Eurolife Limited has officially welcomed the customers of the former Ethniki Insurance (Cyprus) Ltd following the successful completion of a portfolio transfer that marks a significant expansion for the Bank of Cyprus group.
“This important step confirms our commitment to offering excellent service, innovative solutions and security to every customer,” the company stated.
“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,” the firm added.
Eurolife Limited has now become the official controller of the personal data of all former Ethniki Insurance clients as part of the transition.
The Bank of Cyprus Holdings Public Limited Company previously announced the completion of its acquisition of 100 per cent of Ethniki Insurance Cyprus Ltd following a binding agreement signed with Ethniki Hellenic General Insurance Company S.A. on April 14, 2025.
The consideration for the transaction amounted to €29.3 million paid in cash, which reflected price adjustments in line with the customary terms of the binding agreement.
The capital impact of the transaction on the group is estimated at approximately 15 basis points.
The transaction was executed on normal business terms, a spokesperson confirmed while noting 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 is 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.
The company has maintained a cumulative profitability of approximately €4 million according to figures provided during the acquisition process.
The deal will further strengthen the group’s existing position in the insurance market in Cyprus, maintaining its leading position in the sector, the bank stated.
The transaction aligns with the group’s strategy to expand its insurance operations, reinforce its customer base and further improve its diversified business model, the company further mentioned.
It is estimated that the group’s gross written premiums will increase by 15 per cent and the net insurance result by 10 per cent, enhancing the contribution of non-interest income to revenues.
Ethniki Insurance Cyprus Ltd and its subsidiary, Ethniki General Insurance Ltd, were intended to operate separately from Eurolife Ltd and General Insurance of Cyprus Ltd until their eventual integration.
The acquisition was valued at €29.5 million in cash in earlier reports and remained subject to regulatory approvals before its final completion in the second half of 2025.
Upon completion of the transaction, the group will further strengthen its leading position in the insurance market in Cyprus, the bank said in its initial announcement.
The transaction forms part of the group’s wider strategic aim to expand its insurance operations and enhance its diversified business model, the announcement added.
This move is expected to increase the Non-Net Interest Income contribution to the overall revenues of the Bank of Cyprus.
