Ethniki Asfalistiki reported an 85.9% profit growth in the year end September 2017, with pre-tax profits amounting to €65.7 million compared to €35.4 million in the corresponding period of 2016.
The total production of the company during the nine-month period of 2017 amounted to €449.1 million, showing an increase of 12.1% comparing with the same period in 2016. The increase is attributable to the successful distribution of the new Life Premium single premium "National One”, whose production reached €68.2 million in the 9 months of 2017, exceeding the €60.0 million target.
Life Insurance premiums increased by 19.7% to €327.9 million compared to €273.8 million in the corresponding period of 2016, while for the General Insurance Sectors the premiums written in the 9 months of 2017 amounted to €121.1 million compared to €126.7 million in the corresponding period of 2016, a decline of 4.4%, mainly due to the Fire and General Liability division.
There is also an increase in the production of the Automotive Sector by 4.0% to €56.1 million compared to €54.0 million in the corresponding period of 2016, which marks the restoration of the sector in a dynamic expansion path because of more competitive pricing and the successful efforts of the company's network.
The increase in production was the culmination of the systematic effort and successful actions of the Company's production networks, with the Bancassurance network achieving an increase of the registered premiums by 43.4% to €127.5 million compared to €88.9 million in the same period of 2016, due to the product "National One".
The Company's focus on further improving its capital adequacy has resulted in the 100% limit of the Solvency Index being exceeded without the use of transitional measures, with the corresponding indicator being now at 142% on 30.09.2017 compared to 93% at 31.12. 2016. This particularly positive development stemmed from the strengthening of eligible own funds to cover the Solvency Capital Requirement by 24.6%. With the use of transitional and volatility adjustments, the Solvency Index II at 30.09.2017 stood at 217% against 170% at 31.12.2016.
Alongside the very important economic performance, Ethniki Insurance, consistent with its sense of social responsibility, continues its social contribution in practice, through the support of the “Coeurs pour Tous Hellas Foundation”, which takes care of the socially disadvantaged children of Greece with heart disease.
