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Thursday, April 15, 2021

European Reliance:2020 Financial Results - Strong Growth and Strong Profitability

 https://www.europaikipisti.gr/en/our-group/press-office/press-releases/2021/04/07/08/13/07-04-2021

2020 was another successful year for European Reliance Group of Companies in an operational level and all financial figures presented positive variances. 

The Management of the Group presented the significant growth in all 2020 financial figures in a live Press Conference through an on-line platform.

More specifically, in 2020, European Reliance Group of Companies accomplished:

  • 10.6% pre-tax profit increase, at € 24.8 mil., versus € 22.4 mil. in 2019.
  • 5.1% Increase of the Group’s total income at € 236.8 mil.
  • 5.1% increase of gross written premiums and related income at € 223.3 mil., versus € 212.4 mil. in 2019, with the Life Insurance Sector presenting the highest increase (13.5%). It is worth noting that also the other three insurance sectors kept similar growth course in 2020.
  • 5.6% Total Assets increase at € 511.9 mil. versus € 484.6 mil. in 2019. 
  • 8.7% Total Equity increase at € 153.6 mil. versus € 141.2 mil. as of 31/12/2019.
  • Strengthening of the Solvency Ratio by 10.6 percentage points at 174.6%, further increasing the Company’s credibility and ensuring the future of thousands of insured.
  • Investment portfolio increase at € 412.5 mil., versus € 382.1 mil. in the end of 2019.
  • 3.4% insurance provisions increase at € 312.9 mil., versus € 302.6 mil. in the previous year.

Based on the total insurance premiums, the Group owns 5.7% of the insurance market share, which has doubled over the past ten years and presents high liquidity ratio, a fact that allows zero lending, significantly free reserves and direct payment of claims to the customers.

In the Press Conference, the Management, except for the 2020 financial results of the Group, announced the decision of the Board of Directors to propose to the Ordinary General Meeting of Shareholders of European Reliance General Insurance Co. S.A. on 27/04/2021, the distribution of dividend, estimated at € 0.30 per share, after excluding all Own Shares which the company holds. The Management also presented the Group’s objectives and growth prospects for fiscal year 2020.

The interested parties may find further information on the Group’s figures, the Annual Financial Statements and the Solvency and Financial Condition Report (SFCR) at the Company’s website https://www.europaikipisti.gr/en/Home, in the section Investor Relations. The Annual Financial Statements and the Solvency and Financial Condition Report (SFCR) will be available in English in due course.

 

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