PZU improves its Q3 net result by 27%
In Q3 2016 the PZU Group posted consolidated net profit (attributable to the parent company) of PLN 649 million compared to PLN 511 million in the corresponding period of 2015 (up 27%). This has made it possible to post a cumulative profit of PLN 1,309 million during the first 9 months of 2016.
PZU announces its new dividend policy
PZU maintains its desire to pay out 50% to 100% of its profit. At the same time, the new dividend policy introduces clear and foreseeable rules for profit distribution.
PZU and NCBR to build a VC ecosystem in Poland
The fund, announced in March by the representatives of PZU, Ministry of Science and Higher Education and National Center for Research and Development (NCBR), is taking tangible shape. Its concept and name were presented at the IMPACT’16: 4.0 Economy Congress in Kraków. The Witelo Fund will be established as a closed-end non-public asset investment fund managed by TFI PZU.
PZU generates higher sales while cutting costs in Q1 2016
In Q1 2016 the PZU Group collected gross written premium totaling PLN 4,800.6 million, i.e. 2.6% more than in the corresponding period of 2015. The 29.5% spike in motor insurance premium income in the corporate client segment and the 20.0% growth in premium income in the mass client segment were particularly visible.
Tough business conditions in Q3 2015 and anticipated positive impact exerted by implementing Solvency II on PZU’s capital position
Softer market conditions on the capital markets, the price war and rising loss ratio in motor insurance have strongly affected PZU’s results in Q3 2015. The Group’s net financial result exceeds PLN 1.83 billion and is down 28.5% from last year’s result. In these unfavorable conditions policy sales have nevertheless been record-breaking. PZU’s gross written premium in the first nine months of 2015 has grown to a total of PLN 13.46 billion and is up 8.5% compared to the corresponding period of 2014. PZU’s very robust capital position after the implementation of Solvency II as of 1 January 2016. The estimated calculation of the PZU Group’s capital requirement and own funds according to the Solvency II rules based on data as at 31 December 2014 yields a coverage ratio of 303.4%. This places PZU among the top European insurers.
Record-breaking policy sales in H1 2015
In H1 2015 the PZU Group sold a record-breaking amount of insurance for PLN 9.13 billion, some 8.2% more than in the corresponding period last year. In the first six months of this year the insurer recorded net profit in excess of PLN 1.3 billion. ...
PZU posts profit of nearly PLN 1 billion in Q1 2015
The PZU Group’s net financial result in Q1 2015 surpassed PLN 941 million. Net of non-recurring events it surged up by 25.2% versus Q1 2014. ROE also rose by 5.1 percentage points to 27.6%. Insurance sales were also robust: gross written premium was PLN 4.7 billion. ...
PZU SA sold PZU Lietuva
On 2 February 2015, PZU SA signed with Gjensidige Forsikring ASA an agreement on the sale of PZU Lietuva. The price for 99.879% shares amounts to EUR 54 million plus an amount that will reflect any material economic changes in the company that occurred from the valuation date, 30 September 2014, to the transaction closing. ...