According to data of Bulgarian group Eurohold, the Romanian insurer’s majority shareholder, Euroins underwrote premiums of EUR107.95 million last year, down 6.2% compared to 2013. RCA policies accounted for 93.1%, or EUR100.5 million. In 2013, RCA policies accounted for 90.3% of total underwritings of EUR115.14 million.
The decline in underwriting revenue was planned, as the company made efforts to restructure its RCA portfolio, gradually exiting unprofitable segments such as heavy duty trucks and buses, Euroins Romania said in a press release.
The insurer lowered its number of policies on these segments by more than 70% and improved its solvency index.
“We expect to reach a profitability threshold this year, following improved performance on the RCA segment,” said Euroins Romania general manager Mihnea Tobescu.
With a share capital of RON137.15 million, Euroins Romania was founded in 1994 under the name Asitrans and sells general insurance. Its shareholders are Euroins Insurance Group PLC (Bulgaria) with 92,3% and several individual and corporate shareholders with a total of 7.7%.