Europa banks on insurance

Wrocław-based insurer TU Europa has reported financial results which show that the company is consistently implementing its strategy of dynamic growth in the bancassurance segment. The company is also building up a strong team. A month ago Krzysztof Rosiński, former deputy president of PZU Życie, joined TU Europa. During his term in office at the PZU subsidiary, it became the leader of the bancassurance sector.

But even before Rosiński's arrival, TU Europa was finding success. The consolidated net profit for the first three quarters reached zł.42 million, as opposed to zł.25 million last year. In the first three quarters of 2006 the company increased its revenue from premiums to zł.161 million, compared to zł.91 million in the corresponding period of 2005.

"The increase is the result of insurance that is added to mortgages, which is still very popular among banks' customers. The sale of our products that are added to cash loans is also growing strongly," says Jacek Podoba, deputy president of TU Europa.

Podoba did not want to disclose the prognosis for the whole year but he estimated the company will earn at least zł.50 million. Rosiński was more forthcoming, estimating that 2007 revenues from bancassurance would reach some zł.12 billion. According to Rosiński, almost zł.10 billion will come from new insurance contracts.