Growth was mainly driven by motor vehicle and property insurance, it said.
“The first quarter of 2018 shows a 37% growth of gross written premiums v. the same period of last year, and this gives us faith that we will be able to reach our very ambitious targets set for this year and the years to come, when the company is expecting an increased profitability,” said Anca Babaneata, general manager at Gothaer Asigurari Reasigurari.
The business volume growth was supported in 2017 by all business lines, with significant growth on the motor insurance segment. Still, Gothaer continues to report a 40.3% share of motor insurance out of its total portfolio, which remains, as desired, way below the share reported for motor insurance out of the total Romanian non-life insurance market.
In 2017, the Gothaer Group reported a 5.6% increase of the net income (to EUR165 million) and 8% of equity (standing at EUR2.154 billion), while the solvency value of the group have seen a further upward trend, better than the previous year, standing at 257% in the fourth quarter of last year.
“We have reached important milestones in the implementation of Gothaer 2020 Group strategy: the digitization of our business model is progressing in all parts of the company and new, more efficient structures and processes have been set in motion,” said group CEO Karsten Eichmann.