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Armeec Insurance JSC meets the capital requirements under Solvency II Directive

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Dear Customers and Partners,

On February 3, 2017 the Financial Supervision Commission (FSC) announced the results from the Bulgarian Insurance Sector Balance Sheet Review as of June 30, 2016. The results confirmed the financial stability of Armeec Insurance JSC.

The review of the company’s balance sheets was carried out by the independent external reviewer KPMG, Romania. As stated in the summary report of the project manager, Ernst and Young, Greece, as also in the press release of FSC, by applying a consistent approach for assessment of the balance sheets, it is concluded that Armeec Insurance JSC complies with the capital requirements stipulated in Solvency II Directive and the Insurance Code. The company covers the minimum solvency capital requirement by 288 per cent and therefore, FSC does not foresee any supervisory measures with respect to the company.

In the course of the review, the shareholders and management of Armeec Insurance JSC took measures to further strengthen its capital position by increasing its own funds by BGN 20 million. The company closed the year of 2016 by a positive financial result, thus guaranteeing the implementation of the commitments of Armeec Insurance JSC towards its customers and partners.

Management Board of Armeec Insurance JSC