Euroins Bulgaria: Record turnover at €232 million Euro in 2022 – Euroins Greece makes a significant contribution.

1. Stable credit rating from Fitch Ratings at “B+"
2. Over 50% of sales accumulate from the activities of Greece, Poland, and the United Kingdom.

Athens, 30 March 2023 – Euroins Insurance AD (Bulgaria), a member of the Euroins Insurance Group AD (EIG), recorded a strong performance in 2022, thanks to the solid growth rates of its international activities, as reflected in the preliminary statements for the financial year 2022.

On an annual level, the total amount of premiums of the Company increased by 32% to €232 million. compared to 2021, the highest value so far. In terms of equity, 2022 saw a 29% increase to €31 million euro.

The dynamic growth rate of premium production comes mainly from the increase in sales in the other sectors besides motor and, mainly, in the travel insurance sector where the written premiums doubled and amounted to a significantly high percentage of total revenues. The demand for letters of guarantee also moved upwards, which increased at a rate of more than 50% thanks to the expansion of these activities from the Greek branch.

In the months following the lifting of covid-19 restrictions, Euroins achieved a significant increase in registered premiums from travel, personal accident, and health insurance sectors in all markets where it has a presence. Cargo insurance revenues quadrupled last year, while property insurance recorded a doubling of registered premiums.

All the countries where the Company operates contributed to the significant increase in sales, with Greece and Poland contributing 17% each to premium income and the United Kingdom by 25%. The three countries represent Euroins' largest markets outside Bulgaria.

It is noted that, outside Bulgaria, the Company operates in Italy, the Netherlands, Spain, and Poland in accordance with the European Directive on the Freedom to Provide Services (FoS).  Euroins Greece is a branch of Euroins Bulgaria AD and operates in accordance with the European Directive on Freedom of Establishment.

In 2022, Euroins Bulgaria achieved an improvement in the profitability ratios and, the loss ratio particularly, declined to 51.3%, from 58.5% in 2021.

Statement by the CEO of Euroins Bulgaria and Euroins Greece, Mr. Evgeny Ignatov: 

"The results of 2022 vindicate our strategic choices for the development of Euroins Bulgaria. Both motor insurance sector and the other categories of insurance products offered by the company have strong growth prospects. Our goal is to focus even more on diversifying our portfolio in the coming period.

Euroins Greece, in particular, shows strong growth rates both on a customer and product basis. At the end of 2022, our fleet of insured vehicles exceeded 200,000, while the registered premiums increased by 11.5% on an annual basis. We are optimistic that the dynamic growth of the Greek branch will continue, driven by the new product lines that we will soon launch in the sectors of home and personal accident insurance, among others.

Finally, I would like to point out, that following the recent announcement by Fitch Rating on the downgrade of Euroins Romania's credit rating, Euroins Bulgaria's rating was not affected and remains stable at "B+". The rating of EIG, the whole group, remained unchanged as well.” 

 Euroins Bulgaria AD

The insurance company Euroins AD is among the leading companies in the sector in Bulgaria according to data from the Financial Supervision Commission. The company operates in Greece (through a branch), Poland, the Netherlands, the UK, Spain, Italy, and Germany, offering the full range of insurance products and is a leader in travel insurance in the Bulgarian market. Euroins Bulgaria is part of Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. The majority shareholder of EIG is Eurohold Bulgaria, a leading energy and financial group. The European Bank for Reconstruction and Development (EBRD) is a minority shareholder of EIG with nearly 10% of the capital.

 www.euroins.bg