For Europe Insurance, 2022 closed with earnings before taxes at €4.3 million, up 79% from the €2.4 million in 2021, and the earnings yield on turnover exceeding 26%, according to data submitted to the Bank of Greece for the 4th quarter of financial year 2022.
All sectors in which the company is active are profitable, which is attributable to the right risk assumption procedures Europe Insurance has always implemented, combined with high rates of growth for the company. Europe Insurance’s philosophy and orientation focuses, first and foremost, towards qualitative and not quantitative production.
Despite the adverse conditions arising on the market due to the economic slow-down brought about by the ongoing energy crisis, high inflation and increasing uncertainty, the company managed to maintain its income from investments, which came to €640,000.
Total turnover for 2022 came to €16.1 million, 90% of which was attributed to Property and other sectors and rose 40% compared to premiums of the previous year, while the Motor third-party liability sector constituted 10% of total turnover, with premiums remaining steady.
The only criterion for Europe Insurance’s growth is maintaining its solvency and assurance, and that is demonstrated by the fact that its solvency capital requirement (SCR) ratio and minimum capital requirement (MCR) ratio came to 210.77% and 321.67% respectively, for the first nine months of 2022, recording one of the largest ratios on the Greek insurance market.
Nikolaos Macropoulos, president and CEO of Europe Insurance, a purely Greek insurance company, commented on the financial results for 2022:
“I want to extend a big ‘thank you’ to all of the company’s customers, partners and staff who work alongside me and support Europe Insurance, enabling us to record an impressive performance in all insurance sectors in 2022. Having secured a strong economic base, the company will continue its upward course, with its key competitive advantage being the responsiveness that distinguishes it in promptly paying compensation, proven by the payments for major losses in recent years of more than €40 million. The company’s aim is to further increase its turnover and profitability by creating new specialised retail and corporate products to meet the needs of every professional and every enterprise on the Greek market. With our current economic performance and our esteemed executives, known for their high level of training and expertise, Europe Insurance will continue to support its customers and stand beside its partners.”
