Euroins Sees Premium Income Grow 47% in Q1

Euroins Sees Premium Income Grow 47% in Q1

Insurer Euroins booked premium income in the amount of 18.7 mln leva (9.5 mln euros) in Q1, the company told

This is a hike of 47% compared with the first quarter last year, when income exceeds the figures for 2006 Q1 by 23%. The growth seen during this quarter is the biggest in the past five years.

The technical result from insurance operations stands at 1.3 mln leva, which is a three-fold increase compared with 2007 Q1.

Q1 profit fell to 115,000 leva from 752,000 leva last year due to a negative result from equity investments on BSE.

At the end of March 2008 Euroins has some 5.9 mln leva (3.01 mln euros) in investments in equities traded on BSE, the bulk if which in shares of real estate investment trusts (REITs).

Revenues from MTPL insurance rose the most, by 60% to 7.4 mln leva (3.78 mln euros) compared with 4.6 mln leva a year ago, followed by revenues from Motor Casco insurance, up 46% to 8.3 mln leva compared with 5.7 mln leva last year and Property insurance, up 26% to 1 mln leva against 800,000 leva in Q1 2007.

The gross amount of claims paid in Q1 stood at 5.7 mln leva (2.9 mln euros), compared with 4.3 mln leva for the respective period a year ago ( a hike of a little over 30%).

Shares were traded at prices between 8.16 - 3.49 leva apiece.

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