Despite losses, Concordia gears up for growth and expansion

German insurance company, Concordia announced plans to expand its activities. Concordia Wielkopolska Towarzystwo Ubezpieczeń Wzajemnych (TUW) and life insurer Concordia Capital are both preparing new products for individual customers as well as for SMEs. Details however, were not yet revealed. The new strategy is designed to increase insurance contributions to zł. 60 million within four years, as compared to zł. 27 million last year. On June 17, the management board is to make a decision whether to increase TUW's capital by zł. 6.6 million to zł. 33.6 million. A further capital injection is planned in the fall. TUW will also be converted into a joint stock company, which has not been done until now due to legal complications. In 2002 both Concordia-owned companies recorded a joint loss of around zł. 12 million. The company hopes to see profits within three or four years. (Puls Biznesu, p. 8) A.K.