Europa Group Announces Record First Half 2010 Results

With PLN 70.3m (in accordance with IAS) generated in the first half of 2010 the Europa Group achieved a net profit exceeding the profit achieved in the corresponding period of last year by 25% (PLN 56.2m).

New sales in the first half of 2010 exceeded PLN 2.96bn in gross premiums written (in accordance with PAS) , nearly approaching the PLN 3bn of premiums written in the entire last year.

“Despite the fact that the first half of 2010 was difficult for the insurance industry, our results are very good. We have noted significant growth, both in sales and in net profit. During the above period, we implemented many new products and signed many contracts for their distribution,” said Jacek Podoba, Europa CEO.

The sales results of TU na Życie Europa S.A. generated in the first half of 2010 reached PLN 2.73bn (gross premiums written in accordance with PAS)*, which means an increase by more than 176% on the first half of last year. TU Europa S.A. achieved a record improvement of its sales results as compared with 2009 and closed Q2 2010 with PLN 239.6m of gross written  premiums (in accordance with IAS), 70% higher than in the corresponding period of last year (PLN 140.6m in accordance with IAS). 

“The dynamic growth of sales generated by our life insurance company is the effect of the growing demand for innovative investment solutions. At the same time, our non-life insurance company has been reinforcing its position in the bancassurance segment and has been intensively developing the distribution of new products including travel insurance and insurance guarantees. Already today we work with several hundred tour operators,” said Krzysztof Mędrala, Vice President of the Board of both Europa companies.

The profit generated by the Europa Group in the first half of 2010 is composed of the net profit of PLN 36.4m in accordance with IAS generated by TU na Życie Europa S.A. and of PLN 34.2m in accordance with IAS generated by TU Europa S.A.  

“The increase in the Group’s net profit is owed to the dynamic growth of sales at both companies, to the reinforcement of our position on the Polish market in the bancassurance segment where we are the leader and also to our position as the second best company in the life insurance segment in 2009,” said Podoba.

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