Increase in premiums and profits
for EFG Eurolife Insurance group in the first half of 2010
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.
Specifically:
- 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.
EFG Eurolife Insurance group consists of insurance companies EFG Eurolife Life Insurance SA and EFG Eurolife General Insurance SA and is the third largest insurance group in the Greek market.
Commenting on the results, the CEO of EFG Eurolife Insurance group, Mr. Alexandros Sarrigeorgiou, said:
"In a particularly difficult period for the economy, EFG Eurolife Insurance maintains a strong capital adequacy while remaining focused on its obligations towards its policyholders. Furthermore, it strengthens its leading role in Bancassurance and expands its business, focusing on its cooperation with selected mediators.”