The insurance business of EUROHOLD across Southeast Europe, operating under EUROINS Insurance Group AD (EIG), contributed importantly to the increase of revenue and profit of the holding company.
EUROINS, 1Q2019 results
- Consolidated gross written premiums: EUR 104.9 million (+37%), of which:
- EUROINS Bulgaria: EUR 28.8 million (+47%)
- EUROINS Romania: EUR 67.4 million (+29%)
- EUROINS Macedonia: EUR 3.2 million (+38%)
- EUROINS Life: EUR 0.3 million (+68%)
- EUROINS Ukraine: EUR 2.1 million (+9%)
- EIG Re: EUR 0.4 million
- EUROINS Georgia: EUR 1.0 million
- EUROINS Russia: EUR 7.9 million
- Consolidated profit before taxes: EUR 5.1 million (+71%), of which:
- EUROINS Bulgaria: EUR 2.4 million (+1022%)
- EUROINS Romania: EUR 2.3 million (-17%)
- EUROINS Macedonia: EUR 0.4 million (+73%)
- EUROINS Life: EUR 0.2 million (+24%)
- EUROINS Georgia: EUR (0.1) million
- EUROINS Russia: EUR 0.2 million
EIG has realized consolidated gross written premiums of EUR 105 million compared to EUR 77 million in same period of 2018 (+37%). The main reason for the growth is the good performance of EUROINS Bulgaria and EUROINS Romania. However, all subsidiaries have grown during the first three months of 2019.
Total revenue from the insurance operations soared by 41% from a year ago up to over EUR 171 million. The operating and net profit, generated by the insurance business line, reached EUR 6 million and EUR 5 million respectively in the first three months of 2019, representing a 65% and 70% year-on-year increase. The profit increase was mainly down to EUROINS Bulgaria and EUROINS Romania performance, but almost all the other companies in the Group has contributed to this growth, at a smaller scale, too.
In 2018 Fitch Ratings confirmed the ratings that were assigned to EUROHOLD Bulgaria and EUROINS Romania in 2017, namely Long-Term Default Rating "B" to EUROHOLD Bulgaria with Stable outlook and Insurer Financial Strength Rating "BB-" with Stable outlook to EUROINS Romania. As part of the same process because EUROINS Romania and EUROINS Bulgaria were the key components of EUROHOLD Bulgaria Fitch Ratings assigned also to EUROINS Bulgaria Insurer Financial Strength Rating "BB-" with Stable outlook. And in addition, Fitch Rating assigned the same rating to EIG Re reflecting the expected strategic importance of the company as a captive reinsurer within EUROINS Insurance Group.
1 EUR = 1.95583 BGN (fixed)
About EUROHOLD
EuroHold is one of the leading public companies in Bulgaria, with its shares traded on the Bulgarian Stock Exchange. The company's portfolio includes subsidiaries operating in four complementary businesses - financial services, leasing, insurance and car sales. These complementary activities allow constant increasing of the market share of the companies in the holding structure, optimization of expenses and enhancing of competitiveness, all of which lead to increased profitability.
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