Amplico moves into new office
Offices have already been opened outside of Warsaw in Lodz, Gdansk, Krakow and Bialystok. The Katowice outlet was scheduled to open by early November.
The joint venture with Bank Pekao SA, a 45% shareholder, focused on the Warsaw market for the first two years. This year, active agents in the regions have justified the opening of regional offices, company officials said.
Amplico Life's 100,000 insured clients are only a small percentage of the total insured Polish population. PZU SA, the national insurance agency, holds the majority of the market (95% in 1994). Iwona Ochocka, Group Policy Manager, says Amplico Life was the first company to offer individual and group policies in 1993. Because this was a new concept in Poland and had no accounting precedent, most of its clients were international companies.
Buying group insurance policies has been made easier since the beginning of this year. A new law qualifies insurance premiums as a tax-allowable company expense (thus lowering the company's tax burden) and not subject to ZUS contributions. The only tax levied is personal income tax paid by the employees covered. Central Statistical Office (GUS) studies for the first half of this year show that zl. 54.6 million has been collected in tax revenues from income tax on insurance. Life insurance is the most dynamically growing on the insurance market.
Amplico invests in government bonds (67%), bank term deposits (21%) and T-bills (12%). Return on investment for the first half of 1995 was zl. 41.60 million ($17 million).
The joint venture with Bank Pekao SA, a 45% shareholder, focused on the Warsaw market for the first two years. This year, active agents in the regions have justified the opening of regional offices, company officials said.
Amplico Life's 100,000 insured clients are only a small percentage of the total insured Polish population. PZU SA, the national insurance agency, holds the majority of the market (95% in 1994). Iwona Ochocka, Group Policy Manager, says Amplico Life was the first company to offer individual and group policies in 1993. Because this was a new concept in Poland and had no accounting precedent, most of its clients were international companies.
Buying group insurance policies has been made easier since the beginning of this year. A new law qualifies insurance premiums as a tax-allowable company expense (thus lowering the company's tax burden) and not subject to ZUS contributions. The only tax levied is personal income tax paid by the employees covered. Central Statistical Office (GUS) studies for the first half of this year show that zl. 54.6 million has been collected in tax revenues from income tax on insurance. Life insurance is the most dynamically growing on the insurance market.
Amplico invests in government bonds (67%), bank term deposits (21%) and T-bills (12%). Return on investment for the first half of 1995 was zl. 41.60 million ($17 million).
