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The companies from EIG with 77% growth of net income for 2007

February 08, 2008

The growth in this index is 32,6%.
The Eurohold Bulgaria’s subsidiary insurance holding reports a growth of more than 77% in the net income for 2007 or BGN 5,5 million (2007) compared to BGN 3 million (2006).

The administrative expenses come to BGN 28,3 million, which is a rise with 16,2% only.

In 2007 the total value of paid claims come to BGN 46,3 million compared to BGN 28,4 million in 2006. The ratio between paid claims and realized premium income jointly for the group as of the end of 2007 is 38,2%.

Euroins Romania reports a growth of  42,4% in premium income for the same period, which is BGN 54,4 million compared to realized in 2006 BGN 38,2 million. The ratio between administrative expenses and premium income has reduced with 33,7% which resulted in company’s profit – net income comes to BGN 141 thousand in 2007 compared to loss in amount of  BGN 991 thousand in 2006. The total value of paid claims according to preliminary balance sheet for 2007 is in amount of BGN 25,2 million.

The company’s insurance reserves have increased from BGN 13,4 million to BGN 20,6 million which is 54,2% growth. As of the end of 2007 the equity capital of Euroins Romania has increased more than three times vs. at the beginning of year – from BGN 4 million to BGN 13,3 million.

In 2007 Euroins and Euroins Romania had more than 620 000 costumers jointly.
In 2007 the Health Assurance Company St. Nikolai realized premium income with more than 86% growth or BGN 683 thousand vs.  BGN 367 thousand in previous year. The ratio between administrative expenses and premium income has reduced with 11,2%. As the and of 2007 the equity capital of the company has increased more than three times vs. at the beginning of year – from BGN 0.688 million to BGN 2.084 million. Health assurance premium reserves come to BGN 336 thousand vs. BGN 176 thousand in the previous year.

The Health Assurance Company St. Nikolai reports two times in growth of company’s clients, which has reached 6 500 in the end of 2007 vs. 3 200 in 2006.

Eurohold Bulgaria restructured his insurance division by establishing 100% subsidiary holding - Euroins Insurance Group LLC (EIG), which includes three companies – Euroins, Euroins Romania and Health Assurance Company St. Nikolai.

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