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Bank Of Cyprus Moves Forward With €29.5 Million Ethniki Insurance Acquisition

by News Editor
April 14, 2025

The financial landscape in Cyprus is witnessing a transformative shift as the Bank of Cyprus moves forward with its €29.5 million acquisition of Ethniki Insurance (Cyprus) Ltd. This initiative marks a significant step in the Bank’s strategy to expand its insurance enterprise.

On April 14, 2025, a binding agreement was formalized between the Bank of Cyprus and Ethniki Hellenic General Insurance Company S.A., outlining the terms of acquiring 100% ownership of Ethniki Insurance (Cyprus). This deal awaits regulatory endorsement and is anticipated to conclude in the latter half of 2025.

What This Acquisition Means For Cyprus

Ethniki Insurance (Cyprus) currently maintains a stable foothold in both life and general insurance sectors with a market share of 2% and 4%, respectively. Upon completion, this acquisition will bolster Bank of Cyprus’s dominance in the Cypriot insurance market.

The projected outcomes are promising, with predictions of a 15% boost in gross premium income and a 10% rise in net result from insurance operations. Such growth will enhance the bank’s non-interest income, securing its profitability.

A Strategic Growth Path

Aligning with the Group’s commitment to diversifying its business model, this acquisition underscores Bank of Cyprus’s long-term vision to consolidate its insurance portfolio. The financial advisement was managed by Deloitte Limited while Chryssafinis & Polyviou LLC handled legal aspects.

Cyprus: A Global Leader in Longevity and Healthcare Efficiency

by News Editor
May 9, 2025

In an eye-opening study conducted by renowned universities Brown and Harvard, Cyprus emerges as a global leader in longevity while maintaining low healthcare expenditures. The study, led by Cypriot professor Irini Papanikola, uncovers insightful data on Cyprus’s healthcare efficiency.

Key Findings

Published in the prestigious Journal of the American Medical Association Internal Medicine, the study highlights that Cyprus boasts some of the lowest mortality rates among high-income countries while ensuring affordable healthcare. This research has drawn significant attention, featured in media outlets across America and Europe.

Understanding Avoidable Mortality

The study examines avoidable mortality (deaths preventable through timely healthcare) across U.S. states and 40 high-income countries from 2009 to 2021. Remarkably, Cyprus presents some of the lowest avoidable mortality rates, showcasing the efficiency of its healthcare system even amid global challenges such as the COVID-19 pandemic.

Trends and Challenges

From 2009 to 2019, most high-income countries saw a decrease in avoidable mortality; however, this trend reversed for many, including Cyprus, during the pandemic years. The findings emphasize the critical role of robust public health systems in sustaining positive health outcomes.

The Path Forward

Despite the pandemic, Cyprus’s overall performance remains commendable. To achieve success, experts suggest addressing broader health determinants, focusing on preventive measures like road safety and mental health support through collaborative efforts.

Conclusion

Overall, Cyprus stands out as a beacon of healthcare efficiency, managing to reduce avoidable mortality with relatively low costs. This achievement underscores the country’s adeptness in providing high-quality healthcare, although continued research into population needs is vital for ongoing improvements.

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