Eurolife Limited has officially welcomed the customers of the former Ethniki Insurance (Cyprus) Ltd following the successful completion of a portfolio transfer, marking a significant expansion for the Bank of Cyprus group.
In a statement, the company expressed, “This important step confirms our commitment to offering excellent service, innovative solutions and security to every customer.” They further added, “As the trusted insurance partner of all our customers, we will continue to protect what has the greatest value for you and your loved ones.”
With this transition, Eurolife Limited assumes the role of the official controller of the personal data of all former Ethniki Insurance clients. This move comes in the wake of the Bank of Cyprus Holdings Public Limited Company announcing the completion of its acquisition of 100 per cent of Ethniki Insurance Cyprus Ltd. A binding agreement was signed with Ethniki Hellenic General Insurance Company S.A. on April 14, 2025.
The consideration for this transaction amounted to €29.3 million, paid in cash, reflecting price adjustments in line with customary terms of the binding agreement. The capital impact of the transaction on the group is estimated at around 15 basis points.
A spokesperson confirmed that the acquisition was executed on normal business terms, adding that the determination of the fair values of the identifiable acquired assets and liabilities is currently in progress with an independent adviser. Ethniki Insurance Cyprus Ltd has been a well-established player in the local market, holding a market share of 3 per cent in the life insurance sector and 4 per cent in non-life insurance, with cumulative profitability of approximately €4 million according to figures provided during the acquisition process.
This transaction is expected to further strengthen the group’s existing position in the insurance market in Cyprus, enhancing its leading status in the sector. The bank noted that this move aligns with the group’s strategy to expand its insurance operations, bolster its customer base, and improve its diversified business model.
It is anticipated that the group’s gross written premiums will increase by 15 per cent and the net insurance result by 10 per cent, contributing positively to the revenues through non-interest income. Ethniki Insurance Cyprus Ltd and its subsidiary, Ethniki General Insurance Ltd, are set to operate separately from Eurolife Ltd and General Insurance of Cyprus Ltd until their eventual integration.
Earlier reports valued the acquisition at €29.5 million in cash, which remained subject to regulatory approvals before its final completion in the second half of 2025. Following the transaction, the group is poised to reinforce its leading position in the insurance market in Cyprus, furthering its strategic aim to expand insurance operations and enhance its diversified business model.
