High performance is recorded by the EUROPE Insurance across the full range of its activities, creating significant prospects for strong growth in the near future. From the beginning of the year to date all indicators and the financial performance of the company are moving upwards, despite the difficulties encountered in the market due to the pandemic.
The total premiums of the first seven months of 2021 amounted to € 6.8 million. logging increase 15,1% compared to the premiums of the corresponding period of the previous year. In more detail, there were premium production € 3.3 million in the industry Fire and Property (increase 18,6% compared to the first seven months of 2020), € 433 thousand. in the industry Transport (increase 12,2%), € 1.6 million at Other Sectors (increase 37,1%) and €1,5 million in the industry Automotive (reduction 6,3%).
Why it also has profits in the Automotive sector
It is noteworthy that despite the reduction production in the Automotive sector the results of the sector are profitable, which is attributed to the correct underwriting applied by EUROPE Insurance, with result in a profit at total insurance business where it operates.
The profit before tax for the first half of the year of 2021 amounted to € 1.2 million ,increased by 50% compared to the profit of the same period of the previous year. The investment income amounted to € 386 thousand. compared to € 275 thousand of the corresponding period of 2020, presenting increase by 40%.
At second half of 2021 provide that there will be a significant increase both of premium production as well as the profitability at all sectors insurance with the implementation of the new Sales Regulation and the new Tariff in the Automotive sector. The total profit before tax of the 2021 financial year is expected to will exceed €3 million. with the increase to exceed 65% compared to the corresponding 2020 earnings.
The Solvency Indicators
Equally important for the the solvency of the Company are also the solvency margin coverage ratios (SCR) and (MCR) which are maintained at top levels and as at 30/06/2021 they amounted to 214,20% and 271,09% respectively, increased by 6% and 18% compared to the corresponding ratios as at 30/6/2020.
For the Future the company, having ensured strong economic power and with the Consistency which distinguishes it in immediate payment of compensation which is demonstrated in recent years by the payments of large losses a total amount exceeding € 32 million., still claims greater market share with its main competitive advantage their Partners of, the Policyholders and the its quality Administrative Staff.
N. Makropoulos: "Great prospects for the company"
Ο Mr Nikolaos Makropoulos, Chairman and CEO of Europe Insurance Company (photo), commenting on the results, stresses that "the company's prospects are great, there is a plan for further growth which is being steadily followed and is yielding significant results. The company is daily confirming its position in the market, reducing its operating costs and strengthening its competitiveness.
It has been fully digitized and the computer infrastructure is of the highest level and meets the requirements of customers and partners. It maintains its leadership and high level of expertise in large commercial and industrial risks and is opening up to new areas of high demands such as the Guarantee Branch and the Health Branch with the help of the new General Manager Mr. Andreas Rouvas, experienced in the Health Branch.
Europe Insurance proves with its current choices and performance, which are reflected in its financial indicators, that it is developing correctly, is a solvent company, modern, efficient, with a high level of service and directness in its relations with its customers.".
