TUW PZUW, the mutual insurer established by the PZU Group in 2016, ended 2019 with written premiums worth PLN 690 million while doubling its net profit and technical result as compared with 2018 and reaching a 31% market share on the mutual insurance market in Poland.
„The start of operations of TUW PZUW changed the market. We have restored the corporate insurance tradition in reciprocity. The nearly PLN 690 million in premium is proof that our business model works. That is why we will continue our strategy, educate the market and encourage insurance in the reciprocity model, offering optimal products and solutions at all risks. Our ambition is to achieve PLN 1 billion in premium written”, Rafał Kiliński, President of the Board of TUW PZUW, said.
The premium written for 2019 is five times higher than in 2016, when it amounted to PLN 137 million and by over 25% higher than in 2018, when it crossed the barrier of half a billion PLN. The market share of mutual insurance companies increased compared to 2018 by over 2.1 pp (including demutualization of Concordia Polska TUW).
Net profit increased in 2019 to PLN 22.06 million compared to PLN 10.19 million a year earlier, i.e. by 116%. The technical result increased y-o-y by 120%, up to PLN 23.8 million. The combined ratio COR (Combined Ratio) remains at a very high level, proving the high efficiency and operational efficiency of the Society.
2019 was also a period of dynamic development of TUW PZUW: 136 entities joined it, thanks to which the number of members of the Society increased by 55% y-o-y, up to 382. They are grouped in 48 Membership Mutual Relationships, four more than the year before.
TUW PZUW also introduced four new products to its offer: loss insurance (BI), construction and assembly insurance against all risks, Casco insurance of marine vessels sailing or under construction and liability insurance owner, operator offshore units and marine mine operator.
According to the Global 500 TUW report published in 2019, PZUW has recorded the second-best performance in development dynamics terms among the mutual insurance companies globally. The report, prepared by the International Federation of Cooperative Insurance and Mutual Insurance Societies, covered the 500 largest companies from 77 countries, representing about 99% of the global market.
