PLN 3 billion worth of premiums written, PLN 120 million worth of profit

Profit in excess of PLN 120 million, PLN 3 billion of new sales (in accordance with PAS) and a more than 45 per cent increase in balance sheet total in comparison with 2008 are the results achieved by the Europa Group in 2009. Despite the economic slowdown, the Europa Group managed to close 2009 with very good results.


2009 was another year of growth of financial results of the entire Europa Group. In spite of the crisis which affected the entire financial sector, the Europa Group closed last year with a profit exceeding PLN 120,000,000.

“Our profit went up by nearly 11% on 2008. It is an exceptional success given the very difficult period in which the entire financial sector was hit,” said Jacek Podoba, President of the Board of TU Europa S.A. and TU na Życie Europa S.A. 

The 2009 sales of the Europa Group, i.e. gross premiums written in accordance with PAS reached PLN 3 billion. In 2009, the Group demonstrated very high effectiveness expressed among others in ROE reaching 38.6%. In 2009, gross premiums written in accordance with IAS exceeded PLN 605 million, down by 10.7% on 2008. 

“In 2009 we reinforced our strong position in the bancassurance sector. We gained new significant partners. Among them are Alior Bank and Dominet Bank. We introduced more than 100 new products on the market and signed more than 2,700 contracts and annexes concerning the distribution of our insurance solutions,” added Podoba.  

The company’s position was reinforced despite the exceptionally difficult situation on the market. 2009 witnessed a significant growth in the claims ratio. Data for the entire insurance market covering three quarters of 2009 show that  claims paid by non-life insurance companies went up by nearly 24% while claims paid by life insurers rose by more than 87%*. 
Additionally, nearly all macroeconomic ratios deteriorated (the number of unemployed persons grew to nearly 1.9 million**) and banks tightened lending  standards.
In 2009, the Europa Group also worked on the development of its distribution channels other than the banking channel including its Investment Boutique - Insurance” – a platform dedicated to financial intermediaries, multi-service agencies and insurance brokers. Under the Investment Boutique model, the Group already works with 92 partners.  The Group was making significant efforts to develop its travel insurance offer and only in 2009 gained business with more than 80 travel agencies.

The current fast growth of the Group as well as plans for its further dynamic expansion were behind the decision to raise additional capital from the public market via a new issue of TU Europa shares. 

“Our strategy includes further dynamic growth both in the areas where we already have a strong  position and competitive advantages as well as in new areas,” added CEO Jacek Podoba.   

* source: KNF (Polish Financial Supervision Authority), ** source: GUS (Main Statistical Office)

ZARZĄDZAJ SWOIMI PRODUKTAMI ONLINE 24/7 Załóż bezpłatne konto w Serwisie Internetowym Grupy Europa Rejestracja
Wszelkie prawa zastrzeżone © TU Europa SA 2017