The following events affected the PZU Group’s operations in Q3 2016 (compared to the corresponding period of the previous year):
- higher gross written premium in the motor insurance group in the mass and corporate client segments on the coattails of the rising average premium and the number of insurance policies and in group and individually continued insurance, in particular in health;
- higher profitability in the corporate insurance segment as a result of the dip in net claims and benefits with higher net premium earned;
- the decline in profitability in the mass insurance segment associated mainly with an increase in the loss ratio in agricultural insurance as a result of the occurrence of numerous losses caused by forces of nature (adverse effects of ground frost);
- softer investment performance (net of banking activity), in particular as a result of the revaluation of the equity stake in the Azoty Group in the long-term equity portfolio;
- maintenance of cost discipline.
The commencement of consolidating Alior Bank in December 2015 materially affected the comparability of the results and total assets and equity and liabilities year on year. As a result of this transaction, the total balance sheet value jumped by roughly PLN 45 billion, while non-controlling interests reached PLN 3.9 billion (as at 30 September 2016).
