Europe Insurance: Profit growth of 41.52% in the nine months

High performance is recorded in the nine months of 2021 by EUROPE Insurance. The company notes in a relevant announcement, from the beginning of the year until today, the indices and financial figures are moving upwards, creating significant prospects for strong growth in the near future despite the difficult market conditions due to the pandemic and the recent natural disasters due to of climate change.

In particular, a large increase in production is recorded by EUROPE Insurance in the Property Sector and specifically the insurance premiums for the nine months of 2021 amounted to € 4.29 million compared to € 3.27 million in the corresponding period of the previous year (increase 31.02%), in the Other Sectors € 2.83 million against € 2.28 (increase of 23.54%), in the Transport sector € 538 thousand against € 471 thousand (increase of 14.30%) and in the Car Liability sector € 1.20 million against € 1.26 million (decrease of 4.37%). The total premiums for the nine months of 2021 amounted to € 8.86 million, recording an increase of 21.50% compared to the premiums of the corresponding period of the previous year.

It is noteworthy that despite the reduction of production in the Car Liability Sector, the results of the industry are profitable, which is attributed to the correct underwriting applied by EUROPE Insurance, resulting in the achievement of profits in all insurance operations in which it operates.

In the last quarter of 2021 it is predicted that there will be a significant increase in both the production of insurance premiums and profitability in all insurance sectors with the implementation of the New Sales Regulation and the new Invoice in the Automotive Sector.

Profits before taxes for the nine months of 2021 amounted to € 1.71 million, increased by 41.52% compared to the profits of the corresponding period of the previous year. It is important to note that the company’s profitability would have been higher if the catastrophic fires of August, which had an impact on the company’s results, had not occurred.

Equally important for the Company’s solvency are the solvency margin coverage ratios (SCR) and (MCR) which are maintained at top levels and on 30/06/2021 amounted to 214.20% and 271.09% respectively, increased by 6% and 18% in relation to the respective indices on 30/6/2020.

For the future, the company, having secured a strong financial base and with the consistency that distinguishes it in the immediate payment of compensation that is proven in recent years by the payment of large losses totaling over € 32 million, claims an even greater market share with its core Competitive advantage its long-term cooperation with large reinsurance groups rated at least with rate A who support and are next to Europe Insurance since its inception.

“The results are satisfactory and the growth prospects of the company are very great”, says the President and CEO of Europa Insurance Mr. Nikolaos Makropoulos referring to the financial results of the nine months of the company and adds: “I want to warmly thank both the customers and the partners for the trust they show daily in the products and services of Europe Insurance.

Europa Insurance will continue to grow on a sound basis in order to increase its profitability, constantly upgrading its computer infrastructure to fully meet the requirements of its customers and partners. We hope, for the year 2021, that the rate of return on Return on Equity (ROE) of the Company will be at least 25%.

For the next years there is a plan for further development in the insurance of specialized risks as well as in the Health Sector. The promotion of four new competitive primary care health insurance programs for 2022, with the help of the experienced new General Manager of the company, Mr. Andreas Rouvas, marks the further development of Europe Insurance in the Health Sector as well.

“With our current choices and performance reflected in the company’s financial indicators, we prove that Europe Insurance is a creditworthy company that develops modernly and efficiently as well as with a high level of service and immediacy in its relationships with its customers and partners.”