Amplico Life First American-Polish Life Insurance and Reinsurance Company SA reported preliminary financial results of fourth quarter 2007. Gross premium written was PLN 1 888 mln and comparing with the same period of 2006, increased of 18%.
Insurance technical reserves of Amplico Life S.A. which guarantee the cover of current and future liabilities of the company towards its customers, amounted in fourth quarter PLN 6 181 mln.
Assets of the Company increased nearly of 13%, and as of 31th December 2007 totaled PLN 8 047 mln.
Amount of the Company investment' assets was PLN 7 361 mln zł, and increased of 12% against the same period of 2006. Technical result life insurances totaled PLN 316 mln.
The gross claims and benefits paid in the fourth quarter 2007 amounted PLN 658 mln.
As of 31th December 2007 gross profit totaled of PLN 351 mln, and net profit stood at PLN 289 mln zł.
It means growth of almost 14% comparing the same period in 2006.
| Financial Results of Amplico Life SA | I- XII 2006 |
I-XII 2007 |
|---|---|---|
Gross premium written |
1 602 330 |
1 888 477 |
Gross claims and benefits paid |
611 103 |
658 312 |
Capital stock |
11 000 |
11 000 |
Gross technical-insurance reserves |
5 451 842 |
6 181 433 |
Costs of insurance activity including: |
340 414 |
507 571 |
- acquisition costs |
260 046 |
419 059 |
- administrative costs |
106 793 |
103 311 |
Gross financial result |
314 014 |
350 853 |
Net financial result |
254 560 |
289 313 |
Solvency margin |
233 047 |
268 683 |
Commentary:
The growth of net profit mainly resulted from the growth and composition of gross premium written. Similarly to the previous years the biggest growth was noted in the sector of life insurances with capital investment funds (unit linked) and in sector of consumer finance.
Double digit growth of the Company assets confirm a real wide market demand for the Amplico Life S.A. products.
The Company leads the sustainability development strategy focusing on effective management of collected premium. It maintains a cyclic and constant growth of achieving results which provide financial security for Amplico Life S.A. clients.
In 2007 Amplico Life S.A. won a prestigious award in the ranking of "The Pearls of Polish Economy" and placed first among companies of the Polish financial sector. Ranking was conducted by experts of Polish Academy of Science and Polish Market magazine.
