In the first quarter of 2006 Commercial Union Poland group has very significantly increased sales of its financial services.
In the first quarter of 2006 Commercial Union (CU) Poland group has very significantly increased sales of its financial services. Measured actuarially, in line with world insurance market standards, new sales by CU Life have risen by 2.7 times, to reach 478 million Polish zlotys.
The very positive trend in new sales by CU Poland Life Insurance Company is largely the result of excellent progress with sales of single-premium investment-oriented policies and of group insurances. "This has come about because of the improving efficiency of our insurance agents, lively sales in the bancassurance market, and also very good rates of return from our capital insurance funds. After the first quarter, the Dynamic and Equity Funds have once again come top in the rankings for five-year rates of return," says Zbigniew Andrzejewski, chief executive of CU Poland group and CU Life.
The number of contracts CU Pension Fund concluded with people choosing a pension fund for the first time was 25% higher in the first quarter than in the same period in 2005. CU Pension Fund maintains its position as market leader, in terms both of asset value (which passed 25 billion Polish zlotys in the first quarter, and now stands at over 26 billion), and number of clients (2,574,238 at the end of April).
The motor for the unit trusts market was a bull stock market and high rates of return on equity funds. Increased CU efforts in support of sales (including expansion of distribution through banks) and advantage gained from market trends bore fruit in the form of CU Unit Trusts sales that were up 60% on a year ago. Of the 154 million Polish zloty sales total, around 65% (ie some 100 million zlotys) was attracted by CU insurance agents.
The enhanced attractiveness of personal lines products led to a 33% rise in premiums collected in this segment in the first quarter by CU General Insurance. This result softened the effects of very low premium levels on the commercial lines property insurance market.
CU Poland’s subsidiary, CU Lithuania Life Insurance Company, which has been operating since the autumn of 2001, also saw increased premiums in the first quarter. Worthy of note is the first achievement of an operating profit, amounting to around 200,000 Polish zlotys.
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Information:
Bohdan Bialorucki
Telephone: +48 22 557 43 41
E-mail: bohdan_bialorucki@cu.com.pl
For further information, see www.cu.com.pl
Notes to editors:
Commercial Union Poland Group is part of the international Aviva group – the world’s sixth largest insurance, savings and investments group, and the largest in the United Kingdom by revenues. Aviva Group operates in 25 countries. It occupies a strong position in the European Union, including United Kingdom, Ireland, France, the Netherlands, Spain, Italy and Poland. Worldwide, Aviva group services over 30 million customers and manages assets valued at over Ł290 billion. For additional information, see the website http://www.aviva.com