Eureko, partly owned by cooperative bank Rabobank, is the biggest insurer in the Netherlands - where it offers property and casualty, life and health insurance - and is active in 11 European countries outside its home market. Eureko, hurt by writedowns and inefficiencies, said on Tuesday it made net profit of 1.4 billion euros in 2009, helped by a 1.2 billion euro settlement with the Polish government over the ownership of local insurer PZU.
Eureko sued the government after it walked away from promises to cede control after partial privatization of PZU a decade ago, and reached settlement last October. Eureko plans to sell its remaining 18 percent stake in PZU once it is listed.
“With the disappearance of Poland as our envisioned second home market, we will concentrate our attention and resources on the fast-growing market in Turkey,” Eureko said.
