Amplico Life SA shows preliminary financial results for 2008
As of 31st December 2008, gross premiums collected in the period of 1 January 2008 - 31 December 2008 totalled PLN 1 734 million, which is 8% less than in 2007.
On 31 December 2008 the company's assets amounted to PLN 8.2 billion. Claims paid to clients totalled PLN 706 million.
Presently the company has the reserves of PLN 6 billion for future claims payments. Ratio of covering solvency margin by own fund as of 31 December 2008 is 490%, which means it is nearly five times as high as is required by the law.
At the end of 2008 gross financial result was PLN 444 million. Net financial result reached PLN 363 million, a over 25% growth, when compared to 2007 year.
Commentary:
Financial indices of the Company explicitly illustrate its stable growth. Growing incomes, financial liquidity, sales profitability and labor efficiency have been appreciated by experts from Polish Academy of Sciences (PAN). In 2008, Amplico Life S.A. was recognized as "Grand Pearl" in a prestigious ranking "Pearls of Polish Economy". Amplico Life proved to be Number 1 of all insurance companies and Number 13 of all companies in all sectors of economy. "Grand Pearl 2008" is already 7th award within the last 8 years received by Amplico Life from the Institute of Economics of the Polish Academy of Sciences.
| Amplico Life S.A.'s financial results | I-XII 2007 in PLN thous. |
I-XII 2008 in PLN thous. |
|---|---|---|
| Gross written premiums | 1 887 865 | 1 734 179 |
| Gross claims paid | 658 313 | 706 456 |
| Equity | 1 313 792 | 1 713 466 |
| Assets for insurance technical reserves covering | 6 343 184 | 6 334 941 |
| Gross insurance technical reserves | 6 178 169 | 6 038 361 |
| Insurance activity costs: | 508 333 | 619 580 |
| - acquisition costs | 419 493 | 521 776 |
| - administration costs | 103 517 | 110 473 |
| Gross financial result | 351 088 | 443 694 |
| Net financial result | 289 493 | 362 923 |
| ratio of covering solvency margin by own fund | 444% | 490% |
| Solvency margin | 268 537 | 309 443 |
