Sofia-headquartered tbi bank joined forces with DAW Management, one of Romania’s largest insurance brokers. As a result, Romanian clients can purchase insurance, including mandatory RCA policies, through the Buy Now, Pay Later (BNPL) solution, and pay in four interest-free installments or 6-12 installments with interest.
Amid an environment where everything has become more expensive insurance policies prices make no exception. This is why tbi, a consumer and SME-focused bank providing financial services in Bulgaria, Romania, Greece and through digital channels, developed a strategy focused on a partnership with Romania’s largest brokers, facilitating Romanians’ access to the insurance products they need.
Petr Baron, tbi fs CEO & Founder-In-Residence
Constanta-based DAW Management, ranks 5th among RCA insurance brokers, with a market share of 6.8 percent, and 7th for general insurance, with a market share of 4.5 percent, according to 2023 data published by Romania’s Financial Supervisory Authority. ASF is the authority that regulates and supervises the insurance market, the private pension market, and the capital market.
In 2023, the 25 insurance companies authorized and regulated by ASF underwrote gross premiums amounting to approximately 18.2 billion lei, up 10% on an annual basis, ASF data showed. Gross written premiums for general insurance business increased by around 10% in 2023 compared to 2022, while gross written premiums for life insurance business increased by 12%.
DAW Management Broker reported total revenues of nearly 67 million lei in 2023. tbi recorded a net profit of EUR 38 million for the first 9 months of 2024, up 34% higher YoY (based on unaudited consolidated financial results).
Throughout the first nine months of 2024 tbi onboarded new merchant partners, including new verticals, and the company is now present in 30.000 merchant partner check-out points on its main markets of operation – Bulgaria, Romania, and Greece. With this reach tbi helped more customers finance their desired purchases and kept its leadership position in all three countries.
By end September 2024 tbi serviced 1.6 million loan applications in Bulgaria, Romania and Greece, 40% more YoY. In this period it disbursed nearly 720.000 loans (39% higher YoY) in the amount of EUR 840 million – 25% more YoY.
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