Euroins Insurance Group (EIG), part of Eurohold Bulgaria, announced it has signed an agreement to sell its subsidiary in Belarus and the group's stake in a company in Russia. The new owner of the two insurers is a Russian company.

From the next year EIG will no longer consolidate their results in its financial statements. EIG owned 100% of the capital of the Belarusian company and 48.61% stake in the Russian insurer. EIG's business in both countries accumulates less than 1% of the insurance holding's total revenue.

"The sale of the interest in both companies is part of our strategy to focus only on key markets with good growth potential", commented Kiril Boshov, chairman of Eurohold's management board.

At the same time, EIG representatives mentioned that the Bulgarian insurance group keeps unchanged its participation in insurance companies in the other countries in the region in which it operates - Ukraine and Georgia.