Source: Insurtech Insights
The insurtech, which operates in eight countries across Europe, announced its first positive net result in June 2024, marking its transition to profitability.
The financial success is attributed to EIR’s highly scalable business model and robust underwriting approach, which have proven resilient even in challenging market conditions. In the first half of 2024, EIR reported a gross written premium of SEK 302 million, an 80% increase from the previous year. The company’s total portfolio has now grown to SEK 600 million on a 12-month rolling basis, representing a 90% increase compared to the first half of 2023.
“We now predict to be profitable on an ongoing basis. Having reached this milestone is a game changer for us and means we can look forward to 2025 and beyond with confidence. We remain on track to reach break-even for the full year 2024,” said Fredrik Solberg, CEO of EIR.
Read full article: https://www.insurtechinsights.com/swedish-insurtech-eir-reaches-profitability-following-successful-european-expansion/
