Commercial Union Poland Group has been nominated for the President of Poland’s Prize for Economics – the most prestigious Polish award granted to the best enterprises.
Commercial Union Poland Group has been nominated for the President of Poland’s Prize for Economics – the most prestigious Polish award granted to the best enterprises.
The jury indicated Commercial Union Poland Group as one of three companies in the Financial Institution category. In this category, prizes are awarded primarily for the quality of services, the up-to- datedness and range of the company's offers, its financial standing, as well as its observance of ethical principles, its community activities and its involvement in the public forum.
"Just the fact that Commercial Union Group is one of three financial institutions selected by the jury for the next stage of the contest, fills one with pride. I am pleased that, in its eleventh year of CU's operations in Poland, we have the honour to qualify as finalists in such a prestigious contest that is frequently called the "The Polish Economic Nobel Prize”. This nomination is a sign of recognition for our achievements on the mature market, and signifies a good choice for over three million of our clients," said Jarosůaw Myjak, chief executive of Commercial Union Poland Group.
Aleksander Kwaúniewski, the Polish president, will personally select this year's prizewinners from among the nominated institutions. The award ceremony will take place on 9 June at the formal concert to celebrate "Polish Day” at the Poznan International Fair.
The President’s Economic Prize has been awarded since 1998, and now includes seven categories. 143 candidate companies have been submitted for the 2002 edition of the prize.
Companies belonging to the CU Poland Group have already received six European Medals, awarded by the Business Centre Club, Poland’s top business association, and European Integration Commission Office, a Polish government agency, for services meeting the standards currently in force in EU countries. The following CU business units received European Medals on 14 April 2003:
- CU General Insurance Company for Locum, their residential insurance series.
- CU Unit Trusts Company for their Personal Investment Programme.
In September 2002 CU Life was one of two institutions heading the "List of the 300 potentially most competitive Polish companies in the Common European market” in the financial institutions category. The list was drawn up by academics from the Economic Studies Institute of the Polish Academy of Sciences jointly with the Centre for Economic Information of the Ministry of the Economy and the monthly magazine "Polish Market”.
Commercial Union Poland Group (http://www.cu.com.pl)) services over three million clients and manages assets worth over 16 billion zlotys (approx. 2.6 billion pounds). Since 1994 CU has been the leader in the personal life insurance market (over 1,700,000 personal and over 10,000 group policies issued with over 30 percent market share). CU Life is also the leader in the unit-linked life insurance market (over 50 percent market share) and holds second place (approx. 18 percent share) of the entire life insurance market. Since 1999, CU has also led the pension fund market (with over 2,500,000 clients and assets of almost 10 billion zlotys (approx. 1.7 billion pounds) giving it approx. 29 percent market share). The CU Group also offers property insurance for individual clients and institutions, unit trusts, asset management and employee pension programmes. CU Poland Group played a key role in the creation of the CU Life Insurance Company in Lithuania in 2001.
In 2002 the CU Group consolidated its position in its most important markets, i.e., insurance and long-term investments. CU included new protection and investment services, jointly distributed under the CU brand, in its offer. The value of assets managed by the CU group rose by 45 percent in 2002. CU Poland – Life Insurance Company collected 1.75 billion zlotys (approx Ł270 million) in gross premiums, achieving 276 million zlotys (approx Ł43 million) of net profit. CU Pension Fund Company earned 58 million zlotys (approx Ł9 million) net profit. CU Poland – General Insurance Company collected 70.6 million zlotys (approx Ł11 million) in gross premiums, achieving 6.7 million zlotys (approx Ł1 million) of net profit.
CU Poland is part of the Aviva Group – the largest insurance institution in the United Kingdom and the world’s seventh-largest by revenues.
For further information please contact: Graýyna Goslings, Corporate Communications Director of the CU Poland Group, Tel: +48 22 557 40 93, Fax: + 48 22 557 40 26, e-mail: bohdan_bialorucki@cu.com.pl.
Additional information about the Commercial Union Poland Group can also be found on the web page http://www.cu.com.pl