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Financial results of Link4 for 2007 – written premiums rose 27.5% as compared with 2006
Link4 closed 2007 with gross written premiums totalling PLN 225.3 million, as compared with PLN 176.7 million in 2006, i.e. gross written premiums increased by 27.5%.
4 April 2008Warsaw,
In 2007 Link4 posted a technical profit of PLN 0.2 million and a net profit of PLN 0.7 million, while the year 2006 was closed with a loss at both levels: PLN 9.6 million and PLN 1.1 million, respectively.
Indemnities paid out by the Company in 2007 amounted to PLN 98.9 million and its underwriting profit in this period reached PLN 82.6 million (PLN 58.6 million in 2006).
Technical reserves (gross) were PLN 185 million as at 31 December 2007. The solvency margin was covered with own funds of the Company in 101%. This ratio changed as compared with 2006 as a result of investments of Link4 in Link4 Life.
Currently, the capital commitment of the shareholders of Link4 is PLN 165.6 million. Total assets reached PLN 270.0 million as at 31 December 2007 (PLN 222.1 as at 31 December 2006).
“The financial results of Link4 for 2007 confirm that we are growing steadily and, what’s more, were are growing at a rate 2.5 times above the average for the entire insurance market, which is the best proof that the Poles have accepted the direct insurance model we launched 5 years ago and the leader of which we have been since then. A positive technical result and net income show that the rapid growth of Link4 is steadily anchored, despite more and more fierce competition and the heralded fatal consequences of the Religa tax,” said Mr Arkadiusz Lew-Kiedrowski, President of the Management Board of Link4.
Link4 Towarzystwo Ubezpieczeń SA
Link4 TU SA is the pioneer and leader of the direct insurance market in Poland. The main pillars of the business model of Link4 are sales by telephone and on the Internet. Both telephone and Internet distribution channels are targeted at all car drivers in Poland. The Company has no field sales force – no branches, no agents, and no intermediaries – in order to reduce operating expenses. Advanced technology assures 24/7 access to professional services and post-accident assistance via one telephone number – 22 444 44 44 from any place in Poland. Link4 offers individual motor, household and travel insurance products.
Link4 has won many prestigious awards and distinctions; and was the first direct insurance company that received an ISO 9001:2001 certificate in the area of loss adjustment.
In November 2007 Link4 TU SA launched the first direct life insurance offer in Poland, which is distributed by Link4 Life TU nŻ SA, www.link4life.pl.
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