Europa with one billion zloty worth of premiums written and more than PLN 56 million in profit

After H1 2009, the Europa Group posted record profits. Together, both Companies made in excess of PLN 56m. During the above period the life insurance company nearly doubled its profit.

Over the first six months of 2009 TU na Życie Europa S.A. wrote in excess of PLN 988 million worth of gross premiums (in accordance with PAS). At the same time, the net profit of TU na Życie Europa S.A. went up by 90% on the corresponding period of 2008 exceeding PLN 20 million. Both companies are significantly ahead of plans adopted for 2009 by the Management Board (for many product lines even by 200%).
“The first half of 2009 is an especially difficult time for financial institutions. Therefore, we are all the more glad about the above excellent results generated by the Group. Insurance coverage has gained in importance nowadays. Growing unemployment, problems with obtaining financing for real property purchases, uncertainty connected with property prices are all contributing to the increased demand for insurance products. On the other hand, Europa Życie constantly proposes new, innovative financial solutions which are received very well by the market,” says Jacek Podoba, President of the Board of TU EUROPA SA and TU na Życie Europa S.A. We are a company which makes efforts to emerge from the present crisis reinforced. The first half of the year proves that we are well-positioned to achieve this goal,” adds Podoba.
In the first half of 2009 TU Europa S.A. wrote more than PLN 140m worth of premiums (in accordance with PAS), i.e. PLN 7m more than in the corresponding period of last year. The Company generated a net profit of PLN 36m.
“I estimate that already in 2010 the bancassurance market will rebound. The dramatic drop in new lending did not cause a significant decrease in bancassurance revenues owing to the growing insurance penetration of banking products (in some cases, such as unemployment insurance, penetration even doubled). The economic slowdown and a deteriorating situation on financial markets are a chance for further growth and for the development of new product solutions,” - says Krzysztof Rosiński, Deputy President of the Board of TU Europa S.A. and TU na Życie Europa S.A. The majority of leading products from the portfolio of the non-life insurance Europa Company are experiencing their renaissance. Our innovative bancassurance solutions, such as for example Title Insurance, are received very enthusiastically by the market. Innovation, flexibility and short time to market are the foundations of the strategy which has proven itself in the times of crisis translating into growing profits,” sums up Vice President Krzysztof Rosiński.
Posting a profit of PLN 56m, the Group achieved a net profit growth rate of 116%. After six months of this year, the balance sheet total of the Europa Group reached close to PLN 3.5bn, which means an increase of more than PLN 1bn on 2008.

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