The rating reflects the company's improving reserve adequacy and good business profile and leadership position
Fitch Ratings, one of the leading rating agancies worldwide, has affirmed ‘B+’ Insurer Financial Strength Rating with stable outlook to Insurance Company Euroins JSC (Euroins Bulgaria), the largest subsidiary of Euroins Insurance Group AD (ЕIG), as well as to EIG Re AD, the reinsurance company of the group.
Fitch marks the improving reserve adequacy of Euroins and expects further positive development in this regard. The agency assesses the business profile of ЕIG‘s Bulgarian subsidiary as good and moderate, highlighting the company's market leading position in Bulgaria.
Euroins has yet to realize its full earnings capacity regarding the operations in Bulgaria, according to the ratings agency. Fitch also forecasts that the group's underlying profitability will drive net income from 2024 onwards.
Earlier this year, Fitch confirmed ‘B’ credit rating with stable outlook for the parent company Eurohold Bulgaria as well.
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Eurohold Bulgaria AD
Eurohold Bulgaria AD is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchange. Eurohold owns Electrohold, a leading energy group in Bulgaria and owner of the largest power distributor, supplier and trader in the country that has 3000 employees and serves more than 3 million consumers. Eurohold also owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region, which operates in 11 Еuropean countries.