Interamerican looks to return to profit in 2002 under the aegis of Eureko

Greece’s leading life insurer, Interamerican, expects profitability to rebound to 4-6 million euros before tax in 2002, after registering a loss of 30 million euros last year, life and health insurance General Manager and Managing Director Minos Moisis told a press conference yesterday. Company President Dimitris Kontominas said membership by the Netherlands-based multinational Eureko group, which acquired a majority stake in Interamerican last year, will enable it to expand its presence in the broader region. «Interamerican is recognized and will be used as a lever for growth, acquisitions and and investment which Eureko intends to carry out in Greece, the Balkans and the countries of the eastern Mediterranean,» he said. The Interamerican group as a whole realized premium revenue growth of 11.36 percent in 2001, with particular strides in the second half when premiums doubled in relation to the first half of the year. The company said the trend justified optimism for 2002 after a «transitional» and «difficult» year, when insurers faced a negative stock market climate and the impact of the September 11 attacks in the USA. Interamerican plans to launch new products and expand its distribution network, and expects to realize other cooperative efforts with the parent group elsewhere in Europe. A diversification of the investment portfolio will aim to limit the effects of uncertainty in money markets. General Manager and Managing Director of Interamerican General Insurance Costas Bertsias said premium revenues in 2001 grew 17.1 percent to 109.5 million euros from the previous year. Growth in 2002 is projected at 16 percent.

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