Eurolife ERB says net profits up 43 pct in 2016

Eurolife ERB, an insurance group, reported a 62 pct increase in premium production in Greece and Romania totaling 498 million euros in 2016, compared with the previous year.

In an announcement, Eurolife ERB attributed this positive development to a multi-channel activity, promotion of new and competitive products and a specialization in bancassurance. Eurolife ERB said its market share was 13 pct in 2016, of which life insurance was 22 pct (up 80 pct from 2015) and general insurance share was 3.2 pct.

Group profits jumped 55 pct to 106 million euros while after tax profits rose 43 pct to 69 million in 2016. ERB Insurance Services, a subsidiary of the group operating as a intermediate in corporate insurance reported pre-tax profits of 1.1 million euros. In Romania, its subsidiaries Eurolife ERB Asigurari de Viata and Eurolife ERB Asigurari Generale, raised their customer base and recorded pre-tax profits of 360,000 euros.