One of the world's leading credit rating agencies - Fitch Ratings, upgraded its rating for ZD Euroins AD (Euroins Bulgaria) - the largest subsidiary of Euroins Insurance Group AD (EIG), from ‘B+’ to ‘BB-’ with a stable outlook.
Among the key factors for the higher rating are the group's increased capitalization and solvency, better adequacy of technical reserves, and reduced investment risk. Fitch also emphasizes the leading position of Euroins on the Bulgarian market.
The rating agency notes that at the end of 2024, the solvency capital requirement coverage ratio (SCR) of the parent company EIG reached 159% compared to 126% a year earlier.
Fitch also recalls the increase in the insurance group's capital by BGN 175 million (EUR 89.5 million), as a result of which the group's capital base more than doubled to BGN 330 million (EUR 168.7 million).
Technical reserves are increasing, and the share of risky assets in the group's balance sheet is decreasing significantly. Expectations for the final financial result of Euroins are positive.
All information HERE.