The PZU Group saw in 3Q 2019 record-breaking sales, with GWP amounting to PLN 17.5 billion (EUR 4 billion). At the same time, the net result on insurance activity reached PLN 1.99 billion (EUR 455 million), the best in five years.
In the third quarter of 2019, PZU Zdrowie made a strategic acquisition in the area of health, taking over the nationwide network of Tomma diagnostic facilities. Thanks to this acquisition, patients throughout Poland will have easier access to diagnostic tests and prevention.
„The results for the third quarter of 2019 are proof of the excellent financial condition of the PZU Group and dynamic development in the most important strategic areas. We achieve what we assumed, despite the difficult market, price pressure and regulatory burden,” says the President of PZU, Pawel Surówka.
According to Tomasz Kulik, member of the management board of PZU and financial director, „the Group achieved high profitability due to maintaining the very good condition of the main business lines and high cost discipline. The net result of the parent company after 9 months of 2019 amounted to PLN 2.36 billion, made possible thanks to achieving positive dynamics of net profit on insurance activity, despite the persistent price pressure in motor insurance.”
Compared to the first half of this year, the growth rate of written premiums and earned premiums accelerated despite unfavourable market conditions in the third quarter. Premiums from non-motor insurance brought an increase of 21% y-o-y, and premiums from individual life insurance – by 32%.
At the same time, the PZU Group is increasingly benefiting from the development of banking activities and its synergies with insurance activities. The contribution of banking activity to the quarterly consolidated results of the PZU Group amounted to PLN 179 million. Sales of life insurance in the banking channel increased 2.5-fold. The PZU Group has also become one of the market leaders in Employee Capital Plans. PPK management contracts have been concluded with the PZU Group by over one thousand of the largest employers in Poland, employing a total of over half a million employees.
As emphasized by the president of PZU Pawel Surówka, confirmation of PZU’s attractiveness and potential is the S&P Global Ratings agency maintaining a positive PZU rating outlook in October while maintaining its financial strength rating at the highest A- level among Polish companies.
The PZU Group is the largest financial institution in Central and Eastern Europe. The value of its consolidated assets is almost PLN 340 billion. It has 22 million customers in five countries.
