Euroins Insurance Group Companies Post a 77% Hike In Net Profits 2007

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Euroins Insurance Group Companies Post a 77% Hike In Net Profits 2007

The companies in Eurohodl Bulgaria's subsidiary holding Euroins Insurance Group EIG – Euroins jsc, Euroins Romania and St. Nikolai posted premium income in the amount of 121 mln leva (61.866 mln euros), versus 91.3 mln leva (46.68 mln euros) in 2006, which is an increase of 32.6%.

The subsidiary holding reports a 77% hike in net profits – from 3 mln to 5.5 mln leva (2.81 mln euros).

Administrative costs stood at 28.3 mln leva (14.46 mln euros), or 16.2% up from a year ago.

The gross sum of claims paid amounted to 46.3 mln leva, against 28.4 mln leva a year ago. The group's claims paid/premium income ratio came to 38.2%.

Euroins Romania's premium income rises 42.4% to 54.4 mln leva (27.81 mln euros), versus 38.2 mln leva (19.53 mln euros) in 2006. Administrative costs decreased 33.7%, which is one of the main reasons the company managed to post profit this year (141,000 leva) after ending at a loss in 2006 (-991,000 leva). According to preliminary financial report, the gross amount of claims paid stood at 25.2 mln leva.

The insurer's reserves rose from 13.4 mln to 20.6 mln leva, or 54.2%. Euroins Romania's capital trebled last year, from 4 mln to 13.3 mln leva.

Euroins Jsc and Euroins Romania insured more than 620,000 clients in 2007.

Helath Insurer St. Nikolai saw its premium income surge 86%, from 367,000 to 683,000 leva last year. Administrative costs shrunk 11.2%. The company's capital tripled from 688,000 to 2.084 mln leva. Its insurance reserves total 336,000 leva, compared with 176,000 leva a year ago.

St. Nikolia also saw its clients double from 3,200 to a little over 6,500 people.

At the end of 2007 Eurohold Bulgaria restructured its insurance units, establishing a 100% controlled subsidiary holding Euroins Insurance Group (EIG), which includes Euroins Jsc, Euroins Romania and health insurer St. Nikolai.

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