PZU Group, 1Q2019: The best first quarter results obtained by the Group

14 May 2019 —
In the first quarter of 2019, PZU broke its own record at the start of the year, generating higher GWP volumes and higher net result, compared to the same period of 2018. Company's officials said it was the merit of the newly introduced strategy, for 2017-2020 period.

PZU Group generated an amount of PLN 5.9 billion gross written premiums (GWP) in 2019 first quarter, higher than PLN 5.8 billion GWP seen in Q1 of 2018. The net profit increased by 19.1%, compared to the same period of prior year, to PLN 747 million.

Property & Casualty combined ratio stood at 87.0% level. The profitability of life insurance segment has slightly increased, by 0.2 pp. y-o-y. PZU Zdrowie number of new contracts increased by 46%.

Pawel SUROWKA, President of PZU SA, said:

"The results of the first quarter of 2019 are the proof of the implementation of 2017-2020 strategy. We have achieved a record of gross premiums written in this quarter, while significantly increasing our net result. Special attention should be paid to the large increases in the area of investments, where the result is higher (...). These results show that the PZU Group has solid foundations and very good prospects for the entire year."

Full report over PZU 1Q2019 results can be found here (Polish only): pzu.pl/relacje-inwestorskie/raporty