Concordia mutual insurance company focuses on bancassurance

APA - Austria Presse Agentur
opublikowano: 22-11-2005, 17:00

Warsaw (Puls Biznesu) Concordia mutual insurance company will have its capital increased by PLN 3.5m (EUR 878,500). The decision will made next week.

Warsaw (Puls Biznesu) Concordia mutual insurance company will have its capital increased by PLN 3.5m (EUR 878,500). The decision will made next week.

This year, the company will have got PLN 5m altogether. The plan for next year is similar. Our margins of profit are constantly improving and we probably will not need cash injection from our shareholders in 2007. We plan to breakeven then, or generate a minute loss (at the end of September, the loss amounted to PLN 5.5m), Piotr Narloch, TUW Concordia CEO said.

The company plans to collect PLN 60m of premiums in non-life insurance.

Next year, the growth dynamics should be similar to this year and amount to 25 percent. The company will keep selling agriculture insurance and legal protection. It will, however, increase its bancassurance activities.

Co-operation with banks is more and more important, Piotr Narloch explained.

The company will withdraw a little from car insurance.

We are going to limit car insurance to 20 percent of our portfolio from

24 percent today, Concordia CEO said.

(PLN 1 = EUR 0.251)

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Podpis: APA - Austria Presse Agentur

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