European Reliance General Insurance Company S.A. Signs Agreement with IASO Group According to BAC Company Report31 Jul 2012 • by Natalie Aster
LONDON – End of June European Reliance General Insurance Company signed a strategic agreement with IASO Group, upon which European Reliance clients will get full service of IASO companies: IASO Children's, IASO General and IASO Thessaly hospitals. This partnership became the first step for European Reliance in its Health insurance cooperation.
European Reliance General Insurance Company has strong market presence, but fails to perform growing results on a regular basis. Difficulties on Greek economy put the company under harsh market conditions, and European Reliance strives to improve its cost structure in order to cope with the financial instability. Thus, FY 2011 brought a noticeable decline in margins despite positive absolute trend. Revenue grew by 012.3% to EUR 131 M, gross profit added 5.1% to reach EUR 130 M, but both operating and net income lost 12.8% and 12%, respectively, and drew back to EUR 4.1 M and EUR 2 M. Q1 2012 brought good results, with revenue of EUR 38.3 M, gross profit of EUR 40.2 M, operating and net income of EUR 0.8 M and EUR 0.5 M, respectively.
Despite the negative climate in the Greek insurance industry, which reduced by 5% during the first quarter of 2012, European Reliance is planning to achieve its financial targets for the current year.
Founded in 1977 and headquartered in Chalandri (Greece), European Reliance General Insurance Company engages in provision of insurance services for Greek people. It operates two subsidiaries and offers a wide choice of insurance plans for every aspect of human life: from Business and Travel to Health and Family. The company also offers discounts and benefits for permanent customers.
More information on the company’s services, business performance, risk factors, business possibilities and experts’ forecasts can be found in the report “European Reliance General Insurance Company S.A. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.
European Reliance General Insurance Company S.A. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Jul, 2012
More company reports featuring SWOT and financial information, industry and competitors analysis can be found in Company Reports Catalog.