Despite unfavourable economic conditions, EFG Eurolife Insurance group, which comprises insurers EFG Eurolife Life Insurance SA and EFG Eurolife General Insurance SA, posted an increase in premiums by 5% and in profitability by 7.6% in the first half of 2010.
- Total insurance premium production of insurance companies rose in 1H 2010 to €162.6 million, an increase of 5% compared to the first half of 2009. Profit before tax amounted to €33.8 million, an increase of 7.6% on an annual basis.
- The own funds of both insurance companies on 30.06.2010 exceed the required solvency margins by 119.5% for EFG Eurolife Life Insurance and 257.1% for EFG Eurolife General Insurance. These high rates reflect the financial strength and solvency of the companies, and are among the highest in the Greek insurance market.
- The life insurance production of EFG Eurolife Life Insurance totalled €124.1 million in 1H 2010, marginally decreased by 1.2% over the same period in 2009. The company's involvement in the production of periodic premium insurance products and their distribution through Bancassurance and selected partners rendered €70.6 million, rising by a significant 10.8% compared to 1H 2009. Profit before tax of the Life Insurance amounted to €22.1 million, slightly decreased by 3.9% on an annual basis.
- In the field of general insurance, the premium production of EFG Eurolife General Insurance amounted to €38.5 million, an increase of 32.3% over the corresponding period of 2009, while profit before tax stood at €11.7, increased by 38.6% over 1H 2009.