STATISTICS: CEE 3Q2015: Mixed results for the Unit-Linked life insurance business

While the overall regional life insurance GWP went down by 3.4%, driven by the negative trend recorded in Poland and the Czech Republic, the Unit-Linked segment saw an almost 2% increase in GWP, to EUR 4.7 billion. However, across the region there are huge differences in the trends recorded in various countries.

The largest UL market belongs to Poland, where UL products account for about 24% of the total GWP volume. Thus, after a poor 2014, when the UL business went down by 6%, 2015 started with an impressive 18.5% increase in Q1, slowing down to 14.7% in H1 and to 5.7% in Q3. However, despite the growth rhythm's abatement, it seems most probable the Polish UL segment will close 2015 in positive territory.

A different trend was recorded in the second largest UL market in CEE, the Czech Republic, where GWP for this business line went down by 5.7% y-o-y, to EUR 965 million, continuing the negative trend established previously mostly as a consequence of the changes in tax deductibility of private life insurance which led to termination of contracts by some clients and withdrawal of funds.

Mixed trend have recorded also the other relevant UL markets in the region: while in Hungary the UL business remained stable, in the Slovak Republic it went down at an almost 20% pace and in Slovenia saw an 11% increase. At the same time, most of the small markets, where GWP volumes for life insurance in general and UL products in particular are very small, saw impressive double digit rates, up to doubling y-o-y the GWP amount.

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