Europe Insurance recorded high returns in all of its insurance sectors, generating significant prospects for strong growth in the immediate future. Since the start of the year, company operations have been climbing despite the adversities that arose in the insurance market due to the energy crisis and the war in Ukraine.
Earnings before taxes for the first half of 2022 came to €1.54 million, up 29.24% from earnings in the same period last year, and earnings yield on turnover exceeding 21%.
It is noteworthy that the company’s profitability would be significantly higher without the impact of the performance of the company’s investment portfolio (bonds, stock, mutual funds) influenced by the intense fluctuation on global markets and the overall macroeconomic environment.
Total premiums for the first six months of 2022 came to €7.08 million, representing a 26.8% increase over premiums for the same period last year. Specifically, the increase in premium turnover in the first six months of 2022, as compared to the first half of 2021, is as follows: in the Fire sector, the increase was 17.6% (€3.23 million); in Other sectors, the increase was 54.0% (€2.26 million); in Third-party Liability, it was 25.0% (€733,000); and in Motor Liability, it was 9.6%, (€860,000).
The goal for 2022 is for company turnover, excluding the Motor sector, to exceed €15 million.
Fully meeting its obligations, the company has paid off all claims on losses from the fires of July-August 2021, totalling €1,585,631.79.
As a trustworthy Greek insurance company, Europe Insurance continues to bolster its already strong brand name, shaped over the years with consistent and methodical dedication, and seeks to achieve an even larger market share, based on the competitive advantage ensured by its partners, its policyholders and its highly competent management personnel.
Europe Insurance President and CEO Nikolaos Macropoulos, in commenting on the company’s results, stressed that: “Successfully responding to the challenges of the times, Europe Insurance maintained its profitable course, increasing premium turnover in all insurance sectors and reaffirming once again its strong upward momentum and its place on the market. It retains its innovative and extensive know-how in relation to major commercial and industrial risks, forges ahead with new products in specialised risks and the Health sector and provides modern solutions for our customers and constant support for our partners. With its current performance, Europe Insurance is proving that it is growing rapidly as a solvent, modern, efficient company with a high level of service and immediacy in its relationships with its customers. Europe Insurance and I personally extend a warm thanks to our partners and our customers for the excellent cooperation and their trust all these years.”
