Hellenic Bank presented strong financial results for 2024, confirming its growth trend and strategic commitment to strengthening its position in the insurance sector of Cyprus, cyprusinsurancenews.com wrote.

The acquisition of CNP Cyprus Insurance and an increase in net income from insurance activities are two of the most important achievements of the year, making the Bank one of the dominant players in the financial and insurance sector of Cyprus.

The insurance activities of the Hellenic Bank group saw a significant improvement, as net income from insurance operations amounted to EUR 17.3 million in 2024, recording an increase of 21% y-o-y mainly due to an increase in net premiums, especially in non-life insurance, which strengthened the overall profitability of the sector.

The improvement in insurance operations was influenced by:

• Increase in non-life premiums
• Maintaining profit margins at high levels
• Continued growth strategy in the insurance sector, further strengthened by the acquisition of CNP Cyprus Insurance

One of the most significant achievements in the insurance sector last year was the acquisition of CNP Cyprus, which is expected to be completed in the first quarter of 2025. This acquisition places Hellenic Bank at the top of the Cyprus insurance market, as CNP is one of the largest insurance organizations in the country.