Euroins expects BGN 70 million in premium income and a market share of 5.8 % for 2007

Euroins AD Insurance Company are expecting a premium income of BGN 70 million which equals to a market share of about 5.8 % while the expected total premium income of the insurance market for 2007 is estimated at BGN 1.2 billion.

It is expected that Euroins sales in the EU member countries return revenues from insurance products of about BGN 5 million, from the company reported.

For 2007 the company expects a net profit of BGN 5.2 million or a growth by 23% compared to 2006.

At the upcoming annual meeting the company’s Supervisory Board will vote an increase in the capital from the current BGN 7.5 million to BGN 10.00 million through the issuance of 2.5 million shares on the account of the company’s profit for 2006. Thus for each three shares, each shareholder will receive another one.

The shareholders will also vote the dividend distribution of a total of BGN 1.27 million or BGN 0.17 per share. For the past year each shareholder received BGN 0.05 per share, that is a total of BGN 250 000.

The remaining BGN 466 000 of last year’s profit (BGN 4.237) will be set aside as reserves.

According to their annual financial statement Euroins’s net profit has increased three times –BGN 4.237 million against BGN 1.392 million for 2005. Thus the increase reaches 115 % - from BGN 0.26 to BGN 0.56.

Euroins AD’s premium income for 2006 exceeds BGN 52.6 million against BGN 40 mln for 2005. The increase on this index is 30.3 % which exceeds the total increase in the premium income of the insurance market as a whole. Euroins AD’s market share is expected to reach 5 % , the prognosis data for the insurance market in Bulgaria showing an expected growth of 12% for 2006 and a volume of BGN 1.05 million.

The biggest income increase registers the Motor Casco Insurance – from BGN 13.00 million for 2005 to BGN 20.3 million for 2006( that is by more than 56% ).Thus its share in the company’s portfolio increases to 38.6 %

Second in increase is the MTPL Insurance- BGN 18.2 million. The property insurance premium income marked a growth of 30.6 % reaching BGN 3.2 million for 2006.

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