Europa posts written premiums of PLN 2bn and PLN 90m in profits

After three quarters of 2009 the Europa Group reported another record result. Together, both Companies earned PLN 89.97m, up by PLN 12.4m over the corresponding period last year.

Over the first nine months of 2009 TU na Życie Europa S.A. wrote close to PLN 1.8bn 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 more than 50% on the corresponding period of 2008 exceeding PLN 31 million. Both companies are significantly ahead of plans adopted for 2009 by the Management Board.

Despite the difficult situation in the financial sector our Companies have been improving their sales and profits maintaining their very strong position among market leaders,” said Jacek Podoba, President of the Board of TU Europa S.A. and TU na Życie Europa S.A. “Our cost-cutting measures taken up already at the beginning of the crisis, reinforced by quick and flexible adapting of our offer to new market requirements and by our constant efforts to gain new customers have produced measurable results,” stressed Podoba. “Uncertainty about the future intensified by the crisis resulted in an increased demand for, among others, regular premium products offered by our life insurance company. The enthusiastic reception our products received from the market makes us believe that the remaining innovative solutions we have in the pipeline still for this year will also be a success,” concluded Jacek Podoba.

After the first three quarters of 2009 TU Europa S.A. wrote more than PLN 237m worth of premiums (in accordance with PAS), up by PLN 33m over the corresponding period of last year. The Company generated a net profit of close to PLN 60m.

We have been continuing our conquest of the Polish bancassurance market. We have gained new business partners and we have extended our business relations with the existing ones. We expanded beyond the banking sector. Crisis is an ideal time for such activities,” said Krzysztof Rosiński, Deputy President of the Board TU Europa S.A. and TU na Życie Europa S.A. responsible for sales and products. “We have introduced absolute innovations on the Polish market. Among them were the PARETO product with semi-regular premium whose sales exceeded our highest expectations and reached during 6 months until today close to PLN 60 million in earned premiums or our Title Insurance which was the first insurance of its kind on the Polish market and was very well received by customers who paid in excess of PLN 28m in premiums,” added Krzysztof Rosiński. “Less than two months ago we launched the Wealth Management product based on an innovative investment strategy. From day one it has been extremely popular among investors. Wealth Management is targeted not only at customers looking for an alternative to structured products or investment funds available on the market but also at those who are interested in products with a short investment horizon. Sales of this product have already reached close to PLN 26 million,” stressed Krzysztof Rosiński. “We have been consistently pursuing our strategy of product portfolio diversification. In the coming months we will offer an absolute novelty which this time will be from the less popular SME bancassurance segment,” concluded Krzysztof Rosiński.

Posting a result of PLN 89.97m, the Group achieved a net profit growth rate of 116%. After nine months of this year the balance sheet total of the Europa Group exceeded PLN 4.2 billion  which is an increase by close to PLN 1 billion on 2008.

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