The Europa Group closed the first quarter of 2009 with excellent financial results. The net profit of the life insurance company went up by more than 130 per cent from a similar period last year. The Group wrote more than PLN 493m worth of premiums (in accordance with PAS).
TU na Życie Europa S.A. posted its all-time high quarterly net profit of close to PLN 10.5m, as against PLN 4.5m in the corresponding period of last year (in accordance with IAS). Gross written premiums exceeded PLN 439m (in accordance with PAS). The balance sheet total of the Europa Group is more than PLN 3.23 billion (in accordance with IAS), up by nearly 80 per cent y-o-y.
“The global economic slowdown that hit the entire financial sector and the more than 22% decline in net profits of the life insurance market in 2008 did not affect the standing of TU na Życie Europa S.A.,” says Jacek Podoba, President of the Board of both Europa companies. “In spite of the crisis, the Company posted a record high net profit. The value of gross written premiums is also impressive. Only in January we wrote more than PLN 200m worth of premiums (in accordance with PAS),” added Podoba.
After the first quarter of this year, the Europa non-life insurance company wrote in excess of PLN 54m worth of premiums (in accordance with PAS) recording a net profit of close to PLN 16.5m (in accordance with IAS). Among other things, the above good results are attributable to the increasing interest of banks in the security of their hire purchase and mortgage loan portfolios. In reply to this growing demand, the Company launched an innovative title insurance which eliminates the threats to mortgage loan portfolios connected with legal risks associated with real property. Another product whose popularity is growing is the insurance against a decline in real property value.
“We have successfully filled the niche on the bancassurance market. We are still producing excellent results, among others due to the increased aversion of banks to risk which we can successfully manage,” stressed Jacek Podoba. “We are also reinforcing our position in new business areas such as insurance products offered through intermediaries or travel insurance products,” added President Podoba. “We believe in the success of further diversification of our product offer and distribution channels which will determine the dynamic development of the entire Europa Group,” added President Jacek Podoba.