Heros (equity)

Location:

Poland

Project number:

128

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

21 Feb 1995

Status:

Complete

PSD disclosed:

15 Sep 1999

Project Description

10 per cent equity participation in the newly founded Polish life insurer Heros Zycie S.A. alongside Wiener Staedtische Allgemeine Versicherung AG (WS), Austria, as the main sponsor. The project aims to establish a life insurance company in Poland, which will provide life insurance and voluntary pensions products.

Transition Impact

The project is expected to have an impact on the transition process by increasing competition in the life insurance sector. It will also raise industry standards by making use of know-how from Austria and other countries in central and eastern Europe where the sponsor has insurance subsidiaries.

The Client

Heros Zycie S.A. (life insurance), Poland, will be 90 per cent owned by Wiener Staedtische Allgemeine Versicherung AG, Austria, and 10 per cent owned by the EBRD.

EBRD Finance

The Bank’s total commitment for this project amounts to PLN 4 million (EUR 0.96 million).

Project Cost

The total project cost is envisaged to amount to PLN 40 million (EUR 9.6 million).

Environmental Impact

Life-insurers do not represent an environmental risk per se, as they only offer financial products to individuals. WS is a signatory to the UNEP Statement of Environmental Commitment by the Insurance Industry, which commits signatories to include environmental risk management in their core activities, and to take environmental considerations into account in their asset management and internal operations.

Heros Zycie’s investment operations can be classified as low environmental risk, as Polish life insurers are restricted by the local regulatory authorities in terms of their investment policy. Generally, financial assets will be invested in local government bonds, bank deposits and, to a small extent, in local blue chips. Heros Zycie is required to comply with the EBRD’s Environmental Exclusion List in all its investment and insurance operations.

Technical Cooperation

None.

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.