Η παραγωγή ασφαλίστρων των εταιρειών για το 2023

PREMIUM

PRODUCTION OF JOINT STOCK INSURANCE COMPANIES IN GREECE:*

NN HELLAS 307,80 884,40 881,90 -0,28% 186,51%

ETHNIKI INSURANCE 1.060,40 655,90 734,30 11,95%- 30,75%

EUROLIFE 324,95 608,08 607,96 -0,02% 87,07%

GENERALI 147,54 477,50 508,91 6,58% 244,92%

INTERAMERICAN 529,93 435,70 466,70 7,11% -11,93%

ALLIANZ 217,38 408,50 437,50 7,10% 101,26%

ERGO 98,85 255,30 275,70 7,99% 178,90%

ALPHA LIFE -181,30 267,00 47,27%

GROUPAMA 186,93 178,20 212,71 19,37% 13,79%

INTERSALONICA 162,93 129,47 143,97 11,20% -11,64%

INTERLIFE 49,12 82,54 93,82 13,67% 91,00%

YDROGIOS 140,94 89,35 91,71 2,64% -34,93%

ΜΙΝΕΤΤΑ 111,90 60,90 66,95 9,93% -40,17%

ATLANTIKI ENOSSI 61,33 45,18 51,70 14,43% -15,70%

INTERASCO 11,28 36,90 40,80 10,57% 261,70%

NP ASFALISTIKI 33,10 44,50 47,77 7,35% 44,32%

SYNDEA 42,32 24,70 25,68 3,97% -39,32%

DYNAMIS 15,44 20,23 23,79 17,60% 54,08%

7,74 16,09 17,90 11,25% 131,27%

12,88 12,21 13,46 10,24% 4,50% PERSONAL INSUR. 18,70 9,04 9,42 4,20% -49,63% GENIKI PANELLADIKI 6,39 6,46 7,24 12,07% 13,30%

AGRICOLE

127,47 6,92 5,54 -19,94% -95,65% SIDERIS 10,28 5,70 5,02 -11,93% -51,17%

1,42 2,68 3,23 20,52% 127,46% CNP LIFE 3,17 3,07 -3,15%

* Results are aggregated at group lever, based on the 2023 Solvency Report and the 2009 Fiscal Year Repo

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The companies' premium production for 2023

By LAMBROS KARAGEORGOS

In 2009, the premium production of the Greek Insurance Market reached 5.4 billion Euros, the highest level in the history of the market. In the following years, due to the financial crisis and the shrinking of the economy, the insurance market “went south”. After a slow recovery, that started in 2016, it finally approached the 2009 record in 2023, as premium production reached 5.265 billion Euros, with the Life sector surpassing the 2009 record (2.509 billion Euros) and reaching 2.564 billion Euros, and the Damages sector to fall short by around 200 million Euros, as it reached 2.701 billion Euros in 2023 compared to 2.939 billion Euros in 2009.

2009 is a reference year for the Greek Insurance Market and everything shows that 2024, barring the unexpected, will be the year that will surpass 2009 in terms of performance, since the Greek economy has entered into a growth path. However, it took 15 years for the market to fully recover.

During these 15 years, a lot has changed in the industry, both at an institutional level (Solvency II regime) as well as at a business level. Apart from the “shutdowns” of the Aspis Group and later of the International Group, what hall marked the market, were the big ac quisitions of the previous three years.

“Next Deal” presents below the 2023 production results of the insurance companies that operate under the status of a joint stock

company in our country and are supervised by the Bank of Greece, compared to 2022 and 2009.

From the citation of the available data, it follows that, in terms of production, the big winners are the insurance companies that, in addition to their organic growth, also made some large acquisitions. Generali Hellas is a typical example, as it achieved the largest increase in production (244,92%) among the large companies over the period 2009-2023 and the second largest in the whole market. Acquiring AXA Insurance three years ago, from the 8th place in 2009 it now stands in 4th place among the country's largest insurance companies, justifying the group's strategy that aims to place the company in one of the first five leading positions in any local market it is activating. Even after the acquisition, Generali managed to continue to move upwards in terms of premium production, turning “one plus one” to a little more than “two”...

NN Hellas was also a big winner, which after the acquisition of Metlife, found itself in the 1st place in the Greek insurance market, activating in fact only in the Life sector, unlike the other insurance companies that operate in both sectors. NN Hellas, from 2009 to 2023, recorded a production increase of 186,51%, achieving the second best performance among major insurance companies.

Both the other two major insurance companies involved in acquisitions, Allianz and Ergo,

• The comparison with 2009 and 2022

• Who won, who lost

• What was the effect of the acquisitions?

• The 2023 solvency ratios

proved to be winners as well. Allianz, with the acquisition of European Credit, increased its 2023 production by 101,26% and earned "points" in the competition, while Ergo, which had acquired ATE Insurance, recorded a production increase of 178,90% compared to 2009. Finally, comparing the production of 2023 with that of 2009, we can also note the significant production increase of Interasco (261,70%), a company that is not included in the top ten of the market, however it records the largest increase percentage during this 15 years period, among all of insurance companies.

The performance of the Eurolife Group (87,07%) during the period 2009-2023, through organic growth exclusively, is also noteworthy.

Concluding, comparing the production results of 2023 compared to 2022, it is worth noting the very large increase (47,27%) in the production of Alpha Life, the subsidiary of Alpha Bank, as well as the satisfactory performance of “Ethniki” Insurance (11,95%), Groupama (19,37%), Dynamis (17.60%), Atlantiki (14,43%) etc.