April 12 (SeeNews) - North Macedonia's insurer Eurolink Osiguruvanje Skopje said its after-tax profit surged to 24.6 million denars ($475,200/399,100 euro) in 2020, from about 2 million denars a year earlier.
The insurer's consolidated gross written premiums fell 4.9% on an annual comparison basis to 963.6 million denars in 2020, while its operating revenue dropped 5.2% to 884.9 million denars, the company said in an annual financial statement filed with the bourse in Skopje on Friday.
The fall in gross written premiums in 2020 was mostly due to the effects of the COVID-19 pandemic on the insurance industry, Eurolink said.
Auto liability insurance and travel insurance were the segments of the company's business most affected by the pandemic, with a drop in gross written premiums of 9.63% and 65.42%, respectively.
Total operating costs decreased to 854.1 million denars last year from 923.2 million denars in 2019.
Eurolink Osiguruvanje has been owned by Austrian insurer GRAWE since March 2020.
(1 euro = 61.63 denars)
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