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Annual Report 2011

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Annual Report 2011 !..5!,Þ2%0/24Þ #/.4%.43 Þ-%33!'%Þ4/Þ4(%Þ3(!2%(/,$%23Þ ÞÞ"5,'!2)!Þ).Þ Þ %CONOMYÞ/VERVIEWÞÞ )NSURANCEÞ-ARKETÞ ÞÞ!2-%%#Þ).Þ Þ !BOUTÞTHEÞ#OMPANYÞ -ARKETÞ0OSITIONÞ "USINESSÞ2ESULTSÞÞ +EYÞ&INANCIALÞ$ATAÞ /VERVIEWÞOFÞ!CTIVITIESÞ &UTUREÞ$EVELOPMENT ÞÞ&).!.#)!,Þ34!4%-%.43Þ 3TATEMENTÞOFÞ&INANCIALÞ0OSITIONÞ 3TATEMENTÞOFÞ#OMPREHENSIVEÞ)NCOMEÞ 3TATEMENTÞOFÞ#HANGESÞINÞ%QUITYÞ 3TATEMENTÞOFÞ#ASHÞ&LOWS ÞÞ).$%0%.$%.4Þ!5$)4/2³3Þ2%0/24 ÞÞ$)342)"54)/.Þ!.$Þ"2!.#(Þ.%47/2+Þ !..5!,Þ2%0/24Þ !..5!,Þ2%0/24Þ -%33!'%Þ4/Þ4(%Þ3(!2%(/,$%23 $EARÞ3HAREHOLDERS Þ 4HEÞYEARÞÞWASÞAÞMILESTONEÞINÞTHEÞDEVELOPMENTÞOFÞTHEÞCOMPANYÞ ÞTHEÞTHÞANNIVERSARYÞOFÞITSÞFOUNDATIONÞ!LTHOUGHÞTHISÞ PERIODÞISÞNOTÞSOÞLONG ÞITÞWASÞSUFFICIENTÞTOÞESTABLISHÞ!RMEECÞ*SCÞASÞAÞMODERNÞCOMPANYÞWHICHÞSETSÞHIGHÞSTANDARDSÞINÞTHEÞ "ULGARIANÞINSURANCEÞMARKETÞ4HEÞBRANDÞ°!RMEEC±ÞBECAMEÞAÞBENCHMARKÞINÞINSURANCE ÞANDÞTHISÞISÞAMONGÞTHEÞMOSTÞVALUABLEÞ COMPETITIVEÞADVANTAGESÞOFÞTHEÞCOMPANYÞANDÞALSOÞAÞHUGEÞRESPONSIBILITYÞÞ 2UMENÞ'EORGIEV 4SVETANKAÞ+RUMOVA #HAIRMANÞOFÞTHEÞ-ANAGEMENTÞ"OARD -EMBERÞOFÞTHEÞ-ANAGEMENTÞ"OARD ANDÞ%XECUTIVEÞ$IRECTOR Þ ANDÞ%XECUTIVEÞ$IRECTOR Þ WASÞ ALSOÞ REMARKABLEÞ FORÞ THEÞ CONSOLIDATIONÞ OFÞ THEÞ COMPANY³SÞ LEADINGÞ POSITIONÞ 4HEÞ UPWARDÞ TRENDÞ INÞ THEÞ DEVELOPMENTÞ OFÞ !RMEECÞ *SCÞ CULMINATEDÞ INÞ REACHINGÞ THEÞ SECONDÞ PLACEÞ ONÞ THEÞ "ULGARIANÞ INSURANCEÞÞ MARKETÞ)NÞFIGURES ÞTHISÞMEANSÞAÞPREMIUMÞINCOMEÞOFÞABOUTÞ"'.ÞÞMILLION ÞANÞINCREASEÞOFÞOVERÞÞCOMPAREDÞTOÞTHEÞÞ PREVIOUSÞYEARÞANDÞAÞMARKETÞSHAREÞOFÞÞ4HESEÞPARAMETERSÞDEFINEÞTHEÞNEWÞIMAGEÞOFÞ!RMEECÞ ÞAFTERÞÞYEARSÞOFÞÞ PRESENCEÞINÞTHEÞINSURANCEÞMARKET ÞTHEÞCOMPANYÞISÞALREADYÞANÞESTABLISHEDÞBRANDÞANDÞONEÞOFÞTHEÞLARGESTÞNON BANKINGÞÞ FINANCIALÞ INSTITUTIONSÞ INÞ "ULGARIAÞ &ORÞ NINEÞ CONSECUTIVEÞ YEARSÞ THEÞ COMPANY³SÞ GROWTHÞ HASÞ BEENÞ OUTPACINGÞ THEÞ MARKETÞ GROWTH Þ WHICHÞ PROVESÞ THATÞ OURÞ SUCCESSÞ ISÞ NOTÞ JUSTÞ AÞ COINCIDENCE Þ BUTÞ THEÞ RESULTÞ OFÞ ANÞ EFFECTIVEÞ COMBINATIONÞ OFÞ FACTORS Þ INCLUDINGÞ AÞ CLEARÞ STRATEGYÞ FORÞ DEVELOPMENT Þ REALISTICÞ GOALSÞ ANDÞ AÞ TEAMÞ OFÞ HIGHLYÞ MOTIVATEDÞ EXPERTSÞ 3IMULTANEOUSLY ÞTHEÞINCREASEDÞPORTFOLIOÞANDÞTHEÞREGULATORYÞCHANGES ÞINTRODUCEDÞINÞ ÞSETÞBEFOREÞTHEÞCOMPANYÞNEWÞ CHALLENGESÞASSOCIATEDÞWITHÞENHANCEMENTÞOFÞTHEÞINSURANCEÞBUSINESSÞPROCESSES ÞIMPLEMENTATIONÞOFÞNEWÞTECHNOLOGICALÞ SOLUTIONSÞANDÞENSURINGÞTHEÞNECESSARYÞCAPACITYÞOFÞPROFESSIONALSÞTOÞPROVIDEÞQUALITY ÞFASTÞSERVICEÞANDÞEFFICIENCYÞATÞWORKÞ 4HESEÞWEREÞTHEÞAREASÞINÞWHICHÞTHEÞEFFORTSÞOFÞTHEÞMANAGEMENTÞWEREÞFOCUSEDÞDURINGÞTHEÞYEARÞ !..5!,Þ2%0/24Þ 7EÞCONTINUEDÞOURÞWORKÞONÞTAILORINGÞPRODUCTSÞTOÞCUSTOMERÞREQUIREMENTSÞANDÞACHIEVINGÞBETTERÞACCESSIBILITYÞOFÞOURÞSERVICESÞ BYÞUSINGÞTHEÞBRANCHÞANDÞDISTRIBUTIONÞNETWORKÞANDÞTHEÞINTERNETÞTOOLSÞ4HEÞCOMPANY³SÞEFFORTSÞTOÞIMPROVEÞTHEÞFLEXIBILITYÞOFÞITSÞ PRODUCTÞPORTFOLIOÞFOUNDÞRECOGNITIONÞATÞTHEÞENDÞOFÞ ÞWHENÞ!RMEECÞ*SCÞWASÞNAMEDÞBESTÞINÞ'ENERALÞ)NSURANCEÞINÞAÞPOLLÞ ORGANIZEDÞBYÞTHEÞ"ULGARIANÞ!SSOCIATIONÞOFÞ)NSURANCEÞ"ROKERS Þ)NSURANCEBG ÞINÞPARTNERSHIPÞWITHÞTHEÞ"ULGARIANÞ!SSOCIATIONÞ OFÞ6ICTIMSÞINÞ2OADÞ!CCIDENTS 4HEÞFUTUREÞDEVELOPMENTÞOFÞ!RMEECÞ*SCÞISÞCLOSELYÞRELATEDÞTOÞTHEÞIMPROVEMENTÞOFÞTHEÞMACROECONOMICÞENVIRONMENT ÞTHEÞ REGULATORYÞCHANGESÞANDÞTHEÞINCREASEDÞCOMPETITIONÞ!SÞFARÞASÞTHEÞINSURANCEÞBUSINESSÞISÞCONCERNED ÞAÞLOTÞOFÞWORKÞHASÞTOÞBEÞ DONEÞTOÞMAINTAINÞOURÞSUSTAINABLEÞGROWTHÞINÞTHEÞFUTUREÞ4HEÞMARKETÞPOSITIONSÞOFÞ!RMEECÞAREÞAÞGREATÞSTARTINGÞPOINTÞFORÞTHEÞ TIMEÞWHENÞTHEÞECONOMYÞWILLÞRECOVERÞFROMÞRECESSIONÞ7EÞRELYÞONÞOURÞPARTNERSHIPÞWITHÞTHEÞCOMPANIESÞINÞ#HIMIMPORTÞ(OLDINGÞ TOÞACHIEVEÞSYNERGYÞINÞOURÞCOMMONÞGOALSÞANDÞPROJECTSÞ4HEÞEXPANSIONÞOFÞOURÞBUSINESSÞINÞFOREIGNÞMARKETSÞANDÞTHEÞLISTINGÞ ONÞTHEÞ"ULGARIANÞ3TOCKÞ%XCHANGEÞSEEMÞAÞFEASIBLEÞGOAL )NÞTHEÞCOMPETITIVEÞMARKETÞENVIRONMENTÞTHEÞCOMPANY³SÞPHILOSOPHYÞISÞTOÞPLACEÞHIGHÞONÞTHEÞAGENDAÞCREATIVITYÞANDÞNEWÞIDEASÞ ASÞDRIVERSÞFORÞSUCCESSÞINÞTHEÞCOMINGÞYEARS 2UMENÞ'EORGIEV 4SVETANKAÞ+RUMOVA #HAIRMANÞOFÞTHEÞ-ANAGEMENTÞ"OARD -EMBERÞOFÞTHEÞ-ANAGEMENTÞ"OARD 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