In 2021, European Credit Group was another effective year at the operational level, presenting increased changes in all its financial figures.
More specifically, in 2021, the European Loyalty Group noted:
4.3% increase in pre-tax profits, which amounted to 26.1 million euros, from 25.0 million euros in 2020.
Increase of the total revenues of the Group by 3.7%, to 245.6 million euros.
Increase in registered premiums and related revenues by 4.1%, which amounted to 232.5 million euros from 223.3 million euros in 2020, with the Life sector recording the largest increase by 8.2%. The Other General Sectors increased by 5.9% and the Automotive Sector by 0.6%.
Increase of total Assets by 6.6% to 545.6 million euros, compared to 511.9 million euros in 2020.
Strengthening of Equity by 1.0% to 156.3 million euros, compared to 154.8 million euros on 31/12/2020, despite the payment of a high dividend to our shareholders, amounting to 8.0 million euros.
Further strengthening of the Solvency Ratio (SCR) by 2.4 percentage points to 177.0%, further shielding the Company’s reliability and ensuring the rights of its hundreds of thousands of policyholders.
Increase of the investment portfolio to 434.5 million euros, compared to 412.5 million euros at the end of 2020.
Increase in insurance provisions by 12.1% to 350.8 million euros, compared to 312.9 million euros in the previous year.
The Group, based on total premiums, is estimated to have an insurance market share of 5.5%, while it has high liquidity, which allows it to have zero debt, significant free reserves and to pay liabilities directly to insured and beneficiary third parties.
Management Statements
“2021 was a year that marked the course of the Greek Insurance Market. On the one hand we had the emergence of acquisitions and mergers of large Insurance Companies, which proves the vote of confidence in the Greek Insurance Market, and on the other the difficult macroeconomic environment with low interest rates, inflationary pressures, environmental disasters and the energy crisis that affected the Greek and world economies.
Nevertheless, the above did not stand in the way of our Group, as European Loyalty is always next to its policyholders guided by its values and principles, which are strong foundations in the course we have been laying for 44 consecutive years, always adhering to the philosophy to “Pay immediately” in return for the trust we receive from our policyholders.
Regarding the results we achieved, it is worth noting that: The Group’s Total Revenue amounted to € 245.6 million compared to € 236.8 million in 2020, showing an increase of 3.7%, the total Assets increased by 6.6% to € 545.6 million, while the Solvency Index of the Company strengthened by 2.4 percentage points and amounted to 177.0%, which demonstrates the reliability of the Company.
It is worth noting that none of the above would have been possible without the superhuman effort of all our employees and valuable partners. ”
Christos Georgakopoulos
CEO
“Despite the difficulties presented from the economic point of view in 2021, the country achieved a strong GDP growth, covering almost all of the losses of 2020. The production of insurance premiums in the entire insurance market moved at the same growth rate, achieving an increase of 7.7 % compared to 2020, reaching approximately € 4.3 billion.
Regarding our Group, we managed, thanks to the constantly growing Sales Network and the collective effort of all employees, to increase pre-tax profits by 4.3% compared to 2020, which amounted to € 26.1 million. Furthermore, the Company, despite the health crisis that affects the country, as well as the adverse weather phenomena that we faced, managed to stand by its Insured and at the same time to increase its production by 4.1%.
“In 2022, we will continue to look to responsible Sustainable Development, looking for lucrative green investments, but also opportunities for energy savings of our facilities, respectfully respecting our commitment to society and the environment.”
Stefanos Verzovitis
Board Member – General Manager of Administrative & Financial Services
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
