European Reliance Insurance Co. S.A. presented its financial results for the first half of 2021, reaffirming its course of continued growth.
Specifically:
- Total revenue for the Group was up considerable by 5.3% and came to €116.9m, compared to €111.0m at 30/6/2020. The specific result is mainly due to an increase in the Group’s registered gross premiums and related revenues by 6.2%. Life insurance contributed 12% of that amount, followed by other non-life sectors with a 5.8% increase, and the motor insurance sector with a 2.4% increase.
- Consolidated earnings before tax for the Group came to €6.6m, compared to €13.8m for the same period last year. The profit results are mostly due to the increase in the cost of insurance operations by €17.5m (+33.5%), and the increase in commission paid to the sales network.
- The Group’s total equity came to €149.4m, registering a 2.7% reduction from 31/12/2020, due mainly to the dividends distributed to shareholders totalling €7.9m, losses from available-for-sale financial assets, posted directly to the net position, of €0.7m, and a decrease of €0.8m for the share repurchase.
- The Group’s investment portfolio, placed in securities with a high credit rating, came to €414.8m, compared to €408.4m at 31/12/2020, for an increase of 1.6%.
Finally, it is worth noting that during the first half of 2021, the Group carried out 27 CSR actions fully aligned with GRI G4 guidelines, the principles of ISO 26000, the 17 Sustainable Development Goals and the principles of the UN Global Compact.
For more information on the Group’s results, the six-month Financial Report and the six-month Financial Presentation is available on the company’s Investor Relations website, https://ir.europaikipisti.gr/en, in the Financial Results section.
