The 2020 financial year for Interlife Insurance closed with noteworthy resilience to the pandemic crisis and positive results in its main financial figures: high profits, steady revenue from insurance services, an increase in investments, assets, reserves and equity and high solvency ratios mark the results for 2020, during which the company demonstrated resilience, flexibility and a strategy of ongoing improvement in products and services, while it strengthened its corporate governance and social responsibility policy.
The company’s key figures, according to its annual financial report released to the Athens Exchange, are as follows:
Earned premiums amounted to €66.97 million in 2020, compared to €65.27 million in the previous FY (+2.63%), while written premiums came to €68.52 million, compared to €68.65 million (-0.18%)
Earnings before taxes amounted to €19.65 million, while cumulatively total earnings before taxes over the last five years (2016-2020) came to €87.39 million
Equity came to €109.54 million, compared to €94.12 million in 2019 (+16.38%)
Assets totalled €249.27 million compared to €228.64 million in 2019 (+9.03%)
Reserves rose by 3.02% (€125.58 million compared to €121.91 million in 2019), with the reserve coverage ratio amounting to 1.87.
Investments came to €229.30 million compared to €207.47 million in 2019 (+10.52%). The company’s investment portfolio was €229.3 million at 31/12/2020, with its main placements in: Real estate 12.63%, listed shares 4.97%, government and corporate bonds 31,39%, mutual fund shares 28.60%, time deposits and available portfolios 22.41%.
Written premiums from other insurance sectors came to €28.78 million compared to €27.48 million (+4.73%).
The performance of the company’s solvency ratios also remained high: Based on the Solvency II supervisory framework, the Minimum Capital Requirement (MCR) was 712%, while the particularly important Solvency Capital Requirement (SCR) ratio came to a very satisfactory 178%.
Finally, the Board of Directors will recommend a dividend disbursement of €0.12/share at the Annual General Meeting of company shareholders.
The Interlife MIKTO Mutual Fund also performed well (Authorisation: Hellenic Capital Market Commission decision 62/23.12.2003) as managed by Alpha Trust, with cumulative return for the five-year period 31/03/2016 – 31/03/2021 amounting to 67.80%, in 9th place out of 31 active mutual funds in its category for the same period.
As regards introducing new products, the company created Travel CARE & Travel Cancellation travel Insurance programs and MEDICAL Help assistance programs, in response to the needs of subscribers for improved and substantive benefits. In addition, in January 2021 it created the DIAGNOSIS Care plan, a newprevention and diagnosis insurance scheme.
As part of its corporate social responsibility, Interlife continues to implement a program called “prosfero… alios [I give in other ways]”, through which it supports the Hellenic Rescue Team, the Down Syndrome Association of Greece, the ELEPAP organisation for rehabilitation of people with disabilities, the Northern Greece Panhellenic Association of Paraplegics, the Karpathos Blood Donors Association, the “Live without Bullying” program of the Centre for Family and Child Care (KMOP), the Callisto Environmental Organisation for Wildlife and Nature and athletic clubs all over Greece, while once again providing 3.3 tonnes of foodstuffs to social groceries.
During the Covid-19 pandemic, and with a view, firstly, to safeguarding the health of its staff, associates and any third parties associated with its corporate activities, the company activated the Business Continuity Protocol and took all necessary measures to ensure its continued operation and serve its customers and partner brokers at all its facilities on Greek territory.
In commenting on the financial results, Interlife president and CEO Ioannis P. Votsaridis expressed his satisfaction with the company’s positive performance in a particularly challenging year and said he was optimistic about the course of the insurance market and the Greek economy in general, particularly in the 2nd quarter of the year.
