Gross subscribed premiums fell eight percent on the life insurance segment, to RON 25.6 mln (about €6.05 mln) from RON 27.8 mln. The company controls 2.3 percent of the life insurance market.
“In the first nine months of the year, new life insurance segment business increased 17.5 percent. We are expecting growth in 2010 of up to 25 percent on this market,” said Carmen Radu, Eureko’s Deputy General Manager.
The difference between the annual decline in the company’s subscriptions and the volume of new business represents the surrender and cancellation of life insurance contracts. “Eureko registered an increase in surrenders compared to previous years, but we remain below the market average. Most contract terminations came from individuals, who needed more liquidity in this time of crisis,” added Radu.
Eureko posted subscriptions worth RON 7.2 mln (approximately €1.7 mln) in the first three quarters of this year on the health insurance segment, a 10 percent annual decline. The company is market leader on this segment, with a share of business in total industry of 36.4 percent. In spite of the fact that the health insurance portfolio narrowed in the past year, Euroclinic, the private clinic owned by Eureko, registered a 39 percent rise in business, up to RON 23.6 mln (some €5.58 mln).
“The 2009 public health sector budget was the lowest in the past nine years, at three percent of gross domestic product. In the first nine months of this year, most clinics registered increases in business of over 30 percent,” said Catalin Popa, Euroclinic’s General Manager.
