In H1 2013, the Europa Insurance Group achieved its best sales ever, reaching PLN 1.1 billion in gross written premiums (according to IAS). Europa Life boosted sales five times over while Europa Non-Life more than doubled its sales vs. H1 2012. Insurance products in the bancassurance sector drove the results for both companies. The Group’s financial result totaled PLN 41.5 million.
The non-life insurance company collected nearly PLN 320 million in premiums (according to IAS and PAS) with nearly PLN 23 million in profits. The sales of Europa Life exceeded PLN 800 million (according to IAS and over PLN 1.1 billion according to PAS) earning over PLN 18 million. Combined, both companies increased written premium (according to IAS) by a factor of 3.5.
“In the first half this year, we concluded nearly one thousand agreements and annexes for distribution of our products. We continue to win large contracts and diversify distribution. As a result, our sales continue to grow dynamically, despite a tough period in the financial sector,” says Jacek Podoba, President of Europa Insurance Group. “We continue to be an industry leader in relations with banks as we regularly cooperate with 19 out of Poland’s 25 largest banks,” adds Podoba.
Premiums collected on installment and cash loan protection insurance products offered by Europa increased by nearly 200%. The sales of these products in H1 2013 developed strongly. Financial insurance for SME sector attained the highest sales volume for the non-life insurance company. The collected premium increased by six-fold in the first half of the year. The above resulted mainly from excellent sales of the lost profits insurance for microenterprises, launched in the banking channel. This is "business interruption" insurance popular with large corporations, which has been carefully adapted by Europa to the specifics of the small and medium enterprises. With respect to SME, Europa Non-Life sold also four times more legal protection insurance policies for microenterprises and extensively developed the offer of assistance policies for small business.
“The products developed by Europa companies ensure real coverage to small entrepreneurs in the case of unforeseen problems related to business operations. Development of the insurance offer for SME sector, that is a driver of the Polish economy, is yet another of our successes in product and distribution innovation,” further explains Podoba.
In H1 2013, Europa Life achieved significant written premium volumes in the structured financial products sector, where sales grew by 50% over the same period last year. Pro-consumer activities further improved, including increasing the convenience of insurance service. Additionally, the company expanded coverage elements in investment products. A new brand of Europa, the tutum.pl insurance service, was the first in Poland to offer a direct channel investment and savings product available entirely online.