Eurolife ERB Romania's 2017 revenues from life insurance premiums at 110 ml lei, up 62 pct

Eurolife ERB Insurance Group, owner of a life insurance and of a general insurance company in Romania, had gross written life and general insurance premiums of roughly 110 million lei in 2017, up 62 percent from the end of 2016, the financial group announced in a release on Wednesday. 

Eurolife ERB Insurance reported a net consolidated profit of over 3 ml lei and investment expenditures of 4.6 million lei, twice the figure in the previous year. 

The 2017 results were in line with expectations, the more so as they came against the backdrop of an ample process of completely redefining our business in terms of strategy, said Eurolife ERB Insurance CEO Anita Nitulescu. 

According to the company, the results of 2017 were backed by the Romanians' appetite for traditional and protection products. Thus, the life insurance segment further followed an upward trend (with an advance of over 50 pct), also driven by the increasingly evident preference for individual, not loan-linked products. Life insurance instruments with a savings component also advanced more than 20 percent in terms of gross written premiums. 

Optional home insurance contracts ('Your Home') advanced 28 percent, while written premiums for risk of accident (Protect Accident) advanced over 18 percent. 

"Romania is still an emerging market with incomes still below the European average and low purchasing power, yet with a significant potential to reach the mature market status," the release said.