Ethniki Insurance – Profits of 45.5 million in the first half of 2021

Ethniki Insurance increased its profitability, following the high results of the first quarter of 2021.

More specifically, the pre-tax profits of National Insurance for the first half of 2021 amounted to 65.6 million euros compared to 17.5 million euros in the corresponding period of 2020. The net profit after taxes amounted to 45, 5 million euros, compared to 15.1 million euros in the first half of 2020, a period during which they were significantly burdened due to the reduction of discount rates on insurance reserves.

The total production of insurance premiums also increased by 11.3% compared to the first half of 2020, with the total registered premiums amounting to 361.8 million euros for the first half of 2021.

More specifically, the registered premiums of the Life Sector amounted to 284.5 million euros in the first half of 2021, compared to 242.9 million euros in the first half of 2020, increased by 17.1%, mainly due to the production of the new product one-time payment Unit-Linked “Full Capital Plan”. The gross written premiums of the General Insurance amounted to 77.4 million euros in the first half of 2021, compared to 82.2 million euros in the first half of 2020, showing a decrease of 5.8%, coming mainly from the Fire Sector .

The above performance is a result of the dynamic and systematic effort of all the Company’s networks. Specifically, both the Partners network and the Agents / Brokers network, as well as the National Bank’s branch network (Bancassurance) presented increased production. The production of Bancassurance amounted to € 107.4 million in the first half of 2021, increased by 33.0% compared to the corresponding period of 2020, mainly due to the increased production of savings products.

The upward change of the interest-free interest rate curve in the first half of 2021, led to valuation losses in the investment portfolio of the Company’s bonds, which, however, were offset by the after-tax profits, resulting in the total equity at the end of June 2020 remains almost unchanged compared to the previous year and specifically at 1,223.5 million euros (31.12.2020: 1,223.7 million euros.).

Today, in a period that could be characterized as one of the most crucial in modern history due to the pandemic, Ethniki Insurance, with readiness and a high sense of responsibility, faithful to its 130-year course, is responding with absolute success and remains a leading force on the domestic insurance market. As a culmination of its efforts, National Insurance was distinguished with the “Bronze” award for the effective implementation of Corporate Responsibility and Sustainable Development practices, in the context of the evaluation process “CR Index 2020-2021”, conducted for the 13th year by the Institute for Corporate Responsibility, in collaboration with Business in the Community (BITC). The CR Index is a benchmark for Corporate Social Responsibility performance in four sub-areas: Society, Environment, Employees and Market.

2021 is a year of great and important challenges, as the Company enters a new era – a milestone in its long history, with a change in its shareholder status, with the conclusion of a binding agreement for the transfer of 90.01% of its share capital, from the National Bank to CVC Capital Partners’ Fund VII. Ethniki Insurance looks with optimism at the “next day”, systematically aiming at its financial strength, the maximum satisfaction of its customers and the continuous support of the society and the economy.