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European Reliance - Strong Growth in all Group’s 2017 Financial Figures 25/04/2018
 
European Reliance - Strong Growth in all Group’s 2017 Financial Figures (307.13KB)

STRONG GROWTH IN ALL GROUP’S 2017 FINANCIAL FIGURES

Pre-tax Profit at € 22.8 mil. 

Gross Written Premiums Income at € 183.6 mil.

 

Management’s Statements

“In 2017, our Group delivered another successful year in all of its activities. All of 2017 financial results recorded improved performances, strengthening our Group’s position.

After 40 consecutive years of operation in a difficult industry, in an unstable in terms of geopolitics and macro economy environment, we proved our endurance and persistence in facing challenges and risks and seizing opportunities, presenting positive prospects.

For 2018 and in the medium term, we remain committed to our strategy. We believe that the private insurance industry is the key for economic development, better quality of life and social progress. Our strategy for 2018 is oriented towards excellent service to every insured person and decisive actions to achieve further efficiency growth and the digital transformation of our Group”.

Chris Georgakopoulos
Chief Executive Officer

 

“In 2017, our Group delivered another profitable fiscal year. European Reliance General Insurance Co. S.A. succeeded in improving its financial figures in a difficult environment for the ninth consecutive year.

The growth in the financial figures of every organization, especially when it is a lasting phenomenon, and not a serendipitous fact, is achieved only by the compliance with principles and policies that are kept firmly over the years, regardless of the external conditions.  In European Reliance we follow a strategic plan and we set goals. In 2018 and the following years, we will play a leading role in the Private Insurance Industry”.

Stefanos Verzovitis
Member of the Board and Chief Financial and Administrative Officer

Chalandri, April 25, 2018 – On April 25, the Management of European Reliance Group of Companies presented the significant growth in all its financial figures for 2017 in a Press Conference held for media and shareholders.

The Group’s Management had the opportunity to analytically present the significant progress of its financial figures, that led to the continuation of the development progress.

More specifically, in 2017, European Reliance Group presented:

  • 8.4 % Pretax Profit increase at € 22.8 mil. vs. € 21.0 mil. in 2016.
  • 6.6 % Gross Written Premiums and Income Increase at € 183.6 mil., in a time when the Greek Insurance Market presented 0.05 % marginal growth in written premiums.
  • 21.4 % or € 20.1 mil Total Equity Increase at € 115.4 mil. vs. € 95.3 mil. of December 31, 2016.
  • 7.7 % Total Assets Increase at € 417,5 mil. vs. € 387.7 mil. in 2016.
  • 2.4 % Increase in Insurance Provisions at € 273.1 mil. vs. € 266.7 mil. in the previous fiscal year.
  • 23.8 mil. Investment Portfolio Increase at € 327.6 mil. vs. December 31, 2016.
  • 8.3 % Human Resources Increase with the total working positions reaching 1.121.

At the same time, our Group presents high liquidity ratio, that allows 0% financing and important free reserves.

In the Press Conference, the Management, apart from the 2017 Group results, informed the Press about the decision of the Board of Directors to propose to the General Shareholders meeting of European Reliance General Insurance Co. S.A. on May 22, 2018, the distribution of dividends for third consecutive year in € 0.12 per share. Moreover, the Management presented the Company’s goals and growth prospects for 2018.

Our 2017 Annual Financial Report will be available in due course under Investor Relations Section in our Website  https://www.europaikipisti.gr/en/Home.

 

 
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