Record-breaking 1st quarter of 2013 at the Europa Insurance Group

This has been the best quarter for sales in the history of the Europa Insurance Group. In the first three months of the year, the gross written premium of the Group lay above half a billion PLN (in accordance with IAS). At the same time, it generated a net income of almost PLN 23 million. Key business lines producing the biggest sales include financial insurance for SMEs in the non-life company, and investment insurance products with single-premium payments and insurance products covering instalment loans in the life company.

The gross written premium of TU Europa (non-life) nearly rose by 60 percent to PLN 120 million (according to PSR and IAS) compared to the equivalent prior year quarter. The company closed the first quarter 2013 with a net income of almost PLN 14 million. TU na Życie Europa sold policies with a value five times higher than in the equivalent prior year period and achieved almost PLN 400 million gross written premium in accordance with IAS (and respectively PLN 650 million in accordance with the Polish Accountancy Standards, PSR). This resulted in a net income of almost PLN 9 million. The gross written premium of Europa Insurance Group amounted to PLN 1 billion (according to PAS and respectively PLN 536 million excluding savings elements of premium from unit-linked life and annuity insurance according to IAS) and the net income totalled almost PLN 23 million. The result also includes the company Open Life TU Życie S.A., in which Europa has a majority shareholding, and the companies of Europa.ua operating in Ukraine. 

In TU Europa, on top of the leading product line for SME’s (including legal protection for micro-entrepreneurs), a large part of the premiums were gained from insurance products linked with mortgage credits, e.g. high loan to value, property value loss and loss of employment insurance.

“Strong sales in the non-life company were achieved thanks to new and innovative solutions for micro-enterprises. We projected a fast development of our offer for SMEs. Today, we are present with this offer in many banks. This is another specialisation that has allowed us to achieve such high profits,” commented Jacek Podoba, CEO of Europa Insurance Group. He continued by saying “We also started cooperating with a major banking partner, which allowed us to increase the sales of payment protection insurance covering instalment and cash loans.” 

In the first quarter 2013, the Europa Group launched an innovative insurance website tutum.pl, intended for individual customers. For this site simple products were combined with a light-hearted and amusing formula. The market of tutum.pl offers travel, investment, health, life and some special policies, for example tailored to the needs of cyclists. Recently, the site has introduced the ‘European Profit’ – the first insurance product on the Polish direct market with a savings element. 

Presently, Europa intensifies pro-customer actions aimed at increasing the comfort of its customers. Europa wants to gain the permanent trust of the customers by continuous implementation of customer-friendly solutions according to the customers’ profiles and needs. The aim is to achieve this by improving the quality of the products, streamlining the sales process, increasing clients’ insurance awareness and sharing expert knowledge with business partners.
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