In the first quarter of 2025 the results of the Bank of Cyprus Group in the insurance sector are characterized by a significant increase in profitability and strategic expansion, confirming the growth path of the organization’s insurance business, cyprusinsurancenews.com writes. It is noted that acquisition of Ethniki Insurance (Cyprus) further strengthens the Group’s position.

According to the financial data announced, the Group’s net result from insurance operations amounted to EUR 12 million, recording an increase of 5% compared to the previous quarter and an impressive increase of 19% on an annual basis. This result confirms a significant contribution of insurance activities to the Group’s overall profitability. The Bank of Cyprus Group continues to maintain a leading role in the insurance sector of Cyprus, ranking first in the life segment and second in the non-life one.

A significant step for the Group’s development in the insurance sector was the signing of a binding agreement, in April 2025, for the acquisition of 100% of Ethniki Insurance (Cyprus) for EUR 29.5 million in cash. This specific move is part of the Group’s strategy to further strengthen its position in the insurance sector, both in the life and non-life segments.

Ethniki Insurance (Cyprus) is a significant player on the Cypriot insurance market, with GWP worth EUR 40 million and a net insurance result of EUR 4.7 million in 2024. The acquisition is expected to be completed in the second half of 2025, subject to the receipt of the necessary approvals from the competent supervisory authorities.