Europa insures its future through reinvestment

Europa's partners already include 11 out of 15 largest banks operating in Poland. The banks sell the products of listed insurance firm TU Europa as well as those of its subsidiary, TUnZ Europa. Within the first three quarters of 2006, the value of gross written premiums collected by both companies amounted to zl.161 million, as compared to zl.91 million a year ago. "The growth of written premiums is a result of insurance policies attached to mortgage loans, which still enjoy a lot of interest on the part of the banks' customers," stated Jacek Podoba, deputy president and managing director of TU Europa and president of TUnZ Europa. The consolidated net profit of the group for the first three quarters of 2006 amounted to zl.42 million, as compared to zl.25 million a year ago. Although Podoba did not want to reveal forecasts for the whole year, the firm's 2006 net profit may amount to zl.50 million. Similar to last year, the money is to be reinvested in the companies. (Puls Biznesu, p. 8) E.B.