Poland: PZU Below Profit Expectations

Published: March 13, 2014; 10:40 · (Vindobona)

Polish insurer PZU missed the profit expectations in the last quarter in 2013.

Insurance company PZU missed the targeted net profit by more than 11 percent. / Picture: © PZU

Insurance company PZU missed the targeted net profit of PLN 595.2m by more than 11 percent. In the last quarter of 2013 net profits came at PLN 528.2m which is 11.3 percent below the insurer’s target.

Gross premiums came at PLN 4.08bn in the fourth quarter last year, which is 1 percent above the target and a 4.4-percent-growth compared to the previous quarter and down 0.2 percent year-on-year. Investment results came at PLN 629.4, which is 5.7 percent above the anticipations. However, this is a drop of 29.2 percent quarter-on-quarter and down 44.6 percent year-on-year. Net insurance claimes amounted to PLN 2.95bn, which is corresponding to the expectations.