Insurance Company Europa, operating on the life and property market, collected in 2012 over PLN 6 bn of premium (in accordance with PSR) and developed almost PLN 144 mln net profit (in accordance with IAS). After the take over of Talanx and MeijiYasuda, Europa implements a new business strategy, which will allow for the further, dynamic development of present and new segments of activity.
The last year brought about changes in macroeconomic situation and market surrounding with which all financial institutions in Poland have to deal. Although, the financial sector felt the effects of the economic slowdown, the companies of the Europa Group reached very good results. TU Europa S.A. collected PLN 378 mln of premium (in accordance with PSR and IAS) and developed nearly PLN 67 mln of profit. TU na Życie Europa S.A. sold policies for PLN 2,4 bn (in accordance with PSR and respectively PLN 594 mln in accordance with IAS) and earned nearly PLN 60 mln. In total, both companies increased total provision (in accordance with IAS) by nearly 40 percent. The provision collected by the companies of the Europa Group, reaching PLN 6 bn (in accordance with PSR) and the result (in accordance with IAS) covers also the subsidiaries. i.e. mainly Open Life TU Życie S.A and the companies Europa.ua starting the activity in Ukraine.
- Except for still the largest provisions generated by the life companies in the segment of insurance products with the investment element, we developed the largest increase in the scope of insurance for small and medium enterprises. The provision only in the second category increased by as much as 50 percent. The entrepreneurs more and more appreciate the insurance protection which takes off the burden from them concerning the risk of the business conducted. We possess a very attractive and innovative product offer in this respect - says Jacek Podoba, President of the Insurance Group Europa.
TU Europa S.A. increased double also the provision from sale of legal protection. In both companies of Europa, insurance for short-term bank products: installment and cash credits, resulted in large sale.
- This segment to a large extent compensated smaller sale of insurance available with mortgage credits to us, which were largely reduced last year – Jacek Podoba comments.
The last 12 months is the time of dynamic changes in the company. In June, the transaction of taking over Europa by global insurance players Talanx and MeijiYasuda was finalized. The operation significantly strengthened the position of the Group Europa on the Polish insurance market. It means the perspective of further dynamic development through using capital force and potential of new strategic shareholders. As a result of changes, Europa became a part of the other largest insurance group in Poland.
Last year, Europa strongly extended its relations with business partners and cooperates with 30 banks already, a numerous group of agents, over 1000 travel offices and grants insurance sureties for almost 170 tour operators.
In June, Europa, as the second Polish insurer, obtained a permit for conducting the activity in Ukraine in the area of property and life insurance through subsidiaries Europa.ua. The companies started its business activity to offer 11 products in cooperation with 3 banks.
Experts of Europa participated also in numerous initiatives intended to improve the functioning standards on the financial market in Poland. They worked, i.a. over III recommendation of Good Practices Bancassurance concerning investment or savings insurance, which entered into force at the beginning of 2013.