European Reliance General Insurance S A : Solvency and Financial Condition Report

European Reliance General Insurance Co. S.A.

Solvency & Financial Condition Report

2020

For the period from 01/01/2020 to 31/12/2020

S.A. Registration Number: 12855/05/Β/86/35

G.E.M.I.: No.322801000 T.I.N. 094060402

Contents

Introduction	4
Summary	5
Audit Report of the Independent Certified Public Accountant	10
Α. Business and Performance	12
Business Profile	15
Underwriting Performance	25
Investment Analysis	32
Performance of other Activities	35
Other information	36
Β. System of Governance	41
General Information on the System of Governance	42
Fit and Proper Requirements	50
Risk Management System, including the Own Risk and	51
Solvency Assessment Report (ORSA)
Internal Control System	56
Compliance Function	57
Internal Audit Function	57
Actuarial Function	58
Outsourcing	58
Other information	59
C. Risk Profile	60
Underwriting Risk	62
Market Risk	70
Counterparty Default Risk	82
Liquidity Risk	85
Operational Risk	87
Other Significant Risks and Challenges	88
Other information	91
D. Valuation for Solvency purposes	92
Assets	96
Technical Provisions	103
Other Liabilities	111
Alternative valuation methods	111
Other information	111
Ε. Fund Management	112
Own Funds	113
Solvency Capital Requirements and Minimum Capital Requirements	116

Use of the duration-based equity risk Sub-Module in the Calculation of the Solvency Capital Requirement

Differences between the standard formula and any internal model applied Non-compliance with the Minimum Capital Requirement and Non- Compliance with the Solvency

Capital Requirement

F. Published Quantitative Reporting Templates on Solvency & Financial Condition Report (SFCR)

118

118

121

Introduction

According to article 38 of Law 4364/2016, which is adjustment to the Greek Legislation to Directive 2009/138/EC of the European Parliament and Council on the taking-up and pursuit of the business of Insurance and Reinsurance undertakings (Solvency II), the Company has prepared and published the Solvency and Financial Condition Report (SFCR) for fiscal year 2020.

The Report is subject for approval by the Company's Board of Directors, is published and submitted to the Supervisory Authority on an annual basis, only after its approval and audit by the lawful accountant or auditing companies.

The Company applies an Information Disclosure Policy and implements the provisions of this Policy to the present Report.

The Solvency & Financial Condition Report was prepared taking into consideration the authorized Regulations (EU) 2015/35 and more specifically, articles 292 to 303, following the structure defined in Annex XX and the guidelines

on the submission of information and its publication and was approved by the Board of Directors of the Company from the meeting of 06/04/2021. The quantitative reporting templates, in accordance with Annexes I and III of Act No. 105/12.12.2016 of the Executive Committee of the Bank of Greece, are published as part of the present report and fall within the aforementioned audit. The reference date of the report is 31/12/2020 and the reporting currency is the Euro (€). All amounts presented in the tables are in EUR thousands, unless otherwise stated. The amounts referring to the Solvency II Balance Sheet are shortly presented as SII, and the amounts that refer to the official Financial Statements of the Company are referred to as I.F.R.S.

The Bank of Greece, as the Supervisory Authority according to Law 4364/2016, may request the amendment or reformation of the Company's published reports or the publication of additional information, and pursuit of other actions by the Management. There are no related outstanding claims by the Bank of Greece.

European Reliance General Insurance Co. S.A. |

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