Eurohold Bulgaria AD

Earnings Release • Apr 18, 2016

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

EUROINS INSURANCE GROUP (EIG)

The insurance holding EUROINS INSURANCE GROUP registered a 14.21% growth of premiums (GWP) for March amounted to EUR 23.5 mm compared to EUR 20.6 mm for the same month of 2015. (Table 1.).

Table 1.
EIG	March
	(EUR'000)		Change (%)
	03'2016	03'2015
Euroins Bulgaria	4 612	3 062	50.6%
Motor Hull	969	782	24.0%
Motor TPL	2 089	1 081	93.2%
Property	236	355	-33.4%
Active reinsurance	-	-	-
Other	1 318	844	56.1%
Euroins Romania	18 188	16 858	7.9%
Motor Hull	129	171	-24.3%
Motor TPL	17 559	15 932	10.2%
Property	120	137	-12.4%
Other	379	618	-38.7%
Euroins Macedonia	650	628	3.5%
Motor Hull	53	56	-4.8%
Motor TPL	448	424	5.7%
Property	53	63	-15.7%
Other	96	85	12.4%
Euroins Life	90	63	42.7%
EIG TOTAL GWP	23 541	20 611	14.21%

Source: EIG

For the three months of 2016 the GWP of EUROINS INSURANCE GROUP registered 10.08% growth amounted to EUR 60.1 mm compared to EUR 54.6 mm for January-March 2015, according to preliminary data (Table 2.).

Euroins Bulgaria reported a significant growth in premiums by above 37% for the first quarter due to the acquisition of HDI Bulgaria, as well as due to the effective collaborations with insurance brokers.

Euroins Romania registered 4.7% growth in premiums for the first three months. As a result of the rapid pace of development in recent years, Euroins Romania is now the third company by market share on the Romanian insurance market. 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.

Euroins Macedonia maintains the pace of growth in motor insurance while increasing substantially the non-motor insurances.

Table 2.
		January-March
EIG		(YTD)
	(EUR'000)		Change (%)
	01-03'2016	01-03'2015
Euroins Bulgaria	12 276	8 934	37.4%
Motor Hull	2 501	2 240	11.6%
Motor TPL	5 953	3 830	55.4%
Property	761	819	-7.0%
Active reinsurance	-	-	-
Other	3 062	2 046	49.7%
Euroins Romania	45 657	43 614	4.7%
Motor Hull	357	414	-14.0%
Motor TPL	43 655	41 490	5.2%
Property	464	409	13.4%
Other	1 181	1 300	-9.1%
Euroins Macedonia	1 951	1 845	5.8%
Motor Hull	165	159	3.5%
Motor TPL	1 196	1 147	4.3%
Property	190	187	1.7%
Other	400	351	13.8%
Euroins Life	165	157	4.9%
EIG TOTAL GWP	60 049	54 551	10.08%
			Source: EIG

AVTO UNION

The automotive holding AVTO UNION registered 9.8% growth with total of 280 sales of new PC and LCV for March, 2016 compared to 255 units realized in March, 2015. The highest number of sales for the month was realized by Espace Auto (Renault, Dacia) with 144 units, as a result of new corporate contracts. Follows Star Motors (Mazda) with 80 units, Bulvaria (Opel, Chevrolet) with 22 units, Auto Italia (Alfa Romeo, Fiat, Lancia, Maserati) - 20 units and Nissan Sofia (Nissan) with 14 units. (Table 3.)

Table 3.
Avto Union	March
Company	Units	Units	Change (%)
	03'16	03'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	20	7	185.7%
NISSAN SOFIA	14	39	-64.1%
NISSAN
ESPACE AUTO	144	128	12.5%
RENAULT, DACIA
BULVARIA	22	35	-37.1%
OPEL, CHEVROLET
STAR MOTORS	80	46	73.9%
MAZDA
TOTAL	280	255	9.8%
			Source: Avto Union

For the first quarter of 2016 the automotive division of Eurohold registered 21.5% growth with 769 sales of new PC and LCV compared to 633 units for January-March 2015, according to preliminary data (Table 4.).

Table 4.
Avto Union	January-March (YTD)
Company	Units	Units	Change (%)
	01-03'16	01-03'15
AUTO ITALIA	62	50	24.0%
ALFA ROMEО,FIAT, LANCIA, MASERATI
NISSAN SOFIA	60	70	-14.3%
NISSAN
ESPACE AUTO	420	311	35.0%
RENAULT, DACIA
BULVARIA	57	96	-40.6%
OPEL, CHEVROLET
STAR MOTORS	170	106	60.4%
MAZDA
TOTAL	769	633	21.5%