Amplico Life S.A. reports Preliminary Financial Results after 2009
Gross written premium of Amplico Life in the period of 1 Jan. 2009 - 31 Dec. 2009 totalled PLN 1,6 billion.
Growing Company's assets, which as of 31 Dec. 2009 amounted to almost PLN 9 billion, as well as nearly 15% rise in equity as compared to 4Q 2008, prove stability of the Company.
Amplico Life maintains rates of the financial safety on the higher level than required by law - as of 31 Dec. 2009 ratio of covering solvency margin by own fund was 580%. Also technical reserves created or future claims and benefit payments grew and amounted to over PLN 6,4 billion.
In the period of 1 Jan. 2009 - 31 Dec. 2009 net financial result of Amplico Life reached PLN 344,7 million. Gross financial result generated by the end of December 2009 was PLN 424,3 million. The value of investments by the end of 4Q 2009 amounted to PLN 8,1 billion, while the revenue from investments reached PLN 656,7 million. Claims paid to clients in the mentioned period totalled PLN 619,9 million.
Commentary: In 2009 Amplico Life was developing diverse sales networks. The ability to reach customers with a wide range of products through various sales channels made Amplico Life quoted among the leading life insurance companies in the consecutive quarters of 2009. It is worth noting that every third customer of the Company whose policy terminated in 2009 decided to take advantage of the Company's offer and invest whole or part of due benefit in Amplico Life.
In 2009 the Company once more found itself among the most effective Polish companies, receiving the title of "Grand Pearl of the Polish Economy 2009".
| Amplico Life S.A.'s financial results | I-XII 2008 in PLN thous. |
I-XII 2009 in PLN thous. |
|---|---|---|
| Gross written premiums | 1 734 178 | 1 562 866 |
| Gross claims paid | 706 456 | 619 913 |
| Equity | 1 713 466 | 1 977 385 |
| Assets for insurance technical reserves covering | 6 334 943 | 6 835 999 |
| Gross insurance technical reserves | 6 038 361 | 6 404 881 |
| Insurance activity costs: | 619 581 | 777 656 |
| - net acquisition costs | 521 777 | 683 357 |
| - change in deferred acquisition costs | -275 781 | -13 652 |
| - administration costs | 110 474 | 108 975 |
| Gross financial result | 443 694 | 424 300 |
| Net financial result | 362 923 | 344 687 |
| Ratio of covering solvency margin by own fund | 490% | 580% |
| Solvency margin | 309 442 | 318 078 |
