Eurohold Bulgaria, represented in Ukraine by two insurance companies – “Euroins Ukraine” and “European Travel Insurance” – in January-September 2024 received a gross profit of EUR181.74 mln, which is 0.8% more than in the same period a year earlier. As reported in the information of IC “Euroins Ukraine” profit before interest taxes and amortization (EBITDA) amounted to EUR122.77 million, which is 36.6% higher than in the same period of 2023. The net financial result for the reporting period amounted to EUR16.21m. The group’s consolidated revenue amounted to around EUR1.02bn.
Eurohold’s insurance business, carried out through Euroins Insurance Group AD (EIG), showed growth and improved profitability. In the first nine months of this year, the group’s insurance revenues grew by 4% year-on-year to EUR198m, while EBITDA and the final financial result amounted to EUR8.44m and EUR1.87m.
“The segments and markets where we are active face challenges, but our results show that we are capable of overcoming them. I believe that we will conclude this year successfully, creating additional value for our shareholders and all our stakeholders,” said Eurohold CEO Assen Minchev,.
Eurohold Bulgaria is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchanges.
Eurohold owns Euroinsurance Group (EIG), one of the largest insurance groups in the region. EIG provides a full range of insurance products, serves more than 4 million clients in 11 countries and employs more than 3000 people.
IC “Euroins Ukraine” is a universal non-life insurer, operating in the Ukrainian market since 1992. The company has about 100 representative offices all over the country, holds 25 licenses, 16 of them – for voluntary and 9 – for compulsory types of insurance.
IC “European Travel Insurance” has been working in the Ukrainian market since 2006 and is the only insurer in Ukraine, which specializes in travel insurance.
The company holds 8 licenses for voluntary types of insurance, works with both private individuals and corporate clients.
On August 5, the Ukrainian State Postal Service Enterprise Ukrposhta (Kiev) announced its intention to conclude a contract of compulsory insurance of civil liability of owners of motor vehicles (MTPL) with Euroins Ukraine (Kiev).
According to the electronic public procurement system “Prozorro”, the company’s price offer amounted to UAH 24.41 thousand against UAH 68.107 thousand of the expected cost of purchasing services.
The tender was attended by insurance companies Inter-Policy with a price offer of UAH 27.2 thousand, Krajina – UAH 32.2 thousand, Guardian – UAH 32.3 thousand, ESA – UAH 43.9 thousand.
IC “Euroins Ukraine” in 2023 increased premiums by 20,4% compared to 2022 – up to UAH 565 mln and concluded 17% more insurance contracts – more than 662 thousand.
In 2023, Euroins Ukraine Insurance Company (Kyiv) increased premiums by 20.4% compared to 2022, up to UAH 565 million, according to the insurer’s information.
Last year, the company concluded more than 662 thousand insurance contracts, which is 17% more than in the previous year.
The largest growth was recorded in hull insurance – by 24.3%, or UAH 69.737 million, health insurance (VHI) – by 109.9% (UAH 56.285 million), accident insurance – by 24.4% (UAH 2.528 million), and civil liability insurance for owners of land transport (including carrier liability) – by 2.6% (UAH 305 thousand).
The volume of paid indemnities in 2023 increased by 41.5% compared to 2022 to UAH 265.343 million.
“Euroins Ukraine is a universal insurance company that has been operating in the Ukrainian market since 1992. It is a part of the Bulgarian insurance group Euroins, which is one of the largest independent insurance groups operating in Central, Eastern and South-Eastern Europe. EIG is a subsidiary of Eurohold Bulgaria, a leading energy and financial group in Central, Eastern and South-Eastern Europe.
Insurance company “Euroins Ukraine” (Kiev), a subsidiary of international insurance group Euroins Insurance Group (EIG), in 2022 collected 469.1 million premiums, which is 20% less than in 2021, according to a press release.
The largest shares in the company’s portfolio were MTPL (61%), hull insurance (12%) and voluntary medical insurance (11%). The volumes of premiums grew in the segments of MTPL (+8% compared to 2021), accident insurance (+27%) and insurance against financial risks (+26%).
It is noted that the insurer fully complies with the requirements of the market regulator, has high financial stability and meets all obligations to clients.
The company also reports that last year the company paid out UAH 187,5 mln of insurance compensation, which is 12% less than in 2021. The biggest number of payments is in MTPL segment (117,7 mln UAH, +13% vs. the amount paid in 2021). On average, the company made payments to clients in the amount of more than 700 thousand hryvnias daily.
“This year was very difficult, but we have maintained high financial stability, fulfilled our obligations to the clients and partners and met the strict requirements of the market regulator. This is the main result of our work, which the team fulfilled with the full support of European shareholders. The growth of premiums in CMTPL insurance gives hope to maintain the volume of business in 2023. The decrease in charges in CASCO, VMI, property insurance, travel insurance was inevitable for the whole insurance market”, – notes the chairman of the board of IC “Euroins Ukraine” Janko Nikolov.
IC “Evroins Ukraine” – a universal non-life insurer, works in the Ukrainian market since 1992. The company has about 100 representative offices throughout the country, has 25 licenses, 16 of them – on voluntary and 9 – on compulsory types of insurance.
IC Euroins Ukraine is a member of the Motor (transport) Insurance Bureau of Ukraine, actively working in the segments of car insurance, medical insurance, property insurance, liability and cargo insurance for private and corporate clients. Since the beginning of 2021 Euroins Ukraine is a member of National Association of Insurers of Ukraine (NASU).
