Foreign insurers leave the market with zl 100 million loss

Four insurers about to terminate their activity in Poland by the end of this year, Metropolitan Life (MetLife), Garda Life, Partner, and Wuestenrot, will close their books a total of zl. 100 million in the red. The biggest loser in the sector is MetLife which in the last three years has lost around zl. 40 million. All the companies claim the main reason for their withdrawal from the country is the lack of prospective profits. According to the Swedish financial group SEB, co-owner of Garda Life and Partner, the o perational field for the former is too narrow for the firm to generate profits. Moreover, all the money invested in the SEB-owned insurers is lost irretrievably as their shareholders were unable to sell their stakes and, worse still, will have to cover the servicing of policies already signed, worth millions of zlotys. (Puls Biznesu, p. 8) J.K.