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NN Romania slated to enter general insurance market by year-end


NN Romania is looking to expand its activity to the general insurance market, and the completion of the authorization process is expected for autumn this year, the company said in a release on Thursday.

"NN Romania obtained on July 15 the approval of the Financial Supervisory Authority for the registration of the legal entity that will operate the new line of business, according to the existing legislative framework. The full operation authorization process is expected to end this autumn. NN is the largest life insurance and private pension company in Romania. By accessing a new market segment, NN Romania expands its product portfolio to better meet customer needs, by also offering them general insurance, except for car insurance services," the cited source reads.

The life insurance and private pension company said it will announce the detailed plans for the new line of business and the types of general insurance in its offer when this segment is officially launched, which is slated to happen by the end of 2020.

NN Group's Romanian business includes the activities of NN Asigurari de Viata and NN Pensii - both leaders in their respective markets, and NN Investment Partners, No. 4 in the ranking of the local asset management companies.