Market Leader with Potential for Further Penetration
Insurance
Genikes
Cyprus Market
Genikes
Insurance
Key Facts
c.1.7%1
of GDP
Profitable Non-Life Insurance Business - Valuable and Sustainable Contribution
Non-Life Insurance vs 2.5% for Europe
Key Highlights
3.7% 2
CAGR
2019-2022 Cyprus market premium vs
5.8% for Genikes
c.14%2
>20%
ROE
#2 in Market share
Consistently #1 in profitability
Highly profitable
>180%³ Solvency ratio
>100k
customers
High # of individuals customers in Cyprus
with 99K individuals and 9K companies
•
•
Well established since 1951
Strong bancassurance and agency channels
Increasing market share in a highly fragmented market
Continuous portfolio growth (19% in last three years)
Solid brand awareness (>90%) and excellent customer
satisfaction (8.4/10)
Consistent dividends to Group each year
•
Initiated shift to digital products
Ongoing efficiency and service quality enhancement through
digitalisation and organisational structure optimisation
1) Source: Insurance Europe 2020
723
2)
3)
Excluding A&H of life companies, FY2022
Based on 1Q2023 financials
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