NN recorded solid financial results across all business lines in 2024, continuing to ensure financial strength and stability, operational efficiency and digital transformation. This allows the company to provide customers meaningful financial support in the moments in life when they need most and better protection through insurance solutions tailored to their needs and lifestyles.

In the life and health insurance segment, NN Asigurări de Viaţă S.A paid customers total benefits of over RON 630 million last year, 8% more than in 2023, according to unaudited financial statements for 2024. Payments represent unplanned expenses covered by a medical insurance or benefits paid to clients going through an insured health problem, financial support in case of death for the family or loss of income, as well as benefits accumulated through insurance products with savings or investment components. In addition, in the home insurance segment, NN Asigurări S.A paid almost RON 6 million to customers who faced damages or other covered situations related to their homes.

“Insurance solutions have a critical role in unforeseen moments in life, providing families financial stability and support to navigate the situation easier, without straining their personal budgets, and a relevant option for long-term savings and investments that allow them to build a more secure financial future. Through the benefits paid, NN contributes to reducing clients' protection gap, which is today higher than ever at 154,000 lei, according to UNSAR data published this year, representing the amount a family would need to maintain their standard of living when something happens. In addition, we focus on delivering excellent interactions with their products, as part of our strategy to be a future ready industry leader known for excellent customer experience, talented professionals and meaningful contributions to society. This is why we will continue to heavily invest in our digital transformation, operational optimization and innovative product portfolio,” says Kuldeep Kaushik, CEO NN Asigurări de Viata.

NN Asigurări de Viaţă S.A recorded gross written premiums of almost RON 1.15 billion in 2024, up by 12.7% compared to the previous year. The company had almost RON 5.1 billion in financial assets under management at the end of 2024 and had a gross profit of RON 83.3 million, down by about 30% mainly on account of the significant investments made, according to unaudited financial statements for 2024.

In the voluntary private pensions segment managed by NN Asigurări de Viaţă S.A, the company continued to support participants save more for retirement and benefit from their savings. NN paid about RON 90 million to the over 6,000 participants in the NN Activ and NN Optim funds who met the requirements to benefit from their Pillar III pension in 2024, amount 48% higher compared to 2023, according to unaudited financial statements.

Net assets under management surpassed RON 3.1 billion at the end of last year, cumulatively for the NN Activ and NN Optim funds, 17.5% above the level in 2023, representing a 56.4% market share as per the Financial Supervisory Authority's (FSA) data at the end of December 2024. The growth comes both from accumulated contributions and the investment performance generated for the participants' benefit. NN Activ recorded a 6.7% annualized return and NN Optim a 6.3% annualized return since launch in 2007 to the end of 2024, according to calculations based on FSA data, above the 4.5% annualized inflation in the same period. The two managed funds had over 356,000 participants at the end of last year, equivalent to 42.83% of the total number of Pillar III participants.

In the mandatory private pensions segment[2] managed by NN Pensii SAFPAP S.A., the company paid RON 429 million to more than 22,600 participants who met the requirements in 2024 to benefit from their Pillar II pension, amount almost 28% higher compared to the previous year, according to unaudited company data. Net assets managed by NN Pensii SAFPAP S.A. surpassed the RON 50 billion milestone for the first time in 2024, reaching close to RON 50.1 billion at the end of last year, up 18%, representing a 33.8% market share, according to the Financial Supervisory Authority's (FSA) data at the end of December 2024.

The managed fund had 2.1 million participants at the end of last year, equivalent to 25.56% of the total number of Pillar II participants and generated a 6% annualized investment performance for its participants since launch (2008-end of 2024), according to calculations based on FSA data at the end of December 2024, above inflation in the same period.

“Demographic trends, the projected decline of the revenue replacement rate through public pensions from 43% to 30% in 2042, based on the latest CFA Romania study published this year, and the increase in cost of living emphasize the importance of securing additional means of revenue at retirement age. A good retirement plan starts as early as the first job and works best when it is built on multiple savings instruments. Private pensions are therefore more relevant than ever in people's efforts to secure a better financial future and the results achieved in 2024 confirm healthy evolutions and a growing impact in people's lives,” says Gerke Witteveen, CEO of NN Pensii.

Beyond the impact in its customers' lives, NN also has a significant contribution in the economy, as well as in the health and wellbeing of the communities it is part of. In 2024, NN Asigurari de Viata S.A. and NN Pensii SAFPAP S.A. paid total contributions of almost RON 112 million to the state budget and invested over RON 3.5 million in relevant social initiative focusing on health, education and financial inclusion, according to unaudited financial data. Through its contributions in society, NN supported the physical, emotional and financial wellbeing of people and communities, impacting the lives of over 21,000 people.