Europa life (TUnŻ Europa), has announced a profit of almost PLN82m (€20m) in 2011, 8% higher than the previous year, mainly driven by a record of written premiums with unit-linked policies.
"The company achieved a record in written premiums from sales of unit-linked policies, posting over 114% rise in this segment," said CEO Jacek Podoba. "This good result was also influenced by growth in sales of investment policies."
According to SRP data, TUnŻ Europa raised over PLN830m (€201m) through 47 unit-linked products issued in 2011 with one-off payments. The firm also issued 20 new long term insurance policies with assets under management (AUM) at PLN166m (€40m), representing around PLN830m (€200m) of full written premiums payable over the product's investment term.
In December 2011, Europa Group (Europa Life and Europa Non-Life) agreed to be taken over by Talanx and Meiji Yasuda from Getin Holding. The transaction is expected to close in the second quarter of 2012.
Europa Life (TUnŻ Europa) is the most active provider of structure products within the life insurance sector in Poland and sells its products through several banks using cross-selling models. "Insurance products of Europa are sold mostly through bancassurance channels with its biggest partners being banks belonging to Getin Holding," said Getin. "Getin Holding remains committed to continue selling products of Europa Group after completing the acquisition."