9.7% Increase in Written Premiums and €900,000 in Profits
Net premiums written along with policy fees reached €7.26 million, while the capital adequacy ratio exceeded 230%.
GENIKI PANELLADIKI concluded a successful year in 2017, recording a strong profitability of €900,000 and a capital adequacy of 230% in Solvency II terms, which serves as a reference point and an indication of reliability for the Company’s policyholders.
This year, GENIKI PANELLADIKI is celebrating 40 consecutive years in business, thus proving once again its resilience in facing challenges and opportunities in a tough economic environment and under the ongoing strong pricing competition experienced in the automobile sector in Greece.
Driven by our long-term developmental planning, designed in the interests of maintaining profitability and supporting capital adequacy, GENIKI PANELLADIKI today is a leading force in the specialized and sensitive sector of tourist bus insurance, which contributes, among other things, to the proper functioning of tourism in our country.
In particular, during the financial year 2017, profits before taxes amounted to €0.90 million, compared to €0.87 million in 2016. Net premiums written along with policy fees reached €7.26 million, showing an increase of 9.68% compared to the previous reporting period, a result which is clearly better than the one recorded by the market as a whole (Vehicle Motor Liability Insurance 0.2%). Moreover, GENIKI PANELLADIKI increased its share in the bus insurance market, estimated at 66%. A significant contribution to the Company’s profit was made by investment revenues, amounting to €0.39 million in 2017 compared to €0.15 million in 2016.
Main Activity Results
| Profit before tax | €0.90 million (+3.7%) |
| Written (gross) Premiums | €7.26 million (+9.7%) |
| Investment Revenues | €0.39 million (+155.9%) |
| Own Funds | €10.3 million (+13.7%) |
Solvency ratios – Solvency II
| 2017 | 2016 | |
| SCR Ratio | 230.3% | 228.7% |
| MCR Ratio | 269.5% | 235.5% |
Efstathios Froussos, Managing Director of the Company, stated that: “Our increase in turnover by 9.7% and in profitability by 3.7%, combined with the solvency ratio exceeding 230%, indicate that GENIKI PANELLADIKI, a company with 40 years of successful presence in the Greek market supported by a strong management and high-level human resources, is now in a position to further broaden its activities and to continue to provide quality, specialized services to the policyholders, who put their trust in us. Our results in the first quarter of 2018 already indicate that this will be yet another excellent year during which, besides our 40th anniversary, we will have the opportunity to celebrate our expansion in new insurance sectors.
