Press Releases

European Reliance improved it finances in the first semester of 2014 in relation to the correspondent of 2013 in a period in which the forecasts for the capacity of the insurance sector dictated further shrinkage.

More specifically, the company achieved:

•  An increase of profits pre taxes by 19.6% amounting to 5.5 million Euros as opposed to 4.6 million Euros in the corresponding period last year.
•  A slight decrease of capacity by 1.6% which amounted to 81 million Euros.  The estimate for the total of the market is a further decrease by 3.8%.
• Increase of assets by 6.1% amounting to 313.2 million Euros as opposed to 295.3 million Euros in June 2013.
• Increase of net worth by 23.6% reaching 65.5 million Euros in relation to the same period last year.
• Increase of its reserves by 4.1% to 228.7 million Euros in relation to June 2013.

Operational expenses were configured at 6.4 million Euros as opposed to 6.6 million Euros in the first semester of 2013.

It is worth noting that the slight decrease of capacity is justified by the fact that there was a decrease in subscribed premiums in the moto sector by 11.6%, due to the decrease of prices and the change in the way the premiums are deposited; this was a consequence of the financial situation and despite of the increase in the fleet of cars by 9.9%. On the contrary, in the traditional so-called “healthy” sectors of Life and General Insurance, the company managed to increase its capacity by 10.7% and 4.8% correspondingly.

Finally, we must also note that the company has further increased its staff by 7.7% with overall job positions reaching 379 as opposed to 352 in June 2013.

The company management, despite the negative climate in the insurance sector is optimistic that it will achieve its financial targets for the current year.