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EIG on track to meet the FY target after the 51% GWP increase in 1H 2017

The Bulgarian financial group EUROHOLD said its revenues from insurance business went up by 31.9% in 1H2017 to BGN 539.1 million (~EUR 276 million), while operating expenses increased by 31.3% to BGN 508.7 million (~EUR 261 million).

Thus, "the insurance sub-holding EUROINS Insurance Group (EIG) realized consolidated operating profit in amount of BGN 30.4 million (~EUR 15.6 million)", as the Bulgarian financial Group announced.

In terms of GWP, EIG reported a 51% y-o-y increase, from BGN 235 million (~EUR 120.5 million) at the end of June 2016 to BGN 354 million (EUR 181.5)."The Group has registered an unaudited consolidated profit of BGN 11.2 million (EUR 5.7 million) compared to a profit of BGN 6.6 million (EUR 3.4 million) in Q2 2016".

It is worth to mention that in May 2017, the Bulgarian insurer said it's management forecasts a premium income of BGN 700 million for the whole year.

EUROINS Romania, the largest EIG subsidiary, has written a total of GWP of BGN 266.2 million, or 56% more y-o-y. "The increase is mainly due to the growth in MTPL (49.5%) but the major non-motor lines of business such as Property (26%), Cargo (93.2%), A&H (89%) and Liability (24.1%) grow even more impressively". EIG representives pointed out that the growth in MTPL is down to the re-segmentation of the business activities of the company's clients that has been completed in 2014 and 2015. "As a result, the company started writing MTPL business in new more profitable segments by implementing a segmentation requirement of at least three criteria".

EUROINS Bulgaria - the second largest EIG subsidiary, has reported an aggregate business volume of BGN 73.6 million compared to BGN 56 million written in 1H 2016. "The reason for this impressive growth of over 31% is the direct insurance business and the Freedom of services business written in Spain, Italy and Greece in particular. All lines of business are currently growing".

In the first six months of 2017 the value of GWP reported by the Skopje-based subsidiary was up by 5% y-o-y to BGN 8.3 million. "Main non-motor business lines such as Property, Cargo, and Accident & Health are growing by 8.1%, 19.7% and 13.1% respectively".

In H1 2017 EUROINS Life has written total GWP of BGN 879 thousand, 36% more y-o-y. "The management of the company is currently reviewing the products on offer. In addition the company also started offering on the market new life insurance solutions. Their sales, however, are still at the very beginning with the positive portfolio effect yet to be seen".

EUROINS Ukraine reported GWP of BGN 4.9 million (with 49% of them being non-motor business), while EIG Re (former HDI Insurance) - GWP of BGN 10.8 million.

Used exchange rate for calculations: 1 EUR = 1.95 Leva - BGN

Author: Vlad BOLDIJAR on 09.08.2017

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