Eurolife ERB Asigurari’s net profit down 10 pct last year to RON 3 mln

The Eurolife ERB Asigurări Group, the owner of Eurolife ERB Life Insurance and Eurolife ERB Asigurări, continued its consolidation in the local market, reporting for 2017 a value of gross premium of RON 110 million, up 62 percent compared to 2016. The consolidated net profit was RON 3 million, down 10 percent from 2016, and the investment expenses were RON 4.6 million, double the previous year.

“The results recorded in 2017 were in line with expectations, all the more so as they were recorded as a result of the launch of a comprehensive process of strategic business redefinition,” said Anita Nitulescu, CEO of Eurolife ERB Asigurări. “In 2017, we continued to lay the foundations for long-term development, allocating a significant investment budget to digital development – both in domestic and foreign platforms, as well as developing new products and attracting specialists, all alongside maintaining loyalty programs for our customers. Membership of the Canadian Holdfair holding Fairfax Financial Holdings Limited gives us the premises of a sustainable expansion by moving to integrated sales channels – broker networks, direct sales – and structuring innovative products tailored to the modern consumer. At the same time, the complete and complex expertise we have developed over the past 10 years in the bancassurance segment remains an important pillar for our development strategy. “

The upward trend in the life insurance segment (advance over 50%), sustained by the increasingly pronounced preference for individual products – independent of contracting a credit, has been maintained. Moreover, the life insurance with the saving component also recorded an advance of over 20% in terms of gross written premiums, which indicates a constant and natural evolution of consolidation highlighted in the last 2 years.

Also, an increasing number of Romanians understand that risk can not be ignored, awareness that reflected in the segment of insurance, voluntary housing insurance (“Casa Ta”) registering an advance of 28%, while the policies that covers the risk of accident (Protect Accident) have risen to premiums written by over 18%.

“Romania is still an emerging market characterized by incomes still below the European average and low purchasing power but with significant potential to reach mature market status. In mature markets, insurance is part of the lifestyle of customers, who naturally opt for one package or another, depending on the needs of each. We talk about markets with a history of over 20 years in insurance, with a certain financial level and a higher degree of education among the population, who has inherited this culture from generation to generation,” said Nitulescu.

Read more about

SIGNAL IDUNA launches the online Claims Notification option

read more

Eurolife ERB Asigurări Romania covers a complex portfolio of risks: life insurance, disability insurance, unemployment insurance, real estate insurance, accident insurance, civil liability insurance, unit-linked. Eurolife ERB Romania includes Eurolife ERB Life Insurance, which ranks 7th in the insurance sector (according to ASF) and Eurolife Asigurări Generale, being a subsidiary of Eurolife ERB Insurance Group, whose main shareholder is Fairfax Financial Holdings Limited, a Canadian holding, through its subsidiaries, is involved in property and accident insurance and reinsurance, as well as in investment management. At present, over 150,000 customers have insurance policies issued by Eurolife ERB Asigurări România.