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Strong Profitability and GWP Increase in the 9-month period of 2020

Significant increase of the Company’s Financial Figures in a volatile environment, according to the published summarized financial figures of the 9-month period of 2020. 

More specifically, European Reliance presented:

  • 50.4% strong growth of profitability, with pre-tax Profit at € 18.8 mil., comparing to € 12.5 mil. in the respective period of 2019.
  • 5.1% increase of Gross Written Premiums and related income at € 158.8 mil., versus € 151.1 mil. in the respective period of 2019.
  • 1.8% Total Equity increase at € 144.6 mil., comparing to € 142.1 mil. in the end of 2019.
  • Strengthening of the Solvency Capital Requirement Ratio by 8.5 percentage points with SCR at 176.1%, comparing to 167.6% on 31/12/2019.
  • Total number of Employees increased at 448, comparing to 442 employees in September 2019.

It is worth noting that, according to the Company’s Management estimations, the up-to-date data show that the key financial figures of the Company for H2 2020, will not be affected significantly due to the Covid-19. On the contrary, it is expected a Total Equity Increase and an additional increase of the Solvency Capital Requirement Ratio of the Company, provided that the National Authorities will not announce a full lockdown by 31/12/2020.

The Management of the Company observes closely the ongoing pandemic phenomenon, to be able to apply all measures immediately and protect the health and interests of the Shareholders, Employees, Insurance Agents and Customers.

The interested parties may find further information in the summarized presentation of the financial results for the 9-month period of 2020 in the new Investor Relations website of the Company, in the section Financial Results / Financial Reports.