EUROHOLD, 1H2019: 31% increase in group's total revenue

13 August 2019 — Cosmin CONCEATU
Bulgaria based EUROHOLD reported an increase of 31% year-on-year of the Group's operating income for the period between January 1st- June 30th, 2019. The total revenue of EUROHOLD amounted to EUR 402 million.

1H2019 financial figures (vs. 1H2018) - unaudited*

  • Consolidated operating income: EUR 402 million (+31%)
  • Gross written premiums (GWP): EUR 210 million (+37%), of which:
    • Euroins Bulgaria: EUR 61 million (+47%)
    • Euroins Romania: BGN 131 million (+28%)
    • Euroins Macedonia: EUR 7 million (+29%)
    • Euroins Ukraine: EUR 4 million (-5%)
    • Euroins Georgia: EUR 3 million (+35%)
    • Euroins Russia: EUR 14 million (+11%)
    • Euroins Life: EUR 0.6 million (+28%)
    • EIG Re: EUR 0.6 million
  • Consolidated profit: EUR 6 million (+2%)

Insurance activity became more important to the overall revenue growth of the group, totaling EUR 336 million, or 83.5% of the total EUROHOLD revenue for first half of 2019 (1H2018: 76.4% of total revenue). Automotive activity of EUROHOLD, the second most important in the group, decreased by 10% y-o-y to EUR 59 million, or 14.6% of total EUROHOLD revenue (1H2018: 21.2% of total revenue).

Euroins Insurance Group (EIG) has realized a consolidated GWP volume of EUR 210 million (+37%) by the end of the first half-year of 2019. The premium volume boost was driven by the GWP growth registered by Euroins Bulgaria and Euroins Romania.

The Group has reported an unaudited consolidated profit of EUR 5.9 million before taxation compared (1H2018: EUR 5.8 million), which was mainly pushed up by Bulgarian and Romanian insurance activity.

KirilBOSHOV, Chairman of Eurohold Bulgaria's Management Board, commented on the results:

"The successful acquisitions we made in the last couple of years as well as the fair amount of time and effort we have been investing in the integration and development of the companies taken over by Euroins Insurance Group, has recently started to bear fruit. Almost all EIG's subsidiaries made contributions to the overall growth of our insurance business. We are satisfied that the increase in revenue is combined with a strong operating profit of the insurance holding. The good operating results in the first half of the year are giving us even more solid ground to expand our business and step in new markets."

* presented figures were converted at the following exchange rate: 1 EUR = 1.95583 BGN

More information about EUROHOLD 1H2019 performance can be found on the company's website.


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