European Reliance Group of Companies in 2018: Increase in fiscal figures

€15.4 mil. pre-tax profit
Equity increase at € 115.9 mil.
Group’s Total Income at € 202.4 mil.

Statement of the Management

“In 2018, our Group delivered another successful year in all of its business activities.  We strengthened our position in the Greek Insurance Market, proving our endurance and effectiveness in risk management, since last year our country experienced unprecedented catastrophic fires, extreme weather conditions and increased number of fatal road accidents in an unfriendly investment environment.

Within these conditions, we showed our support and social face with actions that reflected the consistency of our company over the last 41 years: to stay close to our insured and immediately respond to their needs.

Our strategic goals for 2019 are in line with our Vision. Private insurance Sector has great growth prospects after the change of the institutional framework in EU and the significant reduction of the provisions of the Public Insurance System”.

Christos Georgakopoulos
Managing Director (CEO)

“In 2018, our Group delivered another profitable fiscal year, presenting increase in fiscal figures.

Over the last decade, an unprecedented environment with recurring crises, we succeeded playing a leading role in the Greek Insurance Market, with 4.9% market share, a number which has doubled over the last 10 years.

We always remain consistent in our values and show diligent respect towards all human beings, the community and the environment, being socially and environmentally responsible. In 2019, and in the following years, our Group will play a leading role in the Private Insurance Sector.

Stefanos Verzovitis
Board Member, General Manager of Finance and Administration
European Reliance Group of Companies announced the significant increase in all 2018 fiscal figures in a Press Conference held on April 24, 2019.

The Management of the Group had the opportunity to present in detail the significant increase of the fiscal figures and the ongoing growth of the Group.

More specifically, in 2018, European Reliance Group of Companies accomplished:
  • High profitability levels with pre-tax profit at € 15.4 mil.
  • 3.8% Increase of Group’s total income at € 202.4 mil.
  • 4.1% increase of gross written premiums and related income at € 191.0 mil., versus € 183.5 mil. in 2017, when the Greek Insurance Market presented 1.8% increase.
  • 2.9% Assets increase at € 429.4 mil. versus € 417.5 mil. in 2017.
  • 0.4% Equity increase at € 115.9 mil., versus € 115.4 mil. on 31/12/2017, despite the overall negative course of the Global Markets.
  • The Company’s Solvency Ratio (SCR) strengthened by 14.1 percentage points at 159.81%, further increasing the Company’s credibility and ensuring the future of thousands of insured.
  • 4.6% Insurance provisions increase at € 285.7 mil., versus € 273.1 mil. in 2017.
  • Investment portfolio increase at € 333.7 mil., versus € 325.7 mil. in the end of 2017.
  • Personnel Increase with total 1,175 employees, versus 1,121 on 31/12/2017.
The Group holds 4.9% of the market share based on total written premiums, a rate that has doubled over the last decade, and presents high liquidity ratio that allows zero bank lending, significant paid-up reserves and direct payment of the customers’ claims.

In the Press Conference, the Management, except for the 2018 financial results of the Group, announced the decision of the Board of Directors to propose to the General Meeting of Shareholders of European Reliance General Insurance Co. S.A. on May 21, 2019, distribution of dividend of € 0.13 per share. The Management also presented the Group’s objectives and growth prospects for 2019.

The interested parties may find further information in the Company’s website,  in the section Investor Relations.