Eurohold Bulgaria AD

Earnings Release • Jan 16, 2017

Realized sales in December 2016 by the companies in the group of Eurohold

EUROINS INSURANCE GROUP (EIG)

The insurance holding EUROINS INSURANCE GROUP registered a 29.3% growth in premiums (GWP) for December amounted to EUR 31.4 mm compared to EUR 24.3 mm for the same month of 2015. (Table 1.).

Table 1.
December
(EUR'000)		Change (%)
12'2016	12'2015
8 550	5 082	68.2%
1 603	895	79.3%
2 870	2 988	-4.0%
979	347	182.3%
-	-	-
3 097	852	263.4%
21 873	18 293	19.6%
107	170	-37.2%
20 833	17 553	18.7%
207	166	24.8%
726	404	79.6%
716	681	5.2%
79	75	6.1%
424	456	-7.2%
84	69	21.7%
129	81	59.8%
219	-	-
105	-	-
88	-	-
30	-	-
(5)	-	-
67	245	-72.5%
31 424	24 301	29.31%

Source: EIG

For 2016 the GWP of EUROINS INSURANCE GROUP registered 16.1% growth amounted to EUR 268 mm compared to EUR 230.9 mm for 2015, according to preliminary data (Table 2.).

Euroins Bulgaria reported a decline in premiums in the first eleven months by 1.6%, which is the result of accounted in May'2015 EUR11.6 million from active reinsurance. If

you eliminate the above one-off effect of reinsurance, the direct insurance business of Euroins Bulgaria was increased by 22.8% for the first eleven months of 2016.

Euroins Romania registered above 21.8 growth in premiums for 2016. Currently, the company focuses on quality and diversification of its insurance portfolio through detailed market segmentation, which significantly reduces the levels of risk taken. For the year the goal of management is to keep the market position and to improve significantly the financial result.

For the period August-December, 2016, the GWP of Euroins Ukraine amounted to EUR 3.2 million, mainly accumulated from Property insurance. Euroins (HDI) Ukraine is a part of the group of Euroins Insurance Group (EIG), after Germany-based Talanx Group transferred the 99% of shares of the Ukrainian company to EIG on 12th of August. Effectively from 30th of September, 2016, the name of the company was changed to Euroins Ukraine.

Table 2.
	January-December (YTD)
EIG
	(EUR'000)		Change (%)
	01-12'2016	01-12'2015
Euroins Bulgaria	57 594	58 515	-1.6%
Motor Hull	12 215	10 588	15.4%
Motor TPL	26 317	19 171	37.3%
Property	4 693	5 213	-10.0%
Active reinsurance	1 812	13 692	-86.8%
Other	12 556	9 851	27.5%
Euroins Romania	197 747	162 348	21.8%
Motor Hull	1 311	1 648	-20.4%
Motor TPL	188 724	154 724	22.0%
Property	2 376	1 813	31.1%
Other	5 336	4 164	28.2%
Euroins Macedonia	8 641	8 789	-1.7%
Motor Hull	758	742	2.1%
Motor TPL	5 693	5 763	-1.2%
Property	893	808	10.5%
Other	1 297	1 475	-12.1%
Euroins Ukraine	3 152	-	-
Motor Hull	395	-	-
Motor TPL	375	-	-
Property	1 817	-	-
Other	564	-	-
Euroins Life	880	1 214	-27.5%
EIG TOTAL GWP	268 014	230 866	16.09%

AVTO UNION

The automotive holding AVTO UNION registered 65.2% growth with total of 451 sales of new PC and LCV for December, 2016 compared to 273 units realized in December, 2015. The highest number of sales for the month was realized by Espace Auto (Renault, Dacia) with 220 units, followed by Star Motors (Mazda) with 74 units, N Auto Sofia (Nissan) with 61 units, Bulvaria (Opel, Chevrolet) – 48 units and Auto Italia (Alfa Romeo, Fiat, Lancia, Maserati) with 48 units (Table 3.)

Table 3.
Avto Union	December
Company	Units	Units	Change (%)
	12'16	12'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	48	35	37.1%
N Auto SOFIA	61	32	90.6%
NISSAN
ESPACE AUTO	220	110	100.0%
RENAULT, DACIA
BULVARIA	48	26	84.6%
OPEL, CHEVROLET
STAR MOTORS	74	70	5.7%
MAZDA
TOTAL	451	273	65.2%
			Source: Avto Union

For 2016 the automotive division of Eurohold registered 8.8% growth with 3938 sales of new PC and LCV compared to 3621 units for 2015, according to preliminary data (Table 4.).

Table 4.

Avto Union	January-December (YTD)
Company	Units	Units	Change (%)
	01-12'16	01-12'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA,	499	423	18.0%
MASERATI
NISSAN SOFIA	387	432	-10.4%
NISSAN
ESPACE AUTO	1955	1734	12.7%
RENAULT, DACIA
BULVARIA	400	432	-7.4%
OPEL, CHEVROLET
STAR MOTORS	697	600	16.2%
MAZDA
TOTAL	3938	3621	8.8%

Source: Avto Union