National Insurance says premium production up 14.8 pct in H1

National Insurance on Monday reported a significant increase in all its fundamental data in the first half of 2019.

More specifically, premium production (excluding rights) rose 14.8 pct in the first six months of 2019 compared with the same period last year, with registered premium in the life insurance business rising 26 pct to 286.5 million euros, from 227.4 million in 2018.

The company said that a reduction in registered premium in the general insurance business to 68.8 million euros from 82 million in the first half last year reflected largely contract renewals. This trend is expected to continue in the second half of 2019 as well. The corporate network of associates and the agent network reported production increases of 60 pct and 7.2 pct, to 122.5 million euros and 75.5 million, respectively, in the first half, while the bancassurance network production rose 44.2 pct to 128.6 million euros in the same period.

National Insurance successfully completed a voluntary retirement programme in July 2019, at a cost of 12.7 million euros. The company said that excluding the cost of this programme, pre-tax prorfits totaled 38.2 million euros in the firsts half of 2019, from 34.1 million in the same period last year.