Eurohold Bulgaria Sees Consolidated Revenues Up 127%

Eurohold Bulgaria Sees Consolidated Revenues Up 127%

Eurohold Bulgaria reported consolidated Q1 revenues in the amount of 90 million leva (46 mln euros), the company told This is a hike of 127% against 2007 Q1 when revenues stood at 39.5 mln leva (20.1 mln euros).

The transfer of shares in Euroins Romania (Asitrans) to Euroins Insurance Group (EIG) has been excluded from the figures.

The net consolidated profit of the group (minus the 34.8 mln leva from the transaction mentioned above) stands at 6.9 mln leva (3.5 mln euros), compared with 2.24 mln leva (1.14 mln euros).

The EIG companies saw revenues from insurance premiums go up 30%, from 30.6 mln leva (15.6 mln euros) in 2007 to 39.6 mln leva (20.2 mlm euros) in Q1 this year. All companies in the group reported a growth rate in this type of revenues, which outpaced the growth of general insurance companies in the countries in which they operate.

The general insurance market in Romania, for example, rose by 6% in this first quarter, while Euroins Romania's growth rate is 22%. For the first time the consolidated report of EIG includes the results of Makoshped, whose premium income amounts to 2 mln leva and net profit is at 127,000 leva. At a general meeting held May 30, shareholders decided to rename the company to Euroins Osiguruvanie. Last week EIG's health insurance company St Nikola was renamed to Health Insurance.

EIG's units report a loss of 0.76 mln leva for the period, which is mainly due to the loss posted by Euroins Romania (0.83 mln leva). The Romanian company's result is, however, better than last year, when it announced a loss of a little over 2 mln leva.

The claims paid in Romania are almost twice the amount of those paid in Bulgaria, most of them are on Motorcasco insurance. Euroins Romania is working on a program aiming at reducing the claims share by 8 points this year.

2007 was a hard year for the Romanian insurance market. Companies suffered a net loss of 70 mln euros due to bad results in the area of auto insurance.

Eurohold Bulgaria sees improved results in other divisions this year as well. The profit of the auto insurance unit stands at 1.23 mln leva, versus 0.30 mln leva last year. The hike is attributed to the improved operating margin, which went up from 3.5% to 5.3%.

Revenues here are up 16% to 26.2 mln leva (13.3 mln euros). Four new sales centers will be opened by the end of the year – 2 in Sofia and one in Veliko Tarnovo and Stara Zagora. The new centers are expected to boost auto sales by 30%.

The companies in the production unit saw a net profit of 1.05 mln leva.

The holding explained the one week delay of the consolidated report with the delay in the results of the Romanian insurance company, which had to undergo a complete change of its information system – as of May this year, Euroins Romania works with the same software as Bulgarian insurance companies.

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