Euroins Insurance Group posts 47% higher premium revenue in January

Euroins Insurance Group

Euroins Insurance Group

Eurohold Bulgaria’s insurance arm – Euroins Insurance Group posts 46.9% y/y higher premium revenue in Jan’17 Car dealer Avto Union sold 180%+ y/y more cars for the same period, according to the monthly bulletin by the Company. The Group has operations in Bulgaria, Romania, Macedonia and Ukraine.

Big corporate deals boost sales in January

Insurance premiums surged 51% y/y in Romania due to mandatory car insurance contract. The Bulgarian market offered higher premium both from voluntary and mandatory motor vehicle insurance.

Euroins Macedonia sustained the same premium income as last year. Ukraine operations reported gross premium income of EUR 0.83 mln. for January.

Simultaneously, the Group reports higher car sales as well. The car dealer holding Avto Union reported 446 sold cars in Jan.’17, up 187% y/y due to higher Renault sales.

Auditors’ adjustments for Euroins from BSR fully compensated

On February 3rd, 2017, the Financial Supervision Commission (FSC) published the report on the Balance Sheet Review (BSR) of the insurance undertakings in Bulgaria as of June 30th, 2016. The assessment encompassed all the Bulgarian insurance undertakings, including Euroins Insurance Group and its insurance subsidiaries – Euroins Insurance, Euroins Life Insurance, Euroins Health Assurance and EIG Re (formerly known as HDI Zastrahovane).

The assessment made by Mazars Group as well as the measures EIG implemented in 2016 in order to support its insurance subsidiaries, confirmed the soundness of the capital position and the solvency of Euroins Insurance Group and its subsidiaries in Bulgaria. They also indicated that EIG and its subsidiaries have sufficient capital and eligible own funds to ensure the compliance with the requirements as laid down in the Solvency II Directive and the coverage of the two most important indicators for stability in the insurance sector – SCR and MCR ratios, to an extent that is in line with the provisions of the Law.

Regarding the adjustments made by the external auditor to the balance sheets of EIG and its Bulgarian subsidiaries as of June 30th, 2016, Euroins Insurance Group fully compensated for them in the second half of 2016, taking into account the amount of BGN 63.5 million that EIG’s shareholders paid in the capital of the holding and the positive annual financial results of the group. This is confirmed in the BSR report published by the FSC. More on Euroins website.

About Eurohold

Eurohold Bulgaria is a holding company specialized in financial services, including insurance and leasing, along with the car dealership. The Group operates mainly in Bulgaria and Romania but also expanded in Macedonia and Ukraine after acquiring smaller companies in the region. The sectors in which Eurohold has significant presence are fast growing and will benefit the most from the growth of personal income and the economy as a whole.

The unique combination of motor insurance, leasing and car dealer- ship is the synergy that is the biggest value-added factor for the Holding. The subsidiaries in car dealership are the representatives of some of the most popular vehicle brands in the country, including BMW, Opel, Fiat, Nissan, Renault and the top performing by sales in Bulgaria – Dacia. Eurolease Rent a Car is a licensee of the US Avis Budget Group well- known car rental brands Avis and Budget.

Check the company in ELANA Trading equity reports