The business model of the financial holding seems to suffer seriously from the COVID-19 effects despite the 15% increase in total operating revenue. The key segment - insurance - deepened the loss from Q2 to BGN 4.8m in July-Sept despite the 22.6% higher insurance revenue. The sales of the second heaviest business line - car dealership - shrunk by 25%, but managed to end almost at breakeven, while in Q3 2019 they were making BGN 1.4m loss. Leasing added 4.2% to BGN 5.9m revenue and was the only one to end positive - BGN 451k vs. BGN 3.2m loss in Q3 '19. The gross consolidated profit - BGN 20m, 20% lower YoY - could not make it for the BGN 18m other opex, the BGN 4m depreciation allowance and the BGN 6m net financial loss. As a result, the Q3 net loss of the group expanded to BGN 9.6m from BGN 3m in the year-ago period. Total 9m 2020 consolidated revenue reached BGN 1.2bn, 3% higher YoY, led by the insurance revenue - up 10% YoY to BGN 1.1bn. The gross profit for the 9 months, however, fell 14% to BGN 71.6m and net loss reached BGN 13m from negligible BGN 424k in Jan-Sept 2019. Consolidated debt climbed to BGN 342m, 2.3 times the equity of the holding as of end-Sept 2020.