The year 2020 closed with increased pre-tax earnings for Ydrogios Insurance amounting to €17.7 million, compared to €9.7 million in 2019. Premium turnover came to €86.2 million, which was €86.2 million in 2019. Company equity is also stronger, at €77.4 million, compared to €67.2 million at 31/12/2019. The eligible equity to solvency capital requirement (SCR) ratio was at 170.3%, compared to 162.0% at 31/12/2019. Company reserves remained unchanged, amounting to €143.0 million, compared to €143.4 million at 31/12/2019.
Total assets totalled €238.0 million, up from 31/12/2019 (€223.9 million). Total investments and tangible assets amounted to €202.3 million, compared to €186.8 million during the previous financial year.
Ydrogios Insurance General Manager Loukas Korobilis said: “In 2020, the Greek economy was severely shaken, but it survived. The Greek insurance market saw a downturn, but overall, it responded to the challenges created by the pandemic. Total turnover for the insurance industry was down by 3.7% from 2019. Such a small drop, in a year marked by two major lockdowns and price reductions, is considered a success. In this climate, Ydrogios Insurance demonstrated extreme preparedness to respond to new conditions and managed to retain its momentum. Once again, our company has shown that it has the organisational structure, the reflexes, philosophy and expertise to serve its insurance mission to the fullest and to achieve strong results. “In terms of turnover, 2020 closed at about the same level as 2019, with high profitability and an increase in solvency ratios. Additionally, in 2020 the company enhanced the portfolio of insurance products in the auto sector with new insurance plans for electric vehicles and was granted licence to expand its operations into sectors: 2-Diseases, 6-Ships and 12-Liability from sea and inland waterway vessels, in which it has already begun to work since early 2021.”
