Euroins reports BGN 66.6 milion premium income for 2007
As per the annual audited financial report of IC Euroins Plc. the company premium revenue for 2007 amounts to BGN 66.6 Mln. The company achieves growth of this indicator by 26.4% compared to 2006.
The net profit for the period is BGN 5.4 Mln., compared to BGN 4.2 Mln. for the previous year, representing a growth of 26.8%.
The company forecasts a gross premium revenue for the entire general insurance market at the amount of BGN 1.26 billion, which will bring its market share for 2007 to 5.2%.
The financial risk insurance revenue achieves the highest growth in the portfolio of IC Euroins Plc. and accounts for almost double growth, from BGN 1.5 Mln. for 2006 to BGN 2.9 Mln. for the current period. Motor Casco insurance revenue achieves 46.3% growth, or BGN 29.7 Mln. for 2007 compared to BGN 20.3 Mln. for 2006. The agricultural insurance premium revenue amounts to BGN 1.3 Mln. for 2007 and the growth of this indicator compared to 2006 is at the amount of 41.4%. Property and Cargo insurance revenues increase by some 26-27% in 2007. Nearly 24% is the growth of MTPL insurance revenue, which accounts for premium revenue for 2007 of BGN 22.7 Mln. in comparison with BGN 18.33 Mln. for 2006.
The gross amount of the paid compensations amounts to BGN 20.5 Mln. The loss ratio (the ratio between the paid losses and the premium revenue) accounts for slight increase of one percentage point – from 29.5% for 2006 to 30.7% for the current period.
The company equity at the end of 2007 reaches BGN 21.4 Mln. and grows with some 26% compared to 2006.
The net insurance reserves of IC Euroins Plc. have nearly doubled and amount to BGN 24.6 Mln. at the end of 2007 compared to BGN 13.4 Mln. for 2006.