Finnish insurer cashes in on bancassurance deals Insurance company

 The company collected zl.85.2 million in contributions, compared to zl.53.7 million in 2004. The increase was mainly due to the so-called bancassurance i.e. cooperation with Dominet Bank and Santander Consumer Bank. The insurer is still looking for new partners. "We are currently in talks with new potential partners. There is a chance that this year the number of institutions that cooperate with us will be higher as we plan to start cooperation with a few more banks," said Boguslaw Sosnowski, FinLife Tun¯ president. The cooperation will also enable the insurer to offer new products in the assurance banking sector (offering bank products by insurance companies). FinLife Tun¯ is also going to prepare a new offer for SMEs and widen its offer for individuals. All of this will serve to keep 2006 contributions at the 2005 level. "We are still amending our portfolio. We are liquidating the least profitable insurance. Our priority is to reach a favorable net result," said Sosnowski, adding that, "we managed to reduce our loss. We ended 2005 with a zl.9.5 million loss, while in 2004 the loss was twice as high. The company started to generate profit in mid 2005." (Puls Biznesu, p. 8) D.W.