In 2008 the Europa Group made a profit exceeding PLN 108m. At PLN 2.9 bn, the premiums written by both companies hit their all-time high (in accordance with PAS), which means a 30% increase in profit and a double of premiums written in 2007.
In 2008, Europa’s life insurance company reported PLN 2.6bn in gross premiums written (in accordance with Polish Accounting Standards (PAS)), more than a double of the 2007 value. At the same time, Europa’s non-life insurance company wrote in excess of PLN 253m premiums (in accordance with PAS), up by 18% on 2007.
“The past year was our all-time best. We not only recorded excellent financial results but we also ensured a place for our life company among the largest life insurers in terms of gross premiums written. The above is owed to our wide range of investment products. Only in 2008 we launched more than 400 subscriptions for structured products, the prevailing majority of which using our unique business model “The Investment Boutique. Insurance,” says Jacek Podoba, President of the Board of TU Europa S.A. and TU na Życie Europa S.A. “Today we work with more than 50 partners. In 2009 we will continue to grow sales by implementing new products in reply to today’s market needs,” says Podoba.
Our non-life insurance company was also growing much faster than the market and reinforced its leading position in the bancassurance segment. The company extended its portfolio to include the innovative Title Insurance which eliminates the threats to mortgage loan portfolios connected with legal risks associated with real property. With its Euroguarantee product, the company offered support to companies applying for EU financing. TU Europa S.A. also added tourism related products to its offer by launching the Travel World offering broad protection to travel agency customers.
“The excellent standing of both Europa companies is a result of successes we are achieving by consequently diversifying our product offer and distribution channels, as well as by our compliance with strict standards relating to security and operating costs at both companies,” says Jacek Podoba, President of the Board. “Regular stress tests showing the financial and product exposure of the Group under various market scenarios, the multimillion zloty technical reserves from previous years and the Group’s security indicators much exceeding the statutory minimum enable our further dynamic growth,” adds Jacek Podoba.
Both EUROPA companies are in the elite group of institutions holding the Insurer Financial Strength (IFS) rating. Fitch Ratings awarded the Group with a domestic rating of “A(pol)” and international rating of “BBB-”. The outlook for both ratings is stable. TU Europa S.A. still remains the only insurance company listed on the Warsaw Stock Exchange and complying with the principles of corporate governance.