Group Financial Results
Group Financial Results for the year ended 31 December 2020
Profitable Non-Life Insurance business with further opportunities to grow
KOINO
ΚΥΠΡΙ
WH IS
General
Insurance
of Cyprus
Sustainable healthy profitability in FY2020
>
Initiatives underway...
Focus on high-margin products
>
...aiming to further grow GWP2 by
capturing fair share based on bank
customer base
€ mn
FY2020
FY2019
yoy%
Insurance income
56
57
-1%
·
(of which GWP2)
49
50
-1%
Costs and claims
(33)
(35)
-3%
Net insurance income
23
22
2%
Net insurance income of €23 mn for FY2020, up
2% yoy driven mainly by the reduction of net claims
positively impacted by better claims management
and 1H2020 lockdown
(fire and liability) and profitable part of
motor segment
Revamp bancassurance channel
- Launch of BOC white-labelled
products and use of Bank's digital
channels to promote them (mainly
motor and fire)
- Strengthen customer relationship
management with commercial
customers
•
Optimise synergies with life
insurance and its sales network
10%
contribution
to non
interest
income
1)
2)
As at 31 December 2020 (based on preliminary market statistics)
Gross written premium
Bank of Cyprus Holdings
•
- Incentivise Eurolife's agency force
for promotion of GIC products
Enhance digital sales
Launch of new, revamped, user-
friendly portals and e-products to
enhance sales
>50%
49
50
49
FY2018 FY2019 FY2020 Medium-
term
target
Opportunities for further market penetration
Market share¹:
(GWP2)
14% 13%
9%
9%
55%
c.18%
Peer 1 GIC
Peer 2 Peer 3 Other 21
companies
Medium-
term
target
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