A continuous improvement in results and growth in premiums written of TU Europa S.A. and TU na Życie Europa S.A., the companies’ good operating position and low exposure of their investment portfolio to the market risk according to the world-renowned Fitch Ratings agency in its rating awarded to Europa.
“One of the factors behind the growth dynamics of the Europa Group reflected in the both companies’ excellent financial results are innovative investment solutions in which Europa is undoubtedly leading the way in the market,” says Jacek Podoba, President of TU Europa S.A. and TU na Życie Europa S.A.
”The success in the sales of structured and investment products translated into concentration of investment and increased involvement within the Getin Holding Group,” emphasizes Mr Podoba.
Europa’s profile and innovative approach resulted not only in the record premiums written which totalled PLN 3 billion in 2008 (according to Polish Accounting Standards - PSR) but also in the Group’s advancement to the position of the third life insurer after the third quarter of 2008.
“We owe this result mostly to large volume sales along with our key partners, such as Getin Bank SA, Noble Bank SA, Deutsche Bank PBC SA and Lukas Bank,” adds the Mr Podoba .
“It should be emphasized that the results of the Europa Group, despite the overall slump in the financial sector, have been better this year than in the last year,” stresses Jacek Podoba.
The Europa companies belong to a group of Polish financial institutions whose credibility is endorsed by official ratings.
The rating awarded to the Group by the reputable Fitch Ratings agency reflects a good operating position of the both companies’ as well as a steady growth in their financial results (by 36% in 2008 as against 2007) and premiums written (by 105% in 2008 as against 2007 according to PSR). Fitch views low exposure of the investment portfolio to the market risk positively as less than 10% of the portfolio is invested in stocks and bonds while the majority of funds are placed in bank deposits. Fitch has not observed any negative impact of the economic crisis on the results of both companies.
The Europa Group companies have been awarded the international IFS (Insurer Financial Strength) rating of "BB", and "BBB" rating in the domestic market. The Group's rating corresponds to the rating received by Getin Bank SA.