Life is beautiful

Amplico Life, a Polish subsidiary of ALICO, an American Life Insurance Company, has reported a zł.300 million gross profit in the first three quarters of 2005, a year-on-year jump of 34 percent on 2004. After nine months of 2005, the company made a zł.250 million net profit, which equals a 37-percent growth on the zł.182 million result of Q3 2004.

Amplico Life's assets amount to zł.5.7 billion and the value of its deposits is zł.5.5 billion. Gross premiums collected in Q3 reached zł.863 million, which is a 19-percent rise on Q3 2004. This could indicate that the company has overcome its recent impasse, when the growth of gross written premiums was anything but impressive, with 1.9 percent growth in 2003 and -0.96 percent last year. The total amount of gross claims paid equaled zł.355 million through Q3 this year compared to zł.267 million last year.

Amplico Life holds an eight-percent share in the Polish life-insurance market in terms of written premiums. After the PZU group and Commercial Union, Amplico is the third largest player in Poland's insurance market.