EUROINS reported strong results in Bulgaria and Macedonia

19 March 2012 — Vlad BOLDIJAR
EUROINS reported strong results in Bulgaria and Macedonia
euroins_150_1In 2011, the Bulgarian insurance group EUROINS reports gross written premiums at the amount of BGN 232.9 million (EUR 119 million), which is at the level of 2010 when the same indicator were BGN 233.5 million. "The trend of growth in non-motor lines compared to 2010 continues during the period: property and accident grow with 90% and 29% respectively. Written premiums in Casco and cargo fall by 32% and 28% respectively as a result of the stagnating economy in all countries of operation", EUROINS officials say.

According to preliminary financial reports, the consolidated net result is loss at the amount of BGN 11.2 million (EUR 5.7 million) compared to loss of BGN 4.3 million (EUR 2.2 million) for the previous year. "The increase in the net loss is due mainly to the increase in the technical reserves as of the end of the period compared to previous year end and the related increased expenses", announced the company.

By countries operations, EUROINS Bulgaria realizes gross written premiums at the amount of BGN 76.5 million (EUR 39.1 million) or 6.4% increase compared to 2010. At the same time, EUROINS Bulgaria reports a net profit at the amount of BGN 170 thousand, compared to loss of BGN 2.2 million for the previous year.

EUROINS Health Assurance reports gross written premiums of BGN 3.3 million (EUR 1.7 million) or 31% increase compared to 2010. The net result is positive at the amount of BGN 34 thousand compared to profit of BGN 19 thousand for 2010.

In Romania, EUROINS recorded gross premiums written of BGN 143.1 million (EUR 73.2 million) or 4% decrease compared to 2010. "Property and liability lines of business register a healthy growth of 237% and 46% respectively compared to 2010. A decline in GWP is evidenced in Motor Hull and MTPL insurance lines, with 52% and 4% respectively, which is due to the decrease of average premium compared to 2010 and also to the focused efforts of the company aiming at increasing of non-motor insurance lines", announced EUROINS Insurance Group.

EUROINS Macedonia reported strong results: gross written premiums of BGN 14.5 million (EUR 7.4 million), 4% more compared to the same period of 2010. According to the press release, "the increase is due to the new contracts signed with large clients. It is important to note that during period the company wins again a bid for two very large clients - Central Bank of Republic of Macedonia and the largest private Macedonian bank, Commerce Bank. The net result for the year is profit of BGN 100 thousand, and it is at level of previous year when the loss was BGN 3 thousand".

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