Euroins Ukraine insurance company (Kyiv) ended 2020 with a net profit of UAH 37.548 million versus a net loss of UAH 14.6 million in 2019, follows from the materials for the agenda of the meeting of shareholders, made public in the information disclosure system of the National Securities and Stock Market Commission.
According to it, the company’s assets over the past year grew by 47%, to UAH 433.2 million, cash and their equivalent – by 22%, to UAH 56.4 million, equity – by 39.8%, to 129.7 UAH million, accounts receivable – by 71.6%, to UAH 67.2 million.
Noncurrent liabilities of the company in 2020 rose by 27.7%, to UAH 209.1 million, current liabilities – by 83.9%, to UAH 94.419 million.
As reported, Euroins Ukraine collected UAH 320 million in insurance payments in 2020, which is 25% more than a year earlier.
The insurer said that, according to the data of the Motor Transport Insurance Bureau of Ukraine, in 2020 Euroins Ukraine entered the top ten insurers of Ukraine in terms of the number of compulsory civil liability insurance of land vehicle owners (OSAGO) policies sold. The total amount of insurance payments of the company over 2020 exceeded UAH 110 million.
PrJSC Euroins Ukraine has been operating on the Ukrainian market since 1992, is a part of Euroins Insurance Group AD (Bulgaria).
Euroins Insurance Group (Bulgaria), which includes Euroins Ukraine (Kyiv), in 2017 increased revenue by 19%, for the first time exceeding BGN 1 billion (EUR 512 million), and quadrupled net profit to BGN 42 million (EUR21.5 million), according to a press release from Euroins Ukraine.
It is also noted that in general the income of Eurohold Bulgaria AD, which includes Euroins Insurance Group, in 2017 increased by 18% compared to the previous year and amounted to BGN 1.2 billion (about EUR615 million). Net profit increased by almost 2.4 times, to BGN 24.4 million (EUR12.5 million), while operating profit (EBITDA) by 65%, to BGN 57.6 million (EUR29 million).
The holding’s net worth as a whole increased to almost BGN 215 million (EUR110 million), while its assets grew by 17%, to BGN 1.33 billion (EUR681 million).
The press release says on April 17, 2018 Euroins Insurance Group purchased Ukraine’s European Travel Insurance (ERV) from the German company ERGO, owned by MunichRe concern.
PJSC Euroins Ukraine has been operating in the Ukrainian insurance market for 25 years. The regional network of Euroins Ukraine covers 26 cities of Ukraine. The weighty share in the company’s portfolio is occupied by KASKO, which is one of the priority activities. The strategy of Euroins Ukraine foresees occupying 5-10% of the Ukrainian insurance market.
