The PZU Group posted the highest quarterly net profit in 5 years, both at the Group level (PLN 1.56 bln) and at the parent company level (PLN 1.01 bln). Gross written premium in Q3 2018 was PLN 5.38 bln yielding PLN 17.3 bln year-to-date in the first 9 months of the year.
Results after 9 months of 2018:
- Gross written premium climbed from PLN 16.93 bln to PLN 17.26 bln (1.9%) compared to the first 9 months of 2017.
- Consolidated net profit increased from PLN 2.90 bln to PLN 3.90 bln (34.6%) compared to the first 3 quarters of 2017.
- Return on equity for the parent company rose from 21.1% to 22.9%, compared to the first 9 months of 2017.
“The excellent financial condition of the PZU Group in the first three quarters of this year is the result of its very good performance in the main insurance segment, supported by the banking segment’s increasing contribution. Gross written premium hit the record amount of PLN 17.3 billion and the Group’s net profit came in at PLN 3.9 billion. At the same time, in Q3 the parent company’s net profit exceeded PLN 1 billion. “This is the best performance in the last 5 years. Additionally, this year’s results are of high quality, which can be seen in the profitability ratios, with a limited effect being exerted by the investment result”, said Paweł Surówka, PZU CEO.
“In the life insurance segment, which is the most important one to us, we have observed an increase in our market share and high profitability of our operations. At the end of the first half of this year, the life insurance market share held by PZU Życie in terms of periodic premium insurance products reached a record level of 46%”, added Roman Pałac, PZU Życie CEO.
PZU believes that it is on good track to achieve PLN 1 bln strategic growth in its healthcare business. Currently, it cooperates with over 2,000 medical facilities and manages 63 own facilities. The company keeps opening new facilities in the biggest cities.
