A feature from the Nextdeal newspaper (Issue 581), currently on newsstands
By Lampros Karageorgos
The seven leading insurance companies in Greece in terms of production are expected, in the coming years — if not months — to reshuffle once again the deck of the Greek insurance market. Each in its own way operates in a period widely recognized as one of significant transformation. These are changes that will define the profile of the market for many years to come.
Five of these companies are members of international insurance groups, which are well aware — through their parent companies — that their objective in every market is to be positioned within the top five. Therefore, at present, there are seven players (including the two bank-owned insurance companies) competing for the five leading positions in the Greek market. Many developments in the coming years will be shaped within this framework.
NN Hellas
First, the largest insurance company in terms of production, NN Hellas, with gross written premiums of €1.03 billion and a particularly strong distribution network, is known to be seeking a new partner in the bancassurance sector, as its cooperation with the Piraeus Bank Group is set to conclude within the year.
The “flying Dutchmen” of NN are expected to find a successor to Piraeus and define new growth targets, either with Credia Bank, as has been speculated, or with another structure. In practical terms, the company remains strong and represents a significant asset of its Dutch parent group.
The recent sales conference demonstrated that the “passion” and “drive” of the distribution network remain a powerful weapon for NN Hellas in its next phase. The CEO of NN Hellas, Filippa Michali, emphasized that the greatest challenge for the company is not only maintaining its growth trajectory, but also preserving its identity and the human relationship with the customer.
Ethniki Insurance
Ethniki Insurance aims to return to the top position in the market. It was founded on 15 June 1891, meaning that in 2026 it will complete 135 years of operation as an insurance company.
For more than 130 years it stood alongside the National Bank of Greece, before being sold in 2021 to the CVC fund. With its acquisition by the Piraeus Bank Group, it is entering a new historical phase, characterized by the stability of the ownership structure, as the bank is not a fund and has deep knowledge of the benefits of bancassurance — a model that Piraeus Bank has been successfully developing in Greece since the early 2000s.
In the coming years, we will likely see a “new” Ethniki Insurance aiming for the top. A strategic target of €1.6 billion has already been officially announced within the framework of the Piraeus Group’s 2026–2030 strategy.
The “new” Ethniki Insurance implies a new health insurance policy, supported by the affiliated healthcare group HIMIΘEA (ErrikosDunan, etc.), a more efficient sales network, and substantial utilization of bancassurance. At the same time, management under Mr. Dimitris Mazarakis has stated its readiness to pursue opportunities for non-organic growth (acquisitions), as the company is becoming a dynamic player in the evolving Greek insurance landscape.
Generali Hellas
Generali Hellas holds third place, having entered the top three for the first time, and the CEO of the company, Mr. Panos Dimitriou, does not hide that the ultimate goal is the top position.
The “lion” of Generali appears ready to consolidate its position as one of the main protagonists of the Greek insurance market, with widespread expectations that it is also targeting further acquisitions.
“Our goal is the top, and we will reach it — do not ask me for more details,” Mr. Dimitriou reportedly stated recently at a company event, leaving all options open, including a potential new acquisition, following the AXA acquisition at the end of 2020.
At the same time, the company is building a pioneering healthcare ecosystem for the Greek market through the acquisition of Euroclinic, and possibly additional units in the future. Generali is undoubtedly one of the key architects of the future Greek insurance market.
Eurolife FFH
The Eurolife Group is undergoing restructuring, as Eurolife Life has been fully transferred to Eurobank, while 80% of Eurolife General Insurance has been acquired by Fairfax.
Eurobank is expected to further expand bancassurance, as well as the expansion of its life insurance business through its distribution networks, while the presence of Mr. Nikos Delendas as CEO of Eurolife Life serves as a guarantee for a smooth transition.
On the other hand, the non-life insurance company under Fairfax control — a group well known for its global specialization in this sector — is expected to implement a new growth strategy aimed at increasing market share and strengthening profitability. In addition to a possible name change, a new expansion strategy is also expected, including potential acquisitions. With Executive Chairman Mr. Alexandros Sarigeorgiou and CEO Mr. Vasilis Nikiforakis, the company is expected to play a leading role in the coming years in the Greek insurance market and to set its course toward the top positions, with a strong emphasis on profitability, further strengthening Fairfax’s presence in the Greek insurance sector.
Interamerican
Interamerican is now operating under an ambitious strategy, aiming to serve as the hub of its parent company Achmea for expansion into Southeast and Central Europe, primarily through Anytime. It has already entered the Romanian market and is preparing to expand into additional countries.
It is mainly active in non-life insurance and health, and has developed healthcare units in the private health sector. It was a pioneer in the Greek market with the creation of Euroclinic, which was later sold to a fund and recently came under the control of Generali.
It also operates a comprehensive primary healthcare system (Medifirst), while seeking partnerships in bancassurance and continuing to support traditional distribution channels. It is a characteristic example of a multi-channel insurance distribution model, as in addition to Anytime it relies on both brokerage and agency networks. Under CEO Mr. Giannis Kantoros, it aims to further strengthen its market position and consolidate its presence in Central and Southern Europe.
Allianz
The “eagle” of the Allianz Group, following its agreement with the National Bank of Greece, is now ready to fully spread its wings in the Greek insurance market.
With a presence in Greece since the 1980s and substantial operations since 1999 following the absorption of Helvetia, Allianz followed a strong upward trajectory that peaked in 2021–2022 with the acquisition of European Reliance for approximately €280 million, including the public tender offer to minority shareholders.
Recently, it announced a major new move: an agreement with the National Bank of Greece, which will acquire a 30% stake in Allianz’s share capital.
It could be said that the German insurance group, the largest in Europe, is closing one chapter and opening a new one of more integrated presence in the Greek market, clearly aiming for leadership and, in the first phase, a position in the top five. With €444.5 million in production in 2025 under the management of Mr. Vasilis Christidis, and with expected strengthening of bancassurance, it is well positioned to aspire to higher rankings.
ERGO Insurance
ERGO completes the group of seven. It is a subsidiary of the German ERGO Group and part of Munich Re, one of the world’s leading reinsurance groups.
In 2025, under the management of Mr. Errikos Moatsos, it recorded growth above the market average at 10.3%, surpassing the €300 million mark and reaching €304.1 million compared to €275.7 million in 2024.
The company is also seeking a banking partner for its bancassurance expansion, as it appears unlikely that its cooperation with Piraeus Bank will continue, while it simultaneously relies on a strong network of insurance intermediaries. Backed by a very large parent group, it has all the prerequisites to play a leading role in the Greek insurance market.
Read the feature below from the Nextdeal newspaper (Issue 581), which is also available online (click the bottom right corner to enlarge)
