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31 August 2012
EUROPEAN RELIANCE HAS AN EXCEPTIONAL FINANCIAL PERFORMANCE IN FIRST HALF 2012
Excellent performance for the first half of 2012, was reached by European Reliance, in a time of economic crisis, two elections, which resulted in the continued decline of production in the insurance industry at -7.9%.
More specifically, the premium production increased significantly by 22.3% compared to the same period in 2011 and amounted to 80.7 million euros.
Profits before tax were closed to 4.6 million from 3.1 million in the period January - June 2011, an increase of 46.7%.
The net worth of the company amounted to 43.6 million increased by 8.1% over the corresponding period last year.
Total assets amounted to 275.2 million euros versus 242.9 million in June 2011, increased by 13.3%, while inventories rose by 8.7% compared to 31/12/2011.
The solvency and liquidity of the Company's cash levels are high, being immune to the prolonged recession of the Greek economy. The company, despite the negative sentiment prevailing in the insurance industry is optimistic that it will achieve its financial targets for the current year.