. The company held more than 85 training seminars for its network; 50 of those involved retraining of associates and 35 were on specialised products and modern sales techniques.
Corporate Social Responsibility
True to the principle of contributing to society, NP Insurance did not neglect to help with protecting public health through donations to public hospitals and providing support for significant artistic and social activities, with an amount of more than €250,000.
