National Insurance pre-tax earnings up 53 pct in H1

National Insurance surpassed its earnings goal in the first half of 2017, with pre-tax earnings totaling 47.8 million euros, up 53 pct compared with the same period last year.

In an announcement, National Insurance said its profits were significantly boosted by the transfer of its equity participations in UBB Metlife Insurance Company AD and UBB Insurance Broker AD to United Bulgarian Bank in the framework of the sale of National Bank’s equity stake in UBB to KBC. This transaction boosted National Insurance’s pre-tax profits by 9.4 million euros.

Pre-tax profits, excluding this transaction was 38.4 million euros in the January-June period, up compared with the same period last year and surpassing a goal of 37.1 million euros envisaged in its business plan.

National Insurance said its capital solvency requirement index jumped to 208 pct at the end of June, up from 170 pct in December 31, 2016.

Premium production grew 15.6 pct to 306.5 million euros in the first half of 2017, from 265.2 million a year earlier. Premium production in the life insurance category grew 30 pct to 223.4 million euros, while premium production in general insurance eased 10.9 pct to 83.1 million euros.