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.
The insurance company “European Travel Insurance” (ETS, Kiev) will allocate UAH 95 million of retained earnings received for 2015-2021 (except 2019) for the payment of dividends. As the company reported in the information base of the NCSSM, such a decision was made at the general meeting of shareholders on September 30, 2024.
Thus, for the payment of dividends will be directed 3.895 million UAH of retained earnings of the company received for 2015, 7.655 million UAH – for 2016, 15.473 million UAH – for 2017, 16.1 million UAH – for 2018, 14.7 million UAH – for 2020 and 37.2 million UAH – for 2021.
Part of the profit for 2021, which is not directed to the payment of dividends according to this decision and is not directed to increase the authorized capital according to the minutes of the general meeting on April 27, 2023, will remain undistributed.
The message also specifies that dividends will be paid directly to shareholders from September 30, 2024 to March 30, 2025.
As reported, IC “European Travel Insurance” was founded in 2006. It occupies one of the leading positions in the travel insurance market of Ukraine. The company is a part of non-banking financial group “Euroinsurance Group”.
In 2023 it collected insurance premiums in the amount of UAH 151,2 mln, which is almost the same as a year earlier, having finished 2023 with net profit in the amount of UAH 12,937 mln.
European Travel Insurance (Kyiv) in 2020 collected insurance premiums in the amount of UAH 182.440 million, which is 43% less than in 2019.
According to a press release from the insurer, if in 2019 the company insured 1.805 million tourists for the first time, then in 2020 some 825,328 people used its services. The net profit of the insurer after taxation according to the IFRS system in 2020 amounted to UAH 24.497 million.
According to the press release, 2020 has changed the attitude towards travel insurance and its individual types. Thus, there was an increased demand from both tour operators and individual tourists for insurance of financial risks in case of travel cancellation or interruption. If in 2019 such risks were insured by 22% of tourists, then in 2020 some 38% of the total number of insured.
In 2020, the company registered 8,924 insurance events with tourists, the total amount of insurance payments was UAH 68 million. In 2020, the ratio of events with tourists registered by the company also changed towards an increase in the share of requests due to the occurrence of an insured event due to cancellation/interruption of travel.
The total amount of payments in connection with cancellation/interruption of travel in 2020 stood at UAH 19.543 million, in 2019 – some UAH 15.673 million. In total, over the past year, 840 payments were made in connection with the cancellation or interruption of a trip, 498 such payments were in 2019.
The company also notes that the tourism industry is reporting a more than 70% reduction in tourism in 2020. Almost the same drop in international passenger air transportation (approximately 72% of the volume of 2019) is noted by the Ukrainian aviation business.
Upon arrival to Turkey, thermal imagers are installed at airports at the border, for persons with fever of above 37 degrees, a PCR test for coronavirus (COVID-19) disease is immediately carried out, the European Travel Insurance (ERV, Kyiv) said on its website with reference to operational data from an assistance company organizing assistance and providing support to ERV clients in Turkey. According to the company, if the result is positive, the tourist will be transported to a state-owned hospital, where additional examination methods will be conducted. By the decision of the doctor, the patient is either left in the hospital or transferred to lockdown observation.
The European Travel Insurance said that information released in the media about the performing PCR testing in the near future to all visitors to Turkey, without exception, has not yet been officially confirmed.
“Tourists stay for lockdown observation in their hotels. In turn, hotels must provide isolated rooms or blocks for this. Tourists are notified of the need for a second PCR test. State-owned medical institutions control the situation. If a patient is left in the hospital for treatment, hospitalization can last from one or two days to a week, or even more, it all depends on a patient’s condition,” the company said in the statement.
During discharge from a hospital, if the PCR test is negative, the tourist can return to the place of permanent residence. If the test is positive, the patient will be isolated for lockdown observation at the hotel.
During arrival, the test is done at the expense of the state of arrival. According to the European Travel Insurance at least for today, not a single case has been recorded where payment was requested for it. In addition, before departure, each passenger with a ticket can do a PCR test in state-owned laboratories. The cost of such a test is within EUR 15. In addition, it is possible to make tests for antibodies (blood sampling is done), but this kind of tests is done by private laboratories. The cost of this test is approximately EUR 38.
Treatment in state-owned hospitals of the country of arrival is paid, but territoriality also matters here. The decision to invoice or not to invoice a tourist in a state-owned hospital is made by the leadership of this medical institution.
