Eurohold Bulgaria AD

Earnings Release • Dec 16, 2016

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

EUROINS INSURANCE GROUP (EIG)

The insurance holding EUROINS INSURANCE GROUP registered a 31.5% growth in premiums (GWP) for November amounted to EUR 23.8 mm compared to EUR 18.1 mm for the same month of 2015. (Table 1.).

Table 1.
EIG	November
	(EUR'000)		Change (%)
	11'2016	11'2015
Euroins Bulgaria	4 817	3 632	32.6%
Motor Hull	1 091	560	94.8%
Motor TPL	2 733	1 759	55.4%
Property	197	490	-59.9%
Active reinsurance	-	-	-
Other	796	823	-3.3%
Euroins Romania	17 777	13 764	29.2%
Motor Hull	108	132	-18.0%
Motor TPL	16 842	13 194	27.6%
Property	228	111	105.2%
Other	599	327	83.4%
Euroins Macedonia	675	677	-0.4%
Motor Hull	86	62	39.2%
Motor TPL	436	425	2.6%
Property	86	113	-23.4%
Other	67	78	-14.6%
Euroins Ukraine	460	-	-
Motor Hull	129	-	-
Motor TPL	146	-	-
Property	52	-	-
Other	133	-	-
Euroins Life	52	7	676.9%
EIG TOTAL GWP	23 780	18 080	31.53%

Source: EIG

For the first eleven months of 2016 the GWP of EUROINS INSURANCE GROUP registered 14.5% growth amounted to EUR 236.6 mm compared to EUR 2.6.6 mm for January-November 2015, according to preliminary data (Table 2.).

Euroins Bulgaria reported a decline in premiums in the first eleven months by above 8.2%, 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 17.3% for the first eleven months of 2016.

Euroins Romania registered above 22.1% growth in premiums for the first eleven months. 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 current year the goal of management is to keep the market position and to improve significantly the financial result.

For the period August-November the GWP of Euroins Ukraine amounted to EUR 2.9 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-November (YTD)
EIG
	(EUR'000)		Change (%)
	01-11'2016	01-11'2015
Euroins Bulgaria	49 044	53 434	-8.2%
Motor Hull	10 612	9 694	9.5%
Motor TPL	23 447	16 183	44.9%
Property	3 714	4 866	-23.7%
Active reinsurance	1 812	13 692	-86.8%
Other	9 459	8 998	5.1%
Euroins Romania	175 875	144 055	22.1%
Motor Hull	1 205	1 478	-18.5%
Motor TPL	167 891	137 170	22.4%
Property	2 169	1 647	31.7%
Other	4 611	3 760	22.6%
Euroins Macedonia	7 925	8 108	-2.3%
Motor Hull	679	667	1.7%
Motor TPL	5 269	5 307	-0.7%
Property	809	740	9.4%
Other	1 168	1 395	-16.3%
Euroins Ukraine	2 933	-	-
Motor Hull	289	-	-
Motor TPL	287	-	-
Property	1 787	-	-
Other	569	-	-
Euroins Life	812	968	-16.1%
EIG TOTAL GWP	236 589	206 565	14.53%

2

AVTO UNION

The automotive holding AVTO UNION registered 23.1% growth with total of 368 sales of new PC and LCV for November, 2016 compared to 299 units realized in November, 2015. The highest number of sales for the month was realized by Bulvaria (Opel, Chevrolet) with 103 units, followed by Espace Auto (Renault, Dacia) with 102 units, Auto Italia (Alfa Romeo, Fiat, Lancia, Maserati) with 64 units, Star Motors (Mazda) - 62 units and N Auto Sofia (Nissan) with 37 units. (Table 3.)

Table 3.
Avto Union	November
Company	Units	Units	Change (%)
	11'16	11'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	64	80	-20.0%
N Auto SOFIA	37	46	-19.6%
NISSAN
ESPACE AUTO	102	104	-1.9%
RENAULT, DACIA
BULVARIA	103	11	836.4%
OPEL, CHEVROLET
STAR MOTORS	62	58	6.9%
MAZDA
TOTAL	368	299	23.1%
			Source: Avto Union

For the first eleven months of 2016 the automotive division of Eurohold registered 4.1% growth with 3485 sales of new PC and LCV compared to 3348 units for January-November 2015, according to preliminary data (Table 4.).

Table 4. Avto Union	January-November (YTD)
Company	Units	Units	Change (%)
	01-11'16	01-11'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	449	388	15.7%
NISSAN SOFIA	326	400	-18.5%
NISSAN
ESPACE AUTO	1735	1624	6.8%
RENAULT, DACIA
BULVARIA	352	406	-13.3%
OPEL, CHEVROLET
STAR MOTORS	623	530	17.5%
MAZDA
TOTAL	3485	3348	4.1%

Source: Avto Union