A significant reshuffle in the insurance market is heralded by the completed agreement between Piraeus Bank and Ethniki Insurance. The bank plans to launch a dynamic bancassurance initiative, with full details expected to be announced in the first quarter of the current year.

The main highlight is that Ethniki Insurance has already doubled its profits in the first 10 months of 2025 compared to the entire 2024. The company posted losses in 2023, achieved €15 million profits in 2024, and for 2025, profitability doubled by October figures, reaching €30 million.

For 2026, the goal is for the company to show €60 million in profits, €80 million in 2027, and to surpass €100 million in 2028.

The recovery of profits is the big challenge for Ethniki Insurance and its shareholder, which is why the company’s efforts focus on lifetime insurance policies and their pricing, as is the case for other insurance companies.

Market Reorganization

This agreement will inevitably bring further changes to the insurance market, possibly not immediately but certainly by 2026.

These changes include:

• A different partner for Ethniki Bank regarding bancassurance, with whom the bank is expected to enter a shareholder agreement. Particularly concerning life insurance, Ethniki Bank is reportedly in advanced discussions with NN.
• Piraeus Bank will gradually focus on the contracts it issues through bancassurance with Ethniki Insurance.
• The role of Ethniki Insurance is strengthened as the company moves away from the vicious cycle of continuous buying and selling, a trend generally promoted by the nature of funds.