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Increase of Gross Earned Premiums and Strong Profitability of the Group in the first semester of 2020

Significant profitability and 5.2% increase of the Gross Earned Premiums for European Reliance Group of Companies in the first semester of 2020. The Management of the Group presented the financial results, the actions, and the upcoming plans by the end of the year via teleconference, that took place on September 30, 2020.
 
More specifically:

  • The total revenues of the Group presented 5.5% increase and amounted to € 113.1 mil., versus € 107.2 mil. in the corresponding period of the previous year, positively affected by the 5.2% increase of the Gross Earned Premiums of the Group, at € 106.5 mil., versus € 101.2 mil., in the corresponding period of the previous year, comparing to the 4.5% recession in the Greek Insurance Market in the respective period.
  • The market share of European Reliance in the Greek Insurance Market for the first semester of 2020 estimated to 5.5%, versus 5.1% in the first semester of 2019. The market share in the Life Sector estimated to 3.8%, versus 3.3% in the first semester of 2019, and the market share in the Non-Life Sectors presented 6.9% increase, versus 6.6% in the corresponding period of the previous year.
  • The consolidated pre-tax profit of the Group remained at high levels and amounted to € 13.8 mil., versus € 16.1 mil., in the corresponding period of the previous year.
  • The Insurance Result amounted to € 24.6 mil., versus € 26.6 mil., in the corresponding period of 2019, presenting 7.5% decrease, which reflects the decrease of the net investment income, as a consequence of the Covid-19 pandemic in the International and Greek financial markets.
  • Motor Sector’s Insurance Result amounted to € 16.3 mil., versus € 9.0 mil., in the corresponding period of 2019, presenting 81.3% increase, being positively affected by the increase of the Net Earned Premiums and the decrease of the insurance claims.
  • Life Sector’s Insurance Result amounted to € 2.3 mil., versus € 11.1 mil. in the corresponding period of the previous year. The 79.6% decrease is mainly due to the increase of the paid insurance claims by € 2,9 mil. and the decrease of the net investment income by € 6,9 mil., as a result of the Covid-19 pandemic in the international financial markets.
  • Other Non-Life Sectors’ Insurance Result amounted to € 6,0 mil., versus € 6,5 mil., in the corresponding period of the previous year, presenting 6.9% decrease, mainly due to the increase of the reinsurance premiums by € 1,3 mil. and the € 0.7 mil. increase of the insurance provisions.
  • The Group’s Total Equity presented marginal 1.0% decrease at € 139.8 mil. in the end of the first semester of 2020, versus € 141.2 mil., in the end of 2019, which is mainly due to the net profitability of € 10.3 mil., the distribution of dividend to the shareholders equal to € 6.6 mil., the acquisition cost of the Own Shares at € 1.3 mil. and the loss from the valuation of the Investment Portfolio by € 4.0 mil.
  • The Mathematical Reserves and Technical Provisions amounted to € 300.1 mil., presenting marginal 0.8% decrease, versus € 302.6 mil., on 31/12/2019.
  • Moreover, the personnel of the Parent Company increased by 2 people, reaching 446 employees, comparing to 31/12/2019.
  • It is worth noting that the Group performed 27 Corporate Social Responsibility Actions in the first semester of 2020, totally in compliance with the 17 SDGs and the UN Global Compact.
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