SOFIA (Bulgaria), May 5 (SeeNews) – Bulgaria’s Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria [BUL:4EH], said on Friday it expects its premium income to increase to 700 million levs ($391.7 million/356.5 million euro) in 2017, from 527.7 million levs in 2016.
“Our mid-term main target is to achieve a market share of 6-10% in the non-life insurance sector in Central and Eastern Europe (CEE),” Jeroen van Leeuwen, CEO of EIG, said in a bourse filing.
“EIG will continue to expand its operations in CEE,” he added.
EIG’s gross written premiums grew by an annual 40% to 170 million levs in the first quarter of 2017, according to the filing.
In 2016, gross written premiums rose 16.5% to an all-time high 527.7 million levs, mainly due to the growth generated by Euroins Romania, the largest company within the group. Euroins Romania accounted for 73% of the group’s total premiums in 2016.
The company recorded a net profit of 8.9 million levs in 2016, according to its audited annual financial report.
Due to the company’s improved financial results, EIG has achieved Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) ratios well above the current regulatory requirement under the Solvency II Directive, the filing reads.
“The Group's positive results and improved indicators are a clear signal for a viability of its business and ensures a solid ground for further future growth,” van Leeuwen said.
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