Euroins Slashes Stake in Two Mutual Funds

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Euroins Slashes Stake in Two Mutual Funds

Euroins has slashed its stake in two mutual funds, Central Depository's weekly bulletin shows.

The insurance company has redeemed units in KD Equity Bulgaria where it now owns 8.13%. The company has also cut its stake in Synergon Profit from 8.8% to 4.39%.

Euroins booked 18.7 mln leva premium income for the first quarter of 2008, up by 47% year on year.

The increase is twice as big as the 23-percent year on year rise in premium income for the first quarter of 2007. It is also the highest premium income growth for the first quarter posted in the last five years.

The insurer posted 115,000 leva profit for the first three months of the year, compared to 752,000 leva profit booked for the year-ago period. The decline may be put down to the negative results from investments of the company in stocks listed on the Bulgarian Stock Exchange.

A total of 150 shares in Euroins have traded hands so far today at prices ringing between 7.78 and 7.80 leva per share.

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