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EIG registered 32% gross written premiums growth for the first 5 months of 2008.

June 17, 2008

EIG registered 32% gross written premiums growth for the first 5 months of 2008.
The total written premiums of Euroins Insurance Group’s subsidiaries (Euroins Bulgaria, Euroins Romania, Euroins Osiguruvanje (formerly Macosped Osiguruvanje), Euroins Health Assurance) reached BGN 64.7 million. The realized growth is 32% compared to generated BGN 49 MM for the same period of 2007.
EuroIns Bulgaria realizes the largest premium growth (42%) – BGN 31.04 million for the first 5 months of 2008 compared to BGN 21.90 million for the same period in 2007. The most substantial growth is witnessed at the Cargo insurance products – 96%, followed by Casco insurance products with 58.6% and Property insurance products growing by 40.1%.
The Group generated BGN 25 thousand of written premiums in Spain for the first three weeks since the beginning of its operations there with an average insurance premium in the amount of BGN 655. The realized premium revenue is generated by MTPL insurance products.
For 2008, Euroins Bulgaria already forecasts BGN 87.9 million of gross written premiums.
Considering the current share price levels of Euroins Bulgaria, the company is traded at 0.93 multiple relevant to the company’s forecasted gross written premium for 2008. (P/S x)
EuroIns Romania and Euroins Osiguruvanje register GWP growth of 24% each compared to the same reporting period of 2007, accordingly BGN 29.2 million and BGN 4 million for 2008.
65% is the growth registered by Euroins Health Assurance for the first 5 months of 2008 versus the same period of 2007. In nominal terms the company realized revenues of BGN 413 thousand for the first 5 months of 2008 compared to BGN 250 thousand for the same period in 2007.
EIG envisages BGN 185 million in total written premiums by the end of 2008.

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