Česká pojišťovna reports 6.7 bilion czk
Prague (29. February 2008) – Česká
pojišťovna achieved in 2007 an after-tax profit of 6.7 billion CZK.
This is a preliminary, non-consolidated result according to IFRS
standards. The company’s 2006 profit, which amounted to 8.3 billion
CZK, had been largely affected by one-off earnings from the sale of
specific assets, e.g. eBanka or an interest in the Modrá pyramida
building society. Total gross written premium according to the Czech
Association of Insurers methodology reached 39.8 billion CZK in 2007.
“The most significant part of
profit generated throughout the year resulted from financial
placements on capital markets, from consistent cost control and from
good operating results”, explains ČP’s CEO, Lard Friese.
As in 2006, premium written from
non-life insurance exceeded 26 billion CZK. The largest year-on-year
growth was recorded in the areas of individual liability insurance
with a 32 percent increase, insurance of crops and insurance of
technical risks with more than a 15 percent year-on-year increase.
Life insurance gross written
premium grew by 3 percent, from 13.2 billion CZK in 2006 to 13.6
billion CZK in 2007. In single premium business ČP recorded as much as
an 18 percent improvement over the previous year. Regular premium
business showed a growth of more than 2 percent. “We have recorded
more than 20 percent growth in new regular life sales and in accident
insurance,” notes Lard Friese.
ČP’s shareholder equity as of
31st December 2007 reached 17.2 billion CZK. Total assets at the same
date amounted to 122 billion and gross technical reserves amounted to
90 billion CZK.
Česká pojišťovna is a member of
Generali PPF Holding B.V. which operates in 12 Central and Eastern
European countries. Through its subsidiaries Generali PPF Holding
manages assets amounting to nearly EUR 10 billion and serves 9 million
clients across the region. Generali PPF Holding is registered in the
Netherlands and its main organizational branch is based in Prague, the
Czech Republic. Generali PPF Holding B.V. is a joint venture company
of Assicurazioni Generali (51% share) and PPF Group (49% share).