POLAND: PZU Group: record sales results - after 3Q exceeded the threshold of PLN 18 billion in GWP

22 November 2021 — Marina MAGNAVAL
More than two and a half times increase in net profit y-o-y, historically high GWP, nearly 18% return on equity - these are the most impressive achievements of the PZU Group in the first three quarters of this year, Gazeta Ubezpieczeniowa reports.

"After three quarters, we generated more than twice the net profit y-o-y, already in this part of the year reaching the level of 127% of the result for the entire year 2020. The ROE ratio for this period was 17.9%, which means an improvement by as much as 8.6 p.p. and exceeding the level assumed in the strategy. For the first time in the history of PZU, after the third quarter we exceeded the threshold of PLN 18 billion (~EUR 3.93 billion*) in GWP", said Dr. Beata KOZLOWSKA-CHYLA, president of PZU SA, adding that these results were achieved mainly thanks to the growing sales and good profitability of insurance products. "We observed particularly strong increases in non-motor property insurance, both for individual and corporate clients. After three quarters of this year, GWP collected from these types of insurance increased by over 16% y-o-y", noted BEATA KOZLOWSKA-CHYLA.

The consolidated report of the largest Polish insurer shows that it collected PLN 9,604 million from its activity in non-life insurance in Poland - 6.56% more than in the previous year (PLN 9,013 million). In life insurance GWP increased by 2.07%, from PLN 6,519 million at the end of September last year to PLN 6,654 million in the three quarters of 2021.

In PZU's foreign operations, the non-life insurance GWP collected jointly in Lithuania, Latvia, Estonia, and Ukraine increased in Q3 by 11.6%, to PLN 508 million, and in life insurance by 15%, to PLN 46 million.

The PZU Group's net profit at the end of September was PLN 3,894 million. This result was 149.94% higher than the result obtained in the corresponding period of 2020 (PLN 1,558 million). For the period, PZU achieved a return on equity (ROE) of 17.9%. A year earlier, this ratio stood at 9.3%.

"The third quarter confirmed that we are very quickly and effectively implementing the strategy adopted at the end of March this year for 2021-2024. It is not only about the results achieved, but also about implementation of new products that build coherent business ecosystems, as well as entering new market segments and the consistent development of sales channels, including external ones. Despite the pandemic influence on our lives and economy, PZU is developing dynamically. We grow and build competitive advantages with the new reality in mind", emphasized Beata KOZLOWSKA-CHYLA.

*~1 EUR = 4.58 PLN

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